Earnings release
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EVERSOURCE News Release ENERGY 56 Prospect St. , Hartford , Connecticut 06103-2818 800 Boylston St. , Boston , Massachusetts 02199 Eversource Energy Reports Second Quarter Results HARTFORD , Conn . and BOSTON , Mass . ( July 29 , 2021 ) – Eversource Energy ( NYSE : ES ) today reported earnings of $ 264.5 million , or $ 0.77 per share , in the second quarter of 2021 , compared with earnings of $ 252.2 million , or $ 0.75 per share , in the second quarter of 2020. In the first half of 2021 , Eversource Energy earnings totaled $ 630.7 million , or $ 1.83 per share , compared with earnings of $ 587 million , or $ 1.75 per share , in the first half of 2020 . Results for both years include charges primarily related to the October 2020 acquisition of the assets of Columbia Gas of Massachusetts . Those charges totaled $ 6.8 million in the second quarter of 2021 and $ 13 million in the first half of 2021 , compared with charges of $ 3.9 million in the second quarter of 2020 and $ 7.4 million in the first half of 2020. Absent those charges , Eversource earned $ 271.3 million¹ , or $ 0.79 per share¹ , in the second quarter of 2021 and $ 643.7 million¹ , or $ 1.87 per share¹ , in the first half of 2021 . Eversource Energy also today reaffirmed its previously disclosed 2021 earnings per share ( EPS ) projection toward the lower end of a range of $ 3.81 to $ 3.93 per share . That guidance includes a charge of $ 0.07 per share in the first quarter of 2021 related to Connecticut regulators ' assessment of the company's performance restoring power in August 2020 following the catastrophic damage from Tropical Storm Isaias . Eversource Energy also today reaffirmed its long - term EPS growth rate from its existing core regulated businesses in the upper half of 5-7 percent , using the $ 3.64 per share¹ earned in 2020 as a base . " We remain a steadfast partner in our region's efforts to enhance its infrastructure and reduce its carbon footprint , " said Joe Nolan , Eversource president and chief executive officer . " We continue to advance a large number of innovative clean energy initiatives , and despite the challenges posed by Tropical Storm Elsa and a large number of damaging thunderstorms earlier this month , our employees worked around the clock to support our customers and repair tree - caused damage as promptly and safely as possible . We are pleased that this work by our employees is being recognized by customers and our policymakers . " Electric Transmission Eversource Energy's transmission segment earned $ 137.6 million in the second quarter of 2021 and $ 273 million in the first half of 2021 , compared with earnings of $ 129.5 million in the second quarter of 2020 and $ 256.2 million in the first half of 2020. Transmission segment results improved due to a higher level of investment in Eversource's electric transmission system . Electric Distribution Eversource Energy's electric distribution segment earned $ 121.6 million in the second quarter of 2021 and $ 214.9 million in the first half of 2021 , compared with earnings of $ 115 million in the second quarter of 2020 and $ 245.1 million in the first half of 2020. Improved second - quarter results were due primarily to higher revenues , offset by higher operation and maintenance expense , depreciation and property taxes . Lower first half results in 2021 are primarily the result of the aforementioned first - quarter storm performance charge .