Eversource Energy, a Massachusetts-based utility company, reported its financial results for the third quarter and the first nine months of 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the third quarter of 2024, Eversource's operating revenues increased to $3,063.2 million, up from $2,791.5 million in Q3 2023, reflecting a growth of $271.7 million. However, for the nine months ended September 30, 2024, total operating revenues decreased to $8,929.3 million from $9,216.5 million in the same period of 2023, a decline of $287.2 million. This decline was attributed to lower electric sales volumes and reduced revenues from contracts with customers.
Total operating expenses for Q3 2024 rose to $2,450.8 million, compared to $2,260.9 million in Q3 2023, while for the nine-month period, expenses decreased to $6,868.4 million from $7,375.7 million. Operating income for Q3 2024 was $612.4 million, an increase from $530.6 million in Q3 2023, and for the nine months, it rose to $2,060.9 million from $1,840.8 million.
Eversource reported a net loss of $116.2 million for Q3 2024, a significant improvement from a net income of $341.6 million in Q3 2023. For the nine months, net income was $744.7 million, down from $851.8 million in the prior year. The results included an after-tax loss of $524 million from the sale of offshore wind investments, which impacted earnings significantly.
Strategically, Eversource completed the sale of its 50% ownership in the Sunrise Wind project to Ørsted for $152 million and its interests in the South Fork Wind and Revolution Wind projects to Global Infrastructure Partners for $745 million. These transactions resulted in an aggregate after-tax loss of $524 million in Q3 2024. Additionally, Eversource's cash and cash equivalents increased to $97.9 million as of September 30, 2024, from $53.9 million at the end of 2023.
The company also reported an increase in capital expenditures, totaling $3.29 billion for the first nine months of 2024, compared to $3.13 billion in the same period of 2023. Eversource's long-term debt issuance reached $4.4 billion in the first nine months of 2024, with a repayment of $1.26 billion.
Overall, Eversource's financial performance in 2024 reflects a complex landscape of increased revenues in certain segments, strategic divestitures, and ongoing investments in infrastructure, despite facing challenges in profitability and market conditions.
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