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February 17, 2021

Amid unprecedented storm damage, Eversource’s 2020 profits rise to $1.21B  

Photo | Eversource Energy An Eversource employee works on a power line in the wake of Tropical Storm Isaias.

Utility operator Eversource Energy said its profits rose 8.8% in the final quarter of 2020, as revenue growth outpaced rising expenses.

The Hartford and Boston-based company on Tuesday reported profits of $271.9 million, or 79 cents per diluted share, for the three months ended Dec. 31, up from $250 million, or 76 cents per share, in the fourth quarter of 2019.

Operating revenue also grew 8.8% from the year-ago quarter, reaching $2.23 billion, led by gains in Eversource’s electric transmission and distribution segments.

Eversource said a lower effective tax rate also benefited its fourth-quarter bottom line.

The results helped boost Eversource’s full-year profits to $1.21 billion, up from $909.1 million in 2019, and came despite what Eversource Chairman and CEO Jim Judge described as unprecedented storm activity.

“Tropical Storm Isaias was by far the worst storm to damage our system in 2020, but it was far from the only one,” Judge said in a statement. “We had more storm activity in 2020 than in any year in our history, right up through Christmas Day when thousands of Eversource employees responded to extremely high and damaging winds that caused extensive damage across our service territory. It was the most recent of dozens of instances in 2020 where Eversource employees worked tirelessly and safely through the pandemic to maintain and restore vital services to our 4.3 million customers.”

For the year ahead, Eversource said it expects earnings ranging from $3.81 per share to $3.93 per share, excluding costs of its Columbia Gas acquisition in Massachusetts last year.


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