Eversource Energy (ES) Q4 2024 earnings summary

Executive summary

• Achieved 5.3% recurring EPS growth for 2024, reversing a prior year loss, and reaffirmed a 5–7% long-term EPS growth target through 2029 off the 2024 base.

• Strengthened balance sheet by issuing $1B in equity, exiting offshore wind, and agreeing to sell Aquarion Water for $2.4B, with proceeds to reduce debt and reinvest in core utilities.

• Maintained top decile electric reliability, improved safety metrics by 6%, and advanced clean energy and infrastructure modernization initiatives in Massachusetts.

• Broke ground on the $1.8B Greater Cambridge Energy Project, including the first fully underground U.S. substation, and acquired Mystic site in Everett, MA, for a future energy hub.

• Recognized for ESG leadership by Newsweek and Time, ranked #1 U.S. utility in TIME's World's Best Companies, and named among America's Most Responsible Companies.

Financial highlights

• 2024 GAAP EPS: $2.27 vs. 2023 GAAP loss of $1.26; non-GAAP/recurring EPS: $4.57, up from $4.34 in 2023.

• Dividend per share increased to $2.86 in 2024, with a 6% three-year growth rate and 5.2% increase for Q1 2025 annualized.

• Segment non-GAAP EPS (2024): Electric Transmission $2.03, Electric Distribution $1.77, Gas Distribution $0.81, Water Distribution $0.12.

• Full-year 2024 net income was $811.7M, up from a $442.2M loss in 2023.

• Significant non-recurring after-tax losses from offshore wind divestitures ($524M) and pending Aquarion sale ($298.3M) impacted GAAP results.

Outlook and guidance

• 2025 EPS guidance: $4.67–$4.82, driven by transmission investments, base rate changes, and capital recovery mechanisms.

• Five-year EPS growth target: 5–7% based on 2024 non-GAAP recurring EPS.

• Five-year capital plan (2025–2029): $24.2B in regulated electric and gas investments, up 10% from prior plan.

• Projected rate base to grow from $26.4B in 2023 to $41.9B in 2029, an 8% CAGR.

• Equity needs for 2025–2029: $1.2B, with most issuance in the latter half of the period.