By William Opalka
Despite mild temperatures that dampened its fourth-quarter performance, Eversource Energy posted 2015 results that easily bested its previous year’s earnings.
The company also increased its quarterly dividend 6.6% to $0.445/share.
Eversource reported 2015 earnings of $878.5 million ($2.76/share), compared with 2014 earnings of $819.5 million ($2.58/share). Full-year results included after-tax integration costs of $15.8 million in 2015 and $22.1 million in 2014 from the 2012 merger of NSTAR and Northeast Utilities. Excluding those costs, Eversource earned $894.3 million ($2.81/share) in 2015 and $841.6 million ($2.65/share) in 2014.
In the fourth quarter, the company reported earnings of $181.8 million ($0.57/share), compared with $221.6 million ($0.69/share) in 2014.
Eversource projected 2016 earnings per share of between $2.90 and $3.05 and long-term EPS growth through 2019 of between 5 and 7%. The company reduced its long-term EPS growth rate from the previous 6 to 8% primarily because of the impact of the extension of bonus income tax depreciation through 2019.
“We invested the most dollars ever in New England’s energy delivery systems, achieved our best ever level of electric service reliability, connected record numbers of new natural gas heating customers, posted very strong financial results and made significant progress in addressing the region’s energy infrastructure challenges,” CEO Thomas J. May said.
The company is an investor in the Northern Pass transmission project to bring Canadian hydropower into New England and Spectra Energy’s Access Northeast natural gas pipeline. Both projects are undergoing regulatory review.