Eversource Energy (NYSE:ES) released its first-quarter financial results on May 1, 2024, surpassing analyst expectations. The company reported a net income of $521.8 million, or $1.49 per share, for Q1 2024, up from $491.2 million, or $1.41 per share, in Q1 2023. This exceeded analyst estimates of $1.46 per share and $519.39 million in net income. Eversource Energy also announced a dividend of $0.715 per share, payable on June 28, 2024.
The company, known for operating the largest energy delivery system in New England, serves over 4.4 million customers in multiple states. Recently, Eversource Energy has been focusing on expanding its renewable energy capabilities, with the successful launch of the South Fork Wind farm, the first commercial-scale offshore wind facility in the U.S.
Key highlights from the segment performance include:
– Electric Transmission segment earnings increased to $176.7 million in Q1 2024 from $155.1 million in Q1 2023.
– Natural Gas Distribution segment earnings rose to $190.6 million in Q1 2024 from $170.3 million in Q1 2023.
– Water Distribution segment earnings improved to $5.4 million in Q1 2024 from $1.5 million in Q1 2023.
Eversource Energy’s financial growth was driven by investments in the transmission system, rate increases, and infrastructure enhancements. The company reaffirmed its 2024 earnings projection of $4.50 to $4.67 per share, showcasing a 5 to 7% compound annual growth rate from the 2023 base.
CEO Joe Nolan emphasized the operational achievements of the South Fork Wind farm and progress in optimizing the company’s energy portfolio. Eversource Energy’s strategic initiatives aim to enhance system resilience and transition towards cleaner energy solutions, supported by a $23.1 billion capital investment plan.
Looking ahead, Eversource Energy is well-positioned for sustained growth and shareholder value through operational excellence and strategic market positioning in the renewable energy sector. Stay tuned for more updates on Eversource Energy’s financial performance on GuruFocus.com.