Eversource Energy ES reported Q3 FY23 revenue of $2.79 billion, missing the consensus of $3.295 billion.
Adjusted EPS of $0.97 missed the consensus of $0.98.
Adjusted earnings declined to $339.7 million from $351.6 million a year ago.
Electric Transmission segment earnings rose to $160.3 million from $155.8 million a year ago, led by higher investment in electric transmission systems.
Electric Distribution segment earnings declined to $173.3 million from $225.1 million the prior year due to the timing impact of a rate design change for the Massachusetts electric business.
Natural Gas Distribution segment reported a loss of $(33.7) million vs. $(24.6) million the prior year, owing to higher depreciation and O&M expenses.
On the other hand, Water segment posted earnings of $16.6 million vs. $16.7 million a year ago.
FY23 Outlook: ES narrowed the adjusted EPS outlook to $4.30-$4.43 (from $4.25-$4.43) vs. consensus of $4.34.
The company reiterated its long-term EPS growth rate from its core regulated businesses solidly in the upper half of 5%-7% vs. $4.09 in 2022.
Price Action: ES shares are trading higher by 2.12% at $55.43 premarket on the last check Monday.
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