Eversource Energy operates as a public utility holding enterprise, with its core operations centered on the provision and delivery of various energy ...
Eversource Energy (NYSE: ES) is a public utility holding company headquartered in Springfield, Massachusetts, with roots tracing back to 1966 when it was formed as Northeast Utilities. The company adopted its current name in April 2015. As of 2025, it employs approximately 10,731 full-time employees, serving over 4.4 million customers ...Eversource Energy (NYSE: ES) is a public utility holding company headquartered in Springfield, Massachusetts, with roots tracing back to 1966 when it was formed as Northeast Utilities. The company adopted its current name in April 2015. As of 2025, it employs approximately 10,731 full-time employees, serving over 4.4 million customers across three New England states. Eversource's operations are segmented into electric transmission, electric distribution, natural gas distribution, and water utility services. It owns and operates approximately 9,000 miles of transmission lines and 44,000 miles of distribution lines, delivering electricity to about 2.3 million customers and natural gas to about 1.9 million customers, plus water services to ~226,000 customers. Key financial metrics (TTM): market cap ~$27.3 billion, enterprise value ~$55.3 billion, revenue per share $37.18, net profit margin 10.4%, return on equity 8.9%, and dividend yield 4.2%. The company maintains a strong balance sheet with debt-to-equity of 1.82 and interest coverage of 2.28. Eversource is actively transitioning to cleaner energy, including solar generation, and invests heavily in grid modernization and resiliency. Its senior leadership is headed by Chairman, President, and CEO Joseph R. Nolan Jr., who earns approximately $19 million annually, a point of public scrutiny. The company prioritizes community support, safety, and reliability, and aims to achieve carbon neutrality by 2030. With a history of mergers, including the 2012 acquisition of NSTAR, Eversource continues to expand its service territory and invest in innovative tools to help customers manage energy costs, while navigating regulatory environments in its service areas.
Operator: Good day, everyone, and thank you for standing by. Welcome to Eversource Energy Second Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. You will then hear a message advising your hand is raised. To withdraw your question, please press 11 again. Please be advised that today's conference is being recorded. Now it is my pleasure to hand the conference to the Vice President of Investor Relations, Rima Hyder. Please proceed.
Rima Hyder: Good morning, and thank you for joining us today on our second quarter 2020 earnings call. During this call, we will be referencing slides that are available on our website at eversource.com. As you can see on Slide 1, some of the statements made during this investor call may be forward looking. These statements are based on management's current expectations and are subject to risk and uncertainty. Which may cause the actual results to differ materially from forecast and projections. We undertake no obligation to update or revise any of these statements. Additional information about the various factors that may cause actual results to differ and our explanation of non GAAP measures and how they reconcile the GAAP results is contained within our news release, the slides we posted last night and in our most recent 10 Q and 10 ks. Speaking today will be Joe Nolan, our chairman, president, and chief executive officer and John Moreira, our Executive Vice President, CFO, and Treasurer. Joining us today is Jay Buth, our vice president, controller, and chief accounting officer. I will now turn the call over to Joe.
Joseph R. Nolan Jr.: Thank you, Rima. Good morning, everyone, and thank you for joining us. Starting on Slide 4, as we complete the midpoint of the year, we are pleased with the terrific progress. we have made this quarter. Our team is focused on executing the priorities we have established over the past year. Including completing the sale of Aquarion, delivering strong operational performance and strengthening the balance sheet. At the same time, we are continuing to advance the investments needed to support safe reliable and more resilient electric and natural gas systems for our customers. As you can see on slide 5, we have several recent accomplishments. From an earnings perspective, we delivered second quarter recurring earnings per share of $0.87 in line with our expectations and we are reaffirming our long term EPS growth guidance of 5% to 7%. We have also delivered on maintaining a strong financial foundation. Which is a major focus for us. Our disciplined approach to capital allocation and balance sheet management continues to position us well to fund critical infrastructure investments. While preserving the financial flexibility needed to support long term growth. The recent Moody's change to our outlook from negative to stable is a testament to our consistent execution and …