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Eversource Energy Hikes Dividend by 6% After Strong Guidance

Eversource Energy Inc. (ES) operates New England’s largest energy delivery company with approximately 4.3 million electric, natural gas, and water customers in Connecticut, Massachusetts, and New Hampshire.

The company generated 88% of its revenue from electric distribution, 17% from electric transmission, 5% from natural gas distribution, and 3% from water distribution during the third quarter of 2020. In terms of its customer breakdown, the company generated 54% of its revenue from residential, 32% from commercial, and 5% from industrial sources.

Robust Q4 Results and Guidance

Eversource Energy reported mixed financial results during the fourth quarter. Revenue rose 8.8% to $2.23 billion, beating consensus estimates by $130 million, but GAAP earnings came in at $0.79 per share, missing consensus estimates by four cents per share.

The company projected 2021 non-GAAP earnings of between $3.81 per share and $3.93 per share, excluding incremental Columbia Gas asset transition costs. Management also predicted that its long-term EPS growth through 2025 from its core regulated utilities segment could be in the upper half of its previously announced range of 5% to 7% with a 2020 $3.64 per share base.

The company raised its quarter dividend by 6.3% to $0.6025 per share, which represents a 3% forward yield. The dividend is payable on March 31, 2021 to shareholders on record as of March 4, 2021.

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