Eversource Energy: EPS beats estimates by $0.04, revenue in line

Key Takeaways

• Eversource Energy reported better-than-expected earnings in the fourth quarter.
• Revenue, however, met analyst estimates.
• The company raised its annual dividend payout.

Earnings Recap

Eversource Energy (ES) reported fourth-quarter earnings per share (EPS) of $1.09, beating the consensus estimate of $1.05. Revenue came in at $2.5 billion, in line with analyst estimates.

The company's earnings were driven by strong performance in its regulated electric and gas businesses. Eversource also benefited from a one-time gain related to the sale of a non-core asset.

For the full year, Eversource reported EPS of $4.23, up from $4.11 in the prior year. Revenue for the year was $10.2 billion, compared to $9.6 billion in 2021.

Dividend Increase

Eversource announced that it is raising its annual dividend payout by 3.6%, to $3.72 per share. The dividend is payable on March 31 to shareholders of record as of March 10.

This marks the 10th consecutive year that Eversource has increased its dividend.

Outlook

Eversource provided an optimistic outlook for 2023, forecasting EPS in the range of $4.45 to $4.65. The company also expects revenue to grow by approximately 3%.

Eversource is investing heavily in its electric and gas infrastructure to meet the growing demand for clean energy. The company is also working to reduce its carbon emissions and transition to a clean energy future.

Conclusion

Eversource Energy reported strong fourth-quarter earnings, driven by its regulated electric and gas businesses. The company also raised its annual dividend payout. Eversource is well-positioned for growth in 2023 and beyond, as it invests in its infrastructure and transitions to a clean energy future.