Eversource Energy (ES - Free Report) reported third-quarter 2019 operating earnings of 98 cents per share, beating the Zacks Consensus Estimate of 94 cents by 4.3%. The reported earnings also improved 7.7% year over year.
Third-quarter revenues of $2,176 million lagged the Zacks Consensus Estimate of $2,318 million by 6.1% and declined 4.2% from the year-ago figure of $2,271 million.
Highlights of the Release
Operating expenses decreased 7.7% year over year to $1,666.6 million, primarily owing to lower operation and maintenance costs.
Operating income was up 9.3% from the prior-year quarter to $509.3 million. Interest expenses increased 8% year over year to $135.2 million in the quarter.
Its earnings in the first nine months of 2019 included after-tax impairment charge of 64 cents related to the company’s investment in the Northern Pass Transmission (“NPT”) project. However, the project had to be shelved due to an adverse court ruling.
Net income in the quarter under review was $320.8 million, up 10.1% from $291.3 million recorded in the year-ago period.