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Eversource Energy posts drop in Q1 earnings due to mild weather

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Eversource Energy posts drop in Q1 earnings due to mild weather

EversourceEnergy on May 4 booked first-quarter earnings of $244.2 million, or77 cents per share, compared to $253.3 million, or 80 cents per share, reportedin the prior year quarter.

Operating revenues fell to $2.06 billion from $2.51 billionin the first quarter of 2015 while operating income reported a $9.0 millionyear-over-year decrease to $488.5 million.

The company will "continue to project earnings of between $2.90 and $3.05per share for the full year," Eversource Energy President and CEO JamesJudge said in an earnings release.

The transmission segment earnings posted a $19.1 millionyear-over-year increase to $85.7 million. The increase is impacted by an orderissued by FERC in March 2015 resulting in a 4 cents per share after-tax chargein the first quarter of 2015, as well as additional investments in the segment.

The electric distribution and generation segment generated$108.4 million compared to $130.6 million in the same period of the previousyear. Eversource attributed the lower results to mild weather during the periodand the absence of certain regulatory orders that benefited one of itssubsidiaries in 2015.

In the natural gas distribution segment, reported earningsof $50.9 million were down from $55.6 million in the prior year quarter whilethe parent and other companies segment lost $0.8 million in the first quarterof 2016, compared with earnings of $0.5 million in the first quarter of 2015.

The company's board of trustees announced a quarterlydividend of 44.5 cents per share, payable on June 30 to shareholders of recordas of May 31.