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Eversource (ES) Q2 Earnings Beat Estimates, Revenues Up Y/Y
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Eversource Energy (ES - Free Report) reported second-quarter 2023 adjusted earnings of $1 per share, which surpassed the Zacks Consensus Estimate of 92 cents by 8.7%. Earnings improved 16.3% year over year.
Total Revenues
Eversource’s second-quarter revenues of $2,629.3 million missed the Zacks Consensus Estimate of $2,876 million by 8.6%. Total revenues improved 2.2% from the year-ago figure of $2,572.6 million.
Eversource Energy Price, Consensus and EPS Surprise
Operating expenses decreased 2.3% year over year to $2,068.7 million.
Operating income was up 23.1% from the prior-year quarter to $560.7 million. Interest expenses increased 29.5% to $207.3 million.
Net income in the quarter under review was $17.3 million, down 94.1% from $293.7 million recorded in the year-ago period.
Segmental Performance
Electric Transmission: Earnings from this segment were $161 million, up 6.4% from the prior-year quarter. The increase primarily resulted from a higher level of investment in Eversource’s electric transmission system, with a focus on the New England region.
Electric Distribution: Earnings from this segment were $165.5 million, up 28.3% from the prior-year quarter. The improved second-quarter results were due to the favorable timing impact of the rate design change for its Massachusetts electric business.
Natural Gas Distribution: Earnings from this segment were $11.7 million, up 52% from the year-ago quarter based on higher Massachusetts’ revenues and lower operations and maintenance expenses.
Water Distribution: Earnings from this segment were $9.3 million, up from $9 million in the year-ago quarter.
Eversource Parent & Other Companies: The segment earned $5.1 million in second-quarter 2023, higher than $0.2 million in the year-ago quarter due to the disposition of Eversource’s interest in a clean energy fund.
2023 Guidance
Eversource expects earnings of $4.25-$4.43 per share for 2023. The mid-point of earnings guidance is $4.34, a bit lower than the Zacks Consensus Estimate of $4.36.
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.
ES 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 #3 (Hold).
CenterPoint Energy (CNP - Free Report) reported second-quarter 2023 adjusted earnings of 28 cents per share, which lagged the Zacks Consensus Estimate of 29 cents by 3.4%.
The Zacks Consensus Estimate for CNP’s 2023 earnings stands at $1.49 per share, implying a year-over-year improvement of 8%.
Edison International (EIX - Free Report) reported second-quarter 2023 adjusted earnings of $1.01 per share, which beat the Zacks Consensus Estimate of 93 cents by 8.6%.
The Zacks Consensus Estimate for EIX’s 2023 earnings stands at $4.72 per share, implying a year-over-year improvement of 2.2%.
CMS Energy (CMS - Free Report) reported second-quarter 2023 adjusted earnings per share of 75 cents, which beat the Zacks Consensus Estimate of 69 cents by 8.7%.
The Zacks Consensus Estimate for CMS’ 2023 earnings stands at $3.10 per share, implying a year-over-year improvement of 7.3%.
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Eversource (ES) Q2 Earnings Beat Estimates, Revenues Up Y/Y
Eversource Energy (ES - Free Report) reported second-quarter 2023 adjusted earnings of $1 per share, which surpassed the Zacks Consensus Estimate of 92 cents by 8.7%. Earnings improved 16.3% year over year.
Total Revenues
Eversource’s second-quarter revenues of $2,629.3 million missed the Zacks Consensus Estimate of $2,876 million by 8.6%. Total revenues improved 2.2% from the year-ago figure of $2,572.6 million.
Eversource Energy Price, Consensus and EPS Surprise
Eversource Energy price-consensus-eps-surprise-chart | Eversource Energy Quote
Highlights of the Release
Operating expenses decreased 2.3% year over year to $2,068.7 million.
Operating income was up 23.1% from the prior-year quarter to $560.7 million. Interest expenses increased 29.5% to $207.3 million.
Net income in the quarter under review was $17.3 million, down 94.1% from $293.7 million recorded in the year-ago period.
Segmental Performance
Electric Transmission: Earnings from this segment were $161 million, up 6.4% from the prior-year quarter. The increase primarily resulted from a higher level of investment in Eversource’s electric transmission system, with a focus on the New England region.
Electric Distribution: Earnings from this segment were $165.5 million, up 28.3% from the prior-year quarter. The improved second-quarter results were due to the favorable timing impact of the rate design change for its Massachusetts electric business.
Natural Gas Distribution: Earnings from this segment were $11.7 million, up 52% from the year-ago quarter based on higher Massachusetts’ revenues and lower operations and maintenance expenses.
Water Distribution: Earnings from this segment were $9.3 million, up from $9 million in the year-ago quarter.
Eversource Parent & Other Companies: The segment earned $5.1 million in second-quarter 2023, higher than $0.2 million in the year-ago quarter due to the disposition of Eversource’s interest in a clean energy fund.
2023 Guidance
Eversource expects earnings of $4.25-$4.43 per share for 2023. The mid-point of earnings guidance is $4.34, a bit lower than the Zacks Consensus Estimate of $4.36.
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.
ES 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 #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
CenterPoint Energy (CNP - Free Report) reported second-quarter 2023 adjusted earnings of 28 cents per share, which lagged the Zacks Consensus Estimate of 29 cents by 3.4%.
The Zacks Consensus Estimate for CNP’s 2023 earnings stands at $1.49 per share, implying a year-over-year improvement of 8%.
Edison International (EIX - Free Report) reported second-quarter 2023 adjusted earnings of $1.01 per share, which beat the Zacks Consensus Estimate of 93 cents by 8.6%.
The Zacks Consensus Estimate for EIX’s 2023 earnings stands at $4.72 per share, implying a year-over-year improvement of 2.2%.
CMS Energy (CMS - Free Report) reported second-quarter 2023 adjusted earnings per share of 75 cents, which beat the Zacks Consensus Estimate of 69 cents by 8.7%.
The Zacks Consensus Estimate for CMS’ 2023 earnings stands at $3.10 per share, implying a year-over-year improvement of 7.3%.