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Northern Pass impairment charge drags Eversource Q2 earnings


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Northern Pass impairment charge drags Eversource Q2 earnings

Eversource Energy on July 31 reported 2019 second-quarter net income attributable to common shareholders of $31.5 million, or 10 cents per share, compared to $242.8 million, 76 cents per share, a year ago.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 75 cents.

The second-quarter results include an after-tax impairment charge of $204.4 million, or 64 cents per share, associated with the company's investment in the Northern Pass transmission project.

Excluding impairment, Eversource's earnings for the quarter were $235.9 million, or 74 cents per share.

"The Northern Pass impairment was a difficult step for us to take given the economic and environmental benefits the project could have brought to New England, but it does not take away from the fact that 2019 has been very positive for Eversource," company Chairman, President and CEO Jim Judge said in a news release.

"Our operational, safety, customer service and ongoing financial results are all ahead of plan, and we have had extremely strong investor interest in both our equity and long-term debt issuances, providing benefits to both our customers and shareholders."

Operating revenues for the quarter totaled $1.88 billion, up from $1.85 billion in the second quarter of 2018. Operating income was $151.0 million, compared to $391.4 million a year ago.

Eversource Energy reaffirmed its 2019 EPS guidance of $3.40 to $3.50, excluding the Northern Pass transmission impairment charge, and its long-term EPS growth rate of 5% to 7%.