Q4 2024 Eversource Energy Earnings Call Transcript
Key Points
- Eversource Energy (ES) reported a 5.3% year-over-year increase in earnings per share, exceeding the midpoint of their revised guidance.
- The company successfully issued $1 billion of equity through their ATM program, strengthening their balance sheet.
- Eversource Energy (ES) was recognized by Newsweek as one of America's most responsible companies for the sixth consecutive year.
- The company announced the sale of Aquarion Water at an attractive multiple of 1.7 times rate base, which will help reduce debt and reinvest in regulated utilities.
- Eversource Energy (ES) has a new five-year capital investment plan that increases investment by nearly 10%, focusing on transmission investments to address aging infrastructure needs.
- The company faced headwinds in 2024, including higher interest expenses and the absence of prior year net benefits from asset sales.
- Eversource Energy (ES) is dealing with regulatory challenges, particularly in Connecticut, where they are seeking to improve the regulatory environment.
- The sale of Aquarion Water, while financially beneficial, will result in a loss of $0.83 per share in earnings.
- The company's 2025 earnings guidance is below the long-term growth target of 5% to 7%, partly due to the dilutive effect of equity issued in 2024.
- Eversource Energy (ES) is facing pressure to maintain a healthy FFO to debt ratio, with Moody's currently having them on a negative outlook.
Good day, and thank you for standing by. Welcome to the Eversource Energy Q4 and year-end 2024 Earnings Call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Rima Hyder, Vice President of Investor Relations. Please go ahead.
Good morning and thank you for joining us today on the fourth quarter and year-end 2024 earnings call for Eversource Energy. During this call, we'll be referencing slides that we posted this morning on our website. As you can see on slide 1, some of the statements made during this investor call may be forward looking. These statements are based on management's current expectations and are subject to risk and uncertainty which may cause the actual results to differ materially from forecasts and projections. We undertake no obligation to update or revise any of these statements.
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