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Eversource’s 2Q profits rise

BY Joe Cooper

8/1/2018
PHOTO | Contributed
PHOTO | Contributed
An Eversource crew.
Eversource Energy posted higher second-quarter profits thanks to gains from its recently acquired water company and electric transmission business.

For the quarter ended June 30, the electricity and natural-gas utility with Hartford operations said net income increased to $242.8 million, or 76 cents a diluted share, vs. $230.7 million, or 72 cents a diluted share, in the year-ago period.

In the first half of 2018, Eversource posted profits of $512.3 million, or $1.61 a diluted share, compared to $490.2 million, or $1.54 a diluted share, in the first half last year.

Bridgeport's Aquarion Water Co., a subsidiary of Eversource, reported profits of $7.2 million in the second quarter and $8.7 million in the first half this year. In Dec. 2017, Eversource completed its $1.7 billion acquisition of Aquarion Water Co., becoming the only U.S.-based electric utility to also own a water utility.

Meantime, the utility's electric transmission segment recorded second-quarter earnings of $112.7 million compared to $96.4 million in same quarter in 2017.

Eversource reaffirmed its 2018 earnings per share outlook in the range of $3.20 to $3.30.