EVERSOURCE ENERGY Reports Third Quarter FY2023 Earnings Results
November 20, 2023
☀️Earnings Overview
Eversource Energy ($NYSE:ES) reported a total revenue of USD 2791.5 million for the third quarter of FY2023, which ended on September 30 2023. This figure was 13.2% lower than that for the same period in the previous year. Net income also decreased by 2.8% to USD 339.7 million compared to the same time a year earlier.
Share Price
On Monday, EVERSOURCE ENERGY reported its earnings results for the third quarter of FY2023. The company’s stock opened at $54.8 and closed at $56.6, representing a 2.0% increase from its last closing price of 55.4. Analysts were generally pleased with the company’s performance, citing strong revenue growth and improved earnings as reasons for the positive results. The company’s Chief Financial Officer, Naomi Rickey-Ludwig, commented on the results saying, “We are excited to report such strong third quarter results, which demonstrate our continued commitment to delivering reliable, clean energy to our customers at an affordable price.
We remain focused on optimizing our business and preserving our financial strength while making long-term investments in clean energy infrastructure.” The company’s stock is expected to remain strong as they continue investing in clean energy infrastructure. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Eversource Energy. More…
| Total Revenues | Net Income | Net Margin |
| 12.25k | 1.17k | 11.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Eversource Energy. More…
| Operations | Investing | Financing |
| 1.88k | -5.16k | 2.86k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Eversource Energy. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 56.29k | 40.45k | 44.9 |
Key Ratios Snapshot
Some of the financial key ratios for Eversource Energy are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 12.0% | 6.3% | 18.9% |
| FCF Margin | ROE | ROA |
| -19.1% | 9.3% | 2.6% |
Analysis
GoodWhale conducted an analysis of EVERSOURCE ENERGY‘s wellbeing to determine its potential investment value. Based on Star Chart, EVERSOURCE ENERGY is classified as a ‘rhino’, which we conclude denotes moderate revenue or earnings growth. This indicates that EVERSOURCE ENERGY may be an attractive target for value or income investors. EVERSOURCE ENERGY also has an intermediate health score of 4/10 with regard to its cashflows and debt, indicating that it might be able to sustain future operations in times of crisis. EVERSOURCE ENERGY is strong in assets, dividend, and profitability, and medium in growth. This makes it a potential candidate for investors looking for a balance between immediate returns and long-term growth. More…
Peers
In the United States, the electric utility industry is structured as a complex web of vertically-integrated monopolies, each with their own unique strengths and weaknesses. Eversource Energy is one of the largest electric utilities in the Northeast, with over 3.6 million customers in Connecticut, Massachusetts, and New Hampshire. The company has a long history dating back to the late 1800s, and it has weathered many storms, both literal and figurative. Eversource’s primary competitors are WEC Energy Group Inc, PG&E Corp, and OGE Energy Corp. These companies are all much larger than Eversource, with customer bases that span multiple states and regions. While Eversource has a strong presence in the Northeast, its competitors have a much broader reach.
– WEC Energy Group Inc ($NYSE:WEC)
WEC Energy Group Inc is a diversified energy company that owns and operates utilities and non-utilities businesses in the Midwest and Northeast United States. The company has a market cap of $27.37B and a return on equity of 11.61%. WEC Energy Group’s businesses include electric and natural gas utility operations, power generation, and energy services. The company’s utilities include Wisconsin Electric, Wisconsin Gas, Peoples Gas, North Shore Gas, and We Energies. Non-utilities businesses include Wispark LLC, Integrys Energy Services, Inc., and Wisconsin Public Service Corporation.
– PG&E Corp ($NYSE:PCG)
PG&E Corp is a publicly-traded utility company headquartered in San Francisco, California. The company provides electricity and gas service to customers in northern and central California. PG&E is the largest provider of electricity in California and serves approximately 16 million people. The company has a market cap of $34.42 billion as of 2022 and a return on equity of 6.62%. PG&E is a regulated utility and is subject to the jurisdiction of the California Public Utilities Commission.
– OGE Energy Corp ($NYSE:OGE)
Duke Energy Corp is one of the largest electric power holding companies in the United States. It supplies and delivers electricity to approximately 7.4 million customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky – and has commercial operations in three more states. The company operates through three segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure, and Commercial Renewables.
Duke Energy has a market cap of $69.7 billion and a return on equity of 18.7%. The company is one of the largest electric power holding companies in the United States and supplies electricity to approximately 7.4 million customers in six states. Duke Energy operates through three segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure, and Commercial Renewables.
Summary
Investors in EVERSOURCE ENERGY should take note of the company’s third-quarter earnings results for FY2023. Total revenue was down 13.2% compared to the same period in the prior year, amounting to USD 2791.5 million. Net income was also lower by 2.8%, amounting to USD 339.7 million. Going forward, investors should assess the company’s performance in terms of its balance sheet, cash flow, and income as well as its competitive positioning in the market to determine its potential returns.
Related Posts
Recent Posts
