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November 5, 2024

Eversource reports $118.1M 3Q loss following offshore wind exit

HBJ PHOTO | ANDREW LARSON Regional utility company Eversource operates this Hartford substation.
By Andrew Larson

Energy utility Eversource reported a third-quarter loss of more than $100 million on Monday, following the sale and divestiture of its offshore wind holdings.

The $118.1 million, or 33 cents per share, loss compares to a profit of $339.7 million, or $2.08 per share, during last year’s third quarter, according to the earnings report.

Eversource’s profits were driven down by a $524 million after-tax loss related to the sale and complete divestiture of its offshore wind investment, the company said. 

In September, Eversource completed the sale of its offshore wind business to Global Infrastructure Partners for about $745 million.

Eversource said its third quarter operating revenues totaled $3.1 billion, up nearly 10% from $2.8 billion in the year-ago period.

Eversource’s stock price on Tuesday morning, as of 11 a.m., was down about 3% to $61.42.

Eversource Chairman, President and CEO Joe Nolan said Monday in a statement that, following the offshore wind exit, the company’s “investment thesis is clear.”

“We are a pure-play regulated utility, focused on providing innovative technology and safe and reliable services to all our customers,” Nolan said. “We have a long runway for growth driven by regulated investments enabling consistent return of value to all of our stakeholders.”

In the third quarter, Eversource’s water distribution segment saw a 30% increase in quarterly profit, from $23.7 million in 2024 to $16.6 million in 2023.

Eversource acquired Aquarion Water Co. for $1.7 billion in 2017.

In February, Eversource announced that it was exploring a potential sale of Aquarion, citing a need to “reduce equity needs and improve regulatory diversity.”

Also on Monday, Eversource narrowed its current-year adjusted profit forecast to between $4.52 and $4.60 per share, from its previous expectation of $4.50 and $4.67.

In addition, Eversource increased its forecasted capital investments by $600 million to $23.7 billion for the 2024-28 period.

Eversource, the largest energy-delivery company in New England, has about 4.4 million customers in Connecticut, Massachusetts and New Hampshire.

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