Eversource Energy on Feb. 22 reported net income attributable to common shareholders of $237.4 million, or 75 cents per share, in the fourth quarter of 2017, compared with $229.2 million, or 72 cents per share, in the same quarter of 2016.
The S&P Capital IQ consensus normalized EPS estimate for Eversource in the fourth quarter of 2017 was 75 cents.
Fourth-quarter 2017 operating revenues were $1.90 billion, up from $1.78 billion in 2016. Operating income increased to $450.8 million in fourth quarter 2017, from $438.0 million in the fourth quarter of 2016.
By segment, electric distribution and generation booked fourth-quarter 2017 earnings of $104 million, from $81.5 million in the fourth quarter of 2016. The increase in earnings was primarily due to a lower effective tax rate in 2017 and lower nontracked operations and maintenance expense in 2017, partially offset by higher depreciation and property tax expense.
Earnings at the transmission segment were $102.3 million in the fourth quarter of 2017, from $104.2 million recorded in the prior-year quarter. The natural gas distribution segment booked fourth-quarter earnings of $25.5 million, down from $25.8 million in the same quarter of 2016.
On a full-year basis, Eversource reported 2017 net income attributable to common shareholders of $988.0 million, or $3.11 per share, up from $942.3 million, or $2.96 per share, in 2016. The S&P Capital IQ consensus normalized EPS estimate for Eversource in 2017 was $3.12.
Operating revenues for 2017 totaled $7.75 billion, up from $7.64 billion in 2016, while operating income rose to $1.92 billion in 2017 from $1.86 billion in 2016.
Eversource projects 2018 earnings between $3.20 per share and $3.30 per share and long-term EPS growth through 2021 of 5% to 7%, based on 2017's result of $3.11 per share.