February 21, 2019

Eversource's 4Q profits dip on expense growth

Photo | Contributed
Photo | Contributed
An Eversource gas crew working in Griswold.

Electric and gas utility parent Eversource said its fourth-quarter profits fell 2.6 percent, largely because of higher operating expenses.

Eversource, co-headquarters in Hartford and Boston, reported net income of $231.3 million, or 73 cents per diluted share, for the quarter ended Dec. 31, 2018. That was down from $237.4 million, or 75 cents per share, in the fourth quarter of 2017.

While operating revenue grew more than 7 percent, from $1.9 billion t $2.03 billion, operating expenses outpaced it, growing by more than $183 million.

For the full year, Eversource booked net income of $1.03 billion, $3.25 per share, up from $988 million, $3.11 per share, in 2017.

For 2019, the company projects earnings of between $3.40 and $3.50 per share.

Correction: An earlier version of this story misstated Eversource's 2017 full-year revenue. It was $988 million.

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