The following is a summary of the Eversource Energy (ES) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Eversource reported a Q1 GAAP and recurring earnings per share of $1.49, up from $1.41 per share last year.

• The Electric transmission sector reported earnings of $0.50 per share, up from $0.45 per share in 2023, due to continued investments in the transmission system.

• Electric Distribution and natural gas distribution businesses saw increased earnings as well.

• 2024 EPS guidance of $4.50 to $4.67 per share is reiterated, maintaining a 5% to 7% EPS growth rate.

• Despite a decrease in capital expenditures by nearly $100 million in 2024, they confirmed a five-year capital expenditure forecast of $23.1 billion across all business units.

Business Progress:

• The company is transitioning into a pure play regulated pipes and wires utility business and reduced outage impacts through resilience investments.

• In line with the greenhouse gas reduction goals, average household electric demand is expected to drastically increase.

• Significant investments have been made into assets like AMI, EV infrastructure, and deployment of utility-owned solar.

• They are considering a filing for a rate review in summer, and proceeds from transactions are expected to displace debt and enhance operating cash flows.

• The company is in discussions about further investment opportunities in regulated assets, and has executed several infrastructural projects.

• Discussion with Connecticut regulatory environment is ongoing and a decrease in capital expenditure in the state is planned until they can secure a constructive regulatory environment.

More details: Eversource Energy IR

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