The following is a summary of the Eversource Energy (ES) Q3 2024 Earnings Call Transcript:
Financial Performance:
Eversource Energy completed the sale of its offshore wind investment, resulting in an aggregate net loss on the divestiture of $524 million.
Third-quarter earnings included a significant after-tax loss from the offshore wind divestiture, but adjusted earnings were $1.13 per share.
For full-year 2024, Eversource adjusted its EPS guidance to $4.52 to $4.60, reflecting higher interest expenses but maintaining a 5% to 7% long-term EPS growth rate.
Business Progress:
Eversource exited the offshore wind business, now focusing on regulated utility operations, specifically in electric, natural gas, and water services.
Significant regulated investments planned through 2028, totaling nearly $24 billion, focusing on transmission and electric distribution infrastructure.
Advanced multiple clean energy initiatives, including securing federal funding for projects in Connecticut and Massachusetts, and launching the Cambridge underground substation project, with construction beginning in Q1 2025.
Opportunities:
Eversource is positioned to lead the clean energy transition in New England, with a robust capital investment plan that aligns with state-mandated clean energy goals.
The ESMP approved by Massachusetts facilitates additional distribution investments and transmission for clean energy projects, enhancing Eversource's opportunity to capitalize on regulatory support for clean energy.
Risks:
Divestiture of offshore wind investments led to significant financial losses and ongoing obligations, impacting short-term financial stability.
Regulatory risks persist, particularly in achieving timely cost recovery and managing investment scales, especially highlighted in the AMI deployment challenges in Connecticut.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
