Eversource earnings, revenue relatively flat for 3Q
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Eversource Energy, with headquarters in Hartford and Boston and serving Central Massachusetts, reported relatively flat profits on slightly decreased revenue in its third quarter earnings report. Earnings per share remained the same at 74 cents.
Eversource, the parent company of Connecticut Light & Power, earned a net income of $237.8 million compared with $236.5 million a year ago on overall revenue of $1.93 billion, up from $1.89 billion in 2014. CL&P had net revenue of $224 million compared to $196.4 million in 2014.
"We're having a very successful year exceeding our financial and operational targets and advancing key initiatives to provide our region with long-term sources of low-cost, clean energy," said Thomas J. May, Eversource Energy chairman, president and CEO. "Additionally, today we narrowed our 2015 earnings guidance to $2.80 to $2.85 per share, a range that is very consistent with our projected long-term EPS growth rate of 6 to 8 percent."
Eversource provides natural gas throughout much of Central Massachusetts, and power to most of the MetroWest-495 region.
The company's natural gas distribution segment lost $3.5 million in the third quarter of 2015 compared with a loss of $9.9 million a year earlier.Improved results are due largely to higher revenues and a lower effective tax rate.
Eversource Energy's electric distribution and generation segment earned $167.7 million in the third quarter of 2015 compared to $153.4 million in the year-ago period. The company said the higher results reflect higher distribution revenues and lower operations and maintenance expense.
Its transmission segment earned $78 million in the third quarter of 2015 compared to $88.1 million a year earlier. Lower third-quarter 2015 results were due to the absence of state tax benefits that occurred in the third quarter of 2014.
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