July 31, 2015

Higher revenue sparks Eversource's 2Q profits

Eversource Energy said its second-quarter profits jumped nearly 63 percent, thanks to higher revenue and the lack of a multi-million regulatory charge it incurred in the prior-year quarter.

Profits for the second quarter totaled $207.5 million, of 65 cents per diluted share, up from $127.4 million, or 40 cents, in the same quarter last year.

Eversource, formerly Northeast Utilities, said operating revenue climbed $140 million, or 8.3 percent, to $1.82 billion.

Electric transmission earnings for the quarter were up more than 80 percent, to $80.4 million.

The second quarter last year included a $32.1 million charge related to a Federal Energy Regulatory Commission order that lowered the authorized return on equity that owners of New England electric transmission system were permitted to earn.

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