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Eversource Energy (ES - Free Report) reported first-quarter 2018 operating earnings of 85 cents per share, in line with the Zacks Consensus Estimate. Earnings improved 3.7% year over year.
Total Revenues
Eversource’s first-quarter revenues of $2,288 million surpassed the Zacks Consensus Estimate of $2,106 million by 8.6% and improved 8.7% from the year-ago figure of $2,105 million.
Eversource Energy Price, Consensus and EPS Surprise
In the reported quarter, natural gas distribution increased 4.9% to 43,179 million cubic feet of gas.
Operating expenses increased nearly 15% year over year to $1,845.4 million, primarily owing to higher expenses from purchased power, fuel and transmission and depreciation expenses.
Operating income was down 11.7% to $442.5 million and interest expenses were up 17.1% year over year at $121.1 million.
Net income in the reported quarter was $271.4 million, up 3.9% from the year-ago quarter.
Segmental Performance
Electric Distribution: This segment’s earnings declined 8.7% year over year to $104.2 million. The decline was primarily on account of sale of generation assets, higher depreciation, property tax, operations and maintenance expense, which was partially offset by higher electric distribution margins.
Electric Transmission: The segment’s earnings were up 14% to $107.4 million. Higher transmission earnings were primarily due to Eversource’s additional investment in its electric transmission system.
Natural Gas Distribution: The segment’s earnings improved 13.8% to $57.8 million. The year-over-year increase was primarily due to strong sales, partially offset by higher operation and maintenance expenses.
Water Distribution: Eversource’s water distribution segment, which was created after it acquired Aquarion Water Company in December 2017, earned $1.5 million in the first quarter of 2018.
Eversource Parent & Other Companies: The segment incurred a loss of $1.4 million against the year-ago quarter’s earnings of $0.4 million.
Guidance
Eversource reaffirmed 2018 earnings guidance in the range of $3.20-$3.30. Long-term earnings growth is projected in the range of 5-7% for the long term.
Zacks Rank
Eversource currently carries a Zacks Rank #4 (Sell).
Vistra Energy Corp. (VST - Free Report) is scheduled to report first-quarter 2018 results on May 4. The Zacks Consensus Estimate for the quarter is pegged at 6 cents.
Hawaiian Electric Industries, Inc. (HE - Free Report) is scheduled to report first-quarter 2018 results on May 4. The Zacks Consensus Estimate for the quarter is pegged at 41 cents.
Westar Energy, Inc. is scheduled to report first-quarter 2018 results on May 8. The Zacks Consensus Estimate for the quarter is pegged at 52 cents.
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Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
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Eversource (ES) Q1 Earnings Meet Estimates, Revenues Rise
Eversource Energy (ES - Free Report) reported first-quarter 2018 operating earnings of 85 cents per share, in line with the Zacks Consensus Estimate. Earnings improved 3.7% year over year.
Total Revenues
Eversource’s first-quarter revenues of $2,288 million surpassed the Zacks Consensus Estimate of $2,106 million by 8.6% and improved 8.7% from the year-ago figure of $2,105 million.
Eversource Energy Price, Consensus and EPS Surprise
Eversource Energy Price, Consensus and EPS Surprise | Eversource Energy Quote
Highlights of the Release
In the reported quarter, natural gas distribution increased 4.9% to 43,179 million cubic feet of gas.
Operating expenses increased nearly 15% year over year to $1,845.4 million, primarily owing to higher expenses from purchased power, fuel and transmission and depreciation expenses.
Operating income was down 11.7% to $442.5 million and interest expenses were up 17.1% year over year at $121.1 million.
Net income in the reported quarter was $271.4 million, up 3.9% from the year-ago quarter.
Segmental Performance
Electric Distribution: This segment’s earnings declined 8.7% year over year to $104.2 million. The decline was primarily on account of sale of generation assets, higher depreciation, property tax, operations and maintenance expense, which was partially offset by higher electric distribution margins.
Electric Transmission: The segment’s earnings were up 14% to $107.4 million. Higher transmission earnings were primarily due to Eversource’s additional investment in its electric transmission system.
Natural Gas Distribution: The segment’s earnings improved 13.8% to $57.8 million. The year-over-year increase was primarily due to strong sales, partially offset by higher operation and maintenance expenses.
Water Distribution: Eversource’s water distribution segment, which was created after it acquired Aquarion Water Company in December 2017, earned $1.5 million in the first quarter of 2018.
Eversource Parent & Other Companies: The segment incurred a loss of $1.4 million against the year-ago quarter’s earnings of $0.4 million.
Guidance
Eversource reaffirmed 2018 earnings guidance in the range of $3.20-$3.30. Long-term earnings growth is projected in the range of 5-7% for the long term.
Zacks Rank
Eversource currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Vistra Energy Corp. (VST - Free Report) is scheduled to report first-quarter 2018 results on May 4. The Zacks Consensus Estimate for the quarter is pegged at 6 cents.
Hawaiian Electric Industries, Inc. (HE - Free Report) is scheduled to report first-quarter 2018 results on May 4. The Zacks Consensus Estimate for the quarter is pegged at 41 cents.
Westar Energy, Inc. is scheduled to report first-quarter 2018 results on May 8. The Zacks Consensus Estimate for the quarter is pegged at 52 cents.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>