Eversource Energy (ES - Free Report) reported fourth-quarter 2022 operating earnings of 92 cents per share, which lagged the Zacks Consensus Estimate of 94 cents by 2.1%, increasing 1.1% year over year.
In 2022, operating earnings per share were $4.09 compared with $3.86 per share in 2021. Eversource Energy’s 2022 earnings were within the guidance of $4.04-$4.14.
Revenues
Fourth-quarter revenues of $3,029.8 million surpassed the Zacks Consensus Estimate of $2,665 million by 13.7%. Total revenues improved 22.1% from the year-ago figure of $2,481.9 million.
Highlights of the Release
Operating expenses increased 24.8% year over year to $2,507.5 million due to a rise in Purchased Power, Fuel and Transmission expenses, an increase in operating and maintenance expenses, and higher spending on energy efficiency programs.
Operating income was up 10.5% from the prior-year quarter at $522.3 million. Interest expenses increased 23.5% from the prior-year quarter to $186.8 million.
Net income for the quarter under review was $322.1 million, up 4.4% from $308.6 million recorded in the year-ago period.
The company invested $3.8 billion in 2022 to strengthen its infrastructure.
Segmental Performance
Electric Transmission: Earnings from this segment were $140.7 million, up 6.4% from the prior-year quarter. The improvement primarily resulted from a higher level of investment in Eversource’s electric transmission system.
Electric Distribution: Earnings from this segment were $97.9 million, down 6.8% from the prior-year quarter. The lower fourth-quarter results were due in part to a commitment to contribute $10 million to help Connecticut households address high energy prices this winter.
Natural Gas Distribution: Earnings from this segment for the fourth quarter were $87.1 million compared with $75.2 million in the year-ago quarter. The improvement was primarily due to higher revenues and lower pension expenses.
Water Distribution: Earnings from this segment were $7.4 million, up from $6.7 million in the year-ago quarter. The year-over-year decline was due to higher revenues and lower income tax expenses.
Eversource Parent & Other Companies: The segment lost $10.8 million, wider than $5.9 million loss in the year-ago quarter.
Guidance
Eversource Energy expects earnings of $4.25-$4.43 per share for 2023 . The mid-point of earnings guidance is $4.34, a tad lower than the Zacks Consensus Estimate of $4.37 for the year.
The company also reaffirmed its expectations for long-term earnings per share growth rate from the existing core regulated businesses in the upper half of 5-7% through 2027, using the $4.09 earned in 2022 as a base.
Eversource Energy plans to invest $4.46 billion in 2023. Its total capital expenditure for 2023-2027 is expected to be $21.5 billion.
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.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2022 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 50 cents by 2%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.12, implying year-over-year growth of 7.6%.
Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2022 operating earnings of $1.06 per share, which surpassed the Zacks Consensus Estimate of $1.03 per share by 2.9%.
The Zacks Consensus Estimate for Dominion’s 2023 earnings per share is $4.02, suggesting a year-over-year decline of 2.2%.
Exelon Corporation’s (EXC - Free Report) fourth-quarter 2022 earnings of 43 cents per share is in line with the Zacks Consensus Estimate.
The Zacks Consensus Estimate for Exelon’s 2023 earnings per share is $2.36, suggesting year-over-year growth of 4.1%.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
Eversource Energy (ES - Free Report) reported fourth-quarter 2022 operating earnings of 92 cents per share, which lagged the Zacks Consensus Estimate of 94 cents by 2.1%, increasing 1.1% year over year.
In 2022, operating earnings per share were $4.09 compared with $3.86 per share in 2021. Eversource Energy’s 2022 earnings were within the guidance of $4.04-$4.14.
Revenues
Fourth-quarter revenues of $3,029.8 million surpassed the Zacks Consensus Estimate of $2,665 million by 13.7%. Total revenues improved 22.1% from the year-ago figure of $2,481.9 million.
Highlights of the Release
Operating expenses increased 24.8% year over year to $2,507.5 million due to a rise in Purchased Power, Fuel and Transmission expenses, an increase in operating and maintenance expenses, and higher spending on energy efficiency programs.
Operating income was up 10.5% from the prior-year quarter at $522.3 million. Interest expenses increased 23.5% from the prior-year quarter to $186.8 million.
Net income for the quarter under review was $322.1 million, up 4.4% from $308.6 million recorded in the year-ago period.
The company invested $3.8 billion in 2022 to strengthen its infrastructure.
Segmental Performance
Electric Transmission: Earnings from this segment were $140.7 million, up 6.4% from the prior-year quarter. The improvement primarily resulted from a higher level of investment in Eversource’s electric transmission system.
Electric Distribution: Earnings from this segment were $97.9 million, down 6.8% from the prior-year quarter. The lower fourth-quarter results were due in part to a commitment to contribute $10 million to help Connecticut households address high energy prices this winter.
Natural Gas Distribution: Earnings from this segment for the fourth quarter were $87.1 million compared with $75.2 million in the year-ago quarter. The improvement was primarily due to higher revenues and lower pension expenses.
Water Distribution: Earnings from this segment were $7.4 million, up from $6.7 million in the year-ago quarter. The year-over-year decline was due to higher revenues and lower income tax expenses.
Eversource Parent & Other Companies: The segment lost $10.8 million, wider than $5.9 million loss in the year-ago quarter.
Guidance
Eversource Energy expects earnings of $4.25-$4.43 per share for 2023 . The mid-point of earnings guidance is $4.34, a tad lower than the Zacks Consensus Estimate of $4.37 for the year.
The company also reaffirmed its expectations for long-term earnings per share growth rate from the existing core regulated businesses in the upper half of 5-7% through 2027, using the $4.09 earned in 2022 as a base.
Eversource Energy plans to invest $4.46 billion in 2023. Its total capital expenditure for 2023-2027 is expected to be $21.5 billion.
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.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2022 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 50 cents by 2%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.12, implying year-over-year growth of 7.6%.
Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2022 operating earnings of $1.06 per share, which surpassed the Zacks Consensus Estimate of $1.03 per share by 2.9%.
The Zacks Consensus Estimate for Dominion’s 2023 earnings per share is $4.02, suggesting a year-over-year decline of 2.2%.
Exelon Corporation’s (EXC - Free Report) fourth-quarter 2022 earnings of 43 cents per share is in line with the Zacks Consensus Estimate.
The Zacks Consensus Estimate for Exelon’s 2023 earnings per share is $2.36, suggesting year-over-year growth of 4.1%.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
Get the latest research report on EXC - FREE
Get the latest research report on NEE - FREE
Get the latest research report on D - FREE
Get the latest research report on ES - FREE