Profits up 13 percent for Eversource

Published on Monday, 31 July 2017 20:12
Written by Angie DeRosa

Staff Writer

BERLIN-Eversource Energy announced Thursday its second-quarter profits increased by 13.3 percent.

The company reported earnings of $230.7 million, or 72 cents per share, in the second quarter of 2017. During the second quarter last year earnings were $203.6 million, or 64 cents per share.

In the first half of 2017, Eversource earned $490.2 million, or $1.54 per share, compared with earnings of $447.8 million, or $1.41 per share, in the first half of 2016.

“We experienced a very solid first half of 2017, delivering efficient, effective and reliable service to our 3.7 million customers and continuing to invest in New England’s clean energy future,” said Eversource Chairman, President and CEO Jim Judge in a statement. “We continue to project 2017 earnings of $3.05 to $3.20 per share, a level that is consistent with our 5 percent long-term EPS growth rate.”

The areas with the most financial improvement include electric distribution and generation, electric transmission and Eversource parent and other companies.

Improved results for electric distribution and generation are due to an increased level of investment in Eversource Energy’s transmission system.

Results for electric transmission are due to lower operation and maintenance expense and higher distribution revenues.

Lastly, Eversource’s long-term investment in a fund holding certain renewable energy facilities is why revenue in parent and other companies increased.

Posted in The Bristol Press, General News, Manufacturing, General Business on Monday, 31 July 2017 20:12. Updated: Monday, 31 July 2017 20:14.