Eversource Energy ( (ES) ) has released its Q4 earnings. Here is a breakdown of the information Eversource Energy presented to its investors.
Eversource Energy is a major energy delivery company operating in the New England region, serving approximately 4.6 million electric, natural gas, and water customers across Connecticut, Massachusetts, and New Hampshire.
In its latest earnings report, Eversource Energy announced a significant turnaround with full-year 2024 earnings of $811.7 million, or $2.27 per share, contrasting sharply with a loss of $442.2 million, or $(1.26) per share, in 2023. The company also reported fourth-quarter earnings of $72.5 million, or $0.20 per share, marking a considerable improvement from the fourth-quarter 2023 loss.
The company’s financial performance was buoyed by strong results across its business segments. The electric transmission segment saw earnings rise to $724.6 million, driven by increased investment in infrastructure. The electric distribution segment reported earnings of $631.7 million, benefiting from higher revenues in Massachusetts and New Hampshire. The natural gas distribution segment also performed well with earnings of $291.0 million, supported by rate increases and infrastructure investments. Meanwhile, the water distribution segment, set for divestiture, earned $44.6 million, showing improved results due to lower depreciation expenses.
Eversource Energy’s strategic decision to divest from its offshore wind investments and the pending sale of Aquarion Water Company are expected to strengthen the company’s balance sheet. Looking forward, Eversource plans to invest $24.2 billion from 2025 to 2029, focusing on infrastructure development and clean energy growth, with a projected annual earnings growth rate of 5 to 7 percent.
With a robust investment plan and a focus on regulated utility businesses, Eversource Energy is positioning itself for sustained growth and stability, despite anticipated challenges in the coming year.