February 23, 2018

Eversource's 4Q net rises on lower taxes, expenses

Contributed photo
Contributed photo
An Eversource crew

New England utility Eversource Energy posted higher fourth-quarter and full-year net income due to a lower tax rate and expenses.

For the quarter ended Dec. 31, the electricity and natural-gas utility with Hartford operations said net income rose to $237.4 million, or 75 cents a diluted share, up from $229.2 million, or 72 cents a diluted share in the year-ago period.

For the full year, net income rose to $987.9. million, or $3.11 a diluted share, from $942.3 million, or $2.96 a diluted share, a year ago.

Fourth-quarter revenues totaled $1.9 billion in 2017 vs. $1.8 billion in the year-ago period.

Full-year revenues were $7.7 billion vs. $7.6 billion a year ago.

Improved results were due primarily to a lower effective tax rate in 2017 and lower operations and maintenance expenses in 2017, said Eversource Chairman and CEO Jim Judge.

In 2017, "our customers received industry leading levels of reliable service, our employees achieved record safety performance, and our investors experienced very solid increases in dividends and earnings," he said.

The utility projects 2018 earnings of between $3.20 per share and $3.30 per share and long-term EPS growth through 2021 of between 5 percent and 7 percent on average, using 2017 earnings of $3.11 per share as the base.

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