Financial Data and Key Metrics Changes - Eversource Energy reported earnings per share (EPS) of 2.27for2024,comparedtoaGAAPlossof1.26 per share in 2023, reflecting a significant turnaround [34] - Non-GAAP earnings were 4.57persharein2024,upfrom4.34 per share in 2023, marking a year-over-year growth rate of 5.3% [34] - The company ended 2024 with over 5% growth in earnings and increased its first quarter 2025 dividend by 5.2% on an annualized basis [20] Business Line Data and Key Metrics Changes - Electric transmission earned 2.03persharein2024,upfrom1.84 per share in 2023, driven by investments in service reliability [35] - Electric distribution earnings were 1.77persharein2024,slightlyupfrom1.74 per share in 2023, due to increased revenues from base distribution rate increases [36] - Natural gas distribution earned 0.81persharein2024,comparedto0.64 per share in 2023, attributed to higher base distribution rate increases [36] - Water distribution segment earned 0.12persharein2024,upfrom0.09 per share in 2023, primarily due to lower depreciation expenses [37] Market Data and Key Metrics Changes - The company received approval for a 77millionrevenueincreaseeffectiveNovember1,2024,inMassachusetts,withadditionalincreasesplanned[40]−InNewHampshire,aratereviewfilingrequesteda182 million increase effective August 1, 2025, with an interim increase of 61millionapproved[43]CompanyStrategyandDevelopmentDirection−Eversourceisfocusedonenhancingoperationalefficiency,investinginregulatedopportunities,anddeliveringvaluetoshareholdersandcustomers[62]−Thecompanyplanstoincreaseitsfive−yearcapitalinvestmentplanbynearly102.4 billion, which will help reduce debt and strengthen the balance sheet [32] - The company was recognized as one of America's most responsible companies by Newsweek for its commitments to environmental, social, and corporate governance [14] Q&A Session Summary Question: Support for PURA expansion in Connecticut - Management stated they are indifferent to whether PURA has three or five commissioners, emphasizing the need for a fair and transparent process [69] Question: FFO to debt target for 2025-2029 - Management confirmed that the focus remains on improving the FFO to debt ratio, aiming to maintain it well above the Moody's downgrade threshold of 13% [76] Question: Timing and methodology for equity financing - Management indicated that they plan to utilize the ATM program for future equity needs, allowing for controlled market entry [83] Question: Impact of gas line extension proposals in Massachusetts - Management noted that it is premature to discuss the implications of the DPU's proposal to end most gas line extensions, as they are still formulating their response [130] Question: Timeline for the lawsuit against PURA - Management stated there is no set timeline for the court's decision regarding the lawsuit filed for transparency from PURA [100] Question: Drivers for long-term growth rate - Management highlighted the recovery of deferred storm costs and constructive rate mechanisms as key drivers for achieving the 5% to 7% growth rate in the future [108]
Eversource(ES)2025-02-12 18:29