• Net Loss on Divestiture: $524 million aggregate net loss from the offshore wind divestiture.

• GAAP Earnings: Loss of $0.33 per share for Q3.

• Recurring Earnings: $1.30 per share in Q3, compared to $0.97 per share last year.

• Electric Transmission Earnings: $0.49 per share, up from $0.46 per share in 2023.

• Electric Distribution Earnings: $0.57 per share, up from $0.50 per share in 2023.

• Natural Gas Distribution Loss: $0.09 per share, improved from a $0.10 per share loss last year.

• Water Distribution Earnings: $0.07 per share, up from $0.05 per share last year.

• Parent and Other Earnings: $0.09 per share, up from $0.06 per share last year.

• Full Year 2024 EPS Guidance: Updated to $4.52 to $4.60 due to higher interest expense.

• Five-Year Capital Investment Forecast: Increased to $23.7 billion.

• Equity Raised: Approximately $1 billion through ATM program and 15.7 million common shares issued.

• Warning! GuruFocus has detected 10 Warning Signs with ES.

Release Date: November 05, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Eversource Energy (NYSE:ES) has successfully exited the offshore wind development business, focusing on $6 billion in transmission and over $10 billion in electric distribution infrastructure investments through 2028.

• The company secured approximately $90 million in federal funding for a clean energy hub in Southeastern Connecticut and $20 million from the US Department of Energy for a battery energy storage project in Massachusetts.

• Eversource Energy (NYSE:ES) received approval for its Electric Sector Modernization Plan (ESMP) in Massachusetts, which includes an additional $600 million in distribution investment.

• The company is recognized as a leader in clean energy transition, with significant regulated opportunities ahead, and was named the number one utility in the United States by Time Magazine.

• Eversource Energy (NYSE:ES) has raised approximately $1 billion of equity through its ATM program, enhancing its financial position and supporting its balance sheet improvement efforts.

Negative Points

• Eversource Energy (NYSE:ES) recognized an aggregate net loss of $524 million from the divestiture of its offshore wind investment.

• The company faces challenges in strengthening its balance sheet and improving its FFO to debt ratio, despite making progress.

• Higher-than-anticipated interest expenses have led to an update in the full-year 2024 recurring EPS guidance to a range of $4.52 to $4.60.

• The draft decision from PURA in Connecticut regarding AMI cost recovery has provisions that Eversource Energy (NYSE:ES) finds challenging, potentially impacting investment decisions.

• The company is dealing with increased construction costs and delays related to the Revolution Wind project, impacting financial results.