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Investing.com -- Eversource Energy (NYSE:ES) reported first quarter earnings that narrowly missed analyst expectations, sending shares down 2.8% in response. The utility company reaffirmed its full-year guidance despite the earnings miss.
Eversource reported earnings of $550.8 million, or $1.50 per share, in the first quarter of 2025, compared to $521.8 million, or $1.49 per share, in the same period last year. Analysts had expected earnings of $1.51 per share. Revenue came in at $4.12 billion, surpassing the consensus estimate of $3.57 billion and representing a significant increase from the previous year.
The company reaffirmed its 2025 earnings guidance of $4.67 to $4.82 per share, in line with analyst expectations of $4.75 per share. Eversource also maintained its long-term earnings per share growth rate projection of 5% to 7% through 2029.
Chairman, President and CEO Joe Nolan commented on the results, stating, "Eversource is off to a positive start to 2025, once again achieving strong operational and financial results in the first quarter."
The electric transmission segment saw earnings increase to $199.4 million from $176.7 million YoY, driven by continued investment in the company’s electric transmission system. The electric distribution segment earnings rose to $188.4 million from $168.1 million, benefiting from higher revenues from base distribution rate increases in New Hampshire and Massachusetts.
Natural gas distribution earnings grew to $218.4 million from $190.6 million, primarily due to base distribution rate increases in Massachusetts. However, the water distribution segment saw a slight decline in earnings to $3.6 million from $5.4 million.
Eversource’s board approved a quarterly dividend of $0.7525 per share, payable on June 30, 2025, to shareholders of record as of May 15, 2025.
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