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February 12, 2025

Eversource reports more than $800M profit in 2024, beating expectations

HBJ PHOTO | STEVE LASCHEVER Eversource President and CEO Joe Nolan in his office.
By Andrew Larson

Hartford-based Eversource Energy generated a profit of $811.65 million in 2024, after absorbing a $442.24 million loss in 2023, according to the utility company’s earnings report released late Tuesday.

Eversource’s full-year earnings represent a profit of $4.57 per share, adjusted for non-recurring costs, the company said.

In the fourth quarter of 2024, Eversource generated a profit of $72.52 million, after losing $1.29 billion in the fourth quarter of 2023, driven mainly by losses on offshore wind investments. 

The 2024 fourth-quarter earnings represent a profit of $1.01 per share, adjusted for non-recurring costs, the company said.

The earnings surpassed the Zacks Consensus Estimate of a 99-cent profit per share for the quarter.

Meantime, Eversource’s revenue in 2024 totalled $11.92 billion, with $2.97 billion coming in the fourth quarter. Revenue figures also beat Wall Street expectations.

“In 2024, the diverse and talented people of Eversource once again distinguished themselves by achieving operational excellence and delivering solid financial results for our customers and shareholders,” Eversource Chairman, President and CEO Joe Nolan said. “We worked hard to advance our region’s clean energy future, improve the already strong reliability and resiliency of our delivery networks, and enhance our customer experience."

Nolan told investors the pending sale of Aquarion, Eversource’s Bridgeport-based water utility company, will “greatly strengthen our balance sheet and continue to focus on our regulated electric and natural gas utility businesses.”

The sale is expected to close by late 2025, Nolan said.

Eversource said it plans to make $24.2 billion in investments from 2025 to 2029 – an increase of nearly 10%, or $2.1 billion, over its previous plan for 2024 to 2028. The increase includes development of future substations and replacement of aging infrastructure, Nolan said.

“We believe these opportunities will enable us to achieve our long-term growth rate of 5 to 7 percent,” Nolan said.

Eversource projects 2025 earnings of between $4.67 per share and $4.82 per share.

Eversource investor presentation on Feb. 11, 2025

Eversource is Connecticut’s largest utility, providing electric service to 157 municipalities and natural gas to more than 85 towns and cities.

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