Eversource Energy (ES) Reports Q3 2023 Earnings of $339.7 Million, Down 2.8% YoY
Eversource Energy (NYSE:ES) reported Q3 2023 earnings of $339.7 million, a decrease from $349.4 million in Q3 2022.
ES's earnings per share (EPS) for Q3 2023 was $0.97, down from $1.00 in the same period last year.
The company's 2023 non-GAAP EPS projection has been narrowed to between $4.30 to $4.43 per share.
ES's electric transmission segment earned $160.3 million in Q3 2023, up from $155.8 million in Q3 2022.
On November 6, 2023, Eversource Energy (NYSE:ES) announced its third-quarter earnings for 2023. The company reported earnings of $339.7 million, or $0.97 per share, compared to earnings of $349.4 million, or $1.00 per share, for the same period in 2022. The results for the first nine months of 2023 included an after-tax impairment charge of $331.0 million, or $0.95 per share, related to ES's offshore wind investment.
Financial Performance by Segment
ES's electric transmission segment reported earnings of $160.3 million in Q3 2023, an increase from $155.8 million in Q3 2022. The electric distribution segment earned $173.3 million in Q3 2023, down from $225.1 million in the same period last year. The natural gas distribution segment reported a loss of $33.7 million in Q3 2023, compared to a loss of $24.6 million in Q3 2022. The water distribution segment earned $16.6 million in Q3 2023, slightly down from $16.7 million in Q3 2022.
ES's Financial Outlook
ES has narrowed its 2023 non-GAAP earnings per share (EPS) projection to between $4.30 to $4.43 per share, compared with a previous range of $4.25 to $4.43 per share. The company reiterated its long-term EPS growth rate from its core regulated businesses solidly in the upper half of 5-7 percent, using the $4.09 per share earned in 2022 as a base.
Commentary from ES's CEO
Joe Nolan, Eversource Energys president and chief executive officer, commented on the company's performance,
Eversources nearly 10,000 employees have delivered strong operational performance for our 4.4 million electric, natural gas and water customers in 2023. Our reliability metrics are in the top decile among our electric industry peers. Our upgrades and enhancements to our distribution and transmission infrastructure continue to enhance current customer experience and enable our systems to evolve for future customer needs.
About Eversource Energy (NYSE:ES)
Eversource Energy operates New Englands largest energy delivery system. It serves approximately 4.4 million electric, natural gas, and water customers in Connecticut, Massachusetts, and New Hampshire. The company has approximately 349.3 million common shares outstanding.
Explore the complete 8-K earnings release (here) from Eversource Energy for further details.
This article first appeared on GuruFocus.
