Eversource's Q4 Earnings Miss, Offshore Wind Business Exit, Eyes Water Distribution Business Sale & More
Portfolio Pulse from Lekha Gupta
Eversource Energy (NYSE:ES) reported Q4 FY23 revenue of $2.69 billion, missing the consensus of $3.24 billion. Adjusted EPS of $0.95 also missed the consensus of $0.97. The company announced the sale of its 50% stake in South Fork Wind and Revolution Wind to Global Infrastructure Partners, expecting to realize $1.1 billion and use it to repay debt. Eversource is also exploring the sale of its water business. Shares rose 1.10% in premarket trading.
February 14, 2024 | 11:15 am
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Eversource Energy reported lower than expected Q4 FY23 earnings but plans to sell its offshore wind business stakes for $1.1 billion and is exploring the sale of its water business.
Despite the earnings miss, the announcement of the sale of its offshore wind business stakes and the exploration of its water business sale are positive developments. These actions are likely to be viewed favorably by investors as they can lead to debt repayment and potentially better financial health. The premarket stock price increase reflects positive investor sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100