Eversource Energy Q2 Earnings Call Highlights

Eversource’s recurring Q2 earnings fell to $0.87 per share from $0.96 a year earlier, primarily due to weaker electric transmission and gas distribution results.

The company reaffirmed 2026 adjusted EPS guidance of $4.57–$4.72 and its long-term 5%–7% growth target.

Eversource completed the $1.7 billion sale of Aquarion and plans to use the proceeds to reduce parent-company debt, but reported substantial charges tied to the sale and higher Revolution Wind liabilities.

Revolution Wind is about 97% complete and remains on track for commercial operation later this year.

The company is pursuing significant regulated investment opportunities, including a potential $2.2 billion New England transmission project and a Connecticut rate filing seeking a $451 million revenue increase.

Eversource maintained its $26.5 billion five-year capital plan and said it does not expect to issue equity during the remainder of 2026.

Eversource Energy NYSE: ES reported second-quarter 2026 GAAP earnings of $0.14 per share, down from $0.96 per share a year earlier, as the company recorded charges tied to the completed sale of Aquarion Water Company and its remaining offshore-wind-related contingent liability.

Excluding those items, recurring earnings were $0.87 per share for the quarter, compared with $0.96 per share in the second quarter of 2025.

Chairman, President and Chief Executive Officer Joe Nolan said the result was in line with the company’s expectations.

Eversource reaffirmed its 2026 non-GAAP earnings guidance of $4.57 to $4.72 per share and its long-term EPS growth target of 5% to 7%.

Chief Financial Officer John Moreira said the decline in recurring earnings from the prior-year period primarily reflected lower results in electric transmission and gas distribution.

Transmission earnings were affected by the Federal Energy Regulatory Commission’s March decision reducing the base return on equity, while gas distribution results faced a comparison with a prior-year benefit related to recoverable expenses.

Higher electric distribution revenue partly offset those pressures.

Eversource completed the sale of Aquarion on June 30, generating $1.7 billion of net proceeds.

Nolan said the transaction advances the company’s strategy to operate as a pure-play regulated electric and natural gas utility, with the proceeds slated to reduce parent-company debt.

The quarter’s GAAP results included a non-cash, after-tax charge of $111.4 million, or $0.30 per share, related to Aquarion’s carrying value at closing.

The company also recorded an after-tax charge of $164 million, or $0.43 per share, to increase its estimated offshore wind contingent liability associated with its sale of Revolution Wind.

Nolan said revised Revolution Wind construction-cost estimates included higher costs resulting from two stop-work orders.

He said the project is approximately 97% complete, is currently delivering more than 300 megawatts to the ISO New England grid, and remains expected to reach commercial operation later this year.

Nolan said the stop-work orders caused the project to lose a vessel that had to be remobilized, but he expressed confidence that the remaining installation work is straightforward.

ISO New England has preliminarily selected a joint Eversource and Avangrid proposal as its preferred solution in a longer-term transmission planning process.

The approximately $2.2 billion project would expand capacity between Maine and New Hampshire and strengthen transmission between...