Eversource Energy Reports Second Quarter 2016 Results
Eversource Energy (NYSE: ES) today reported earnings of $203.6 million,
or $0.64 per share, in the second quarter of 2016, compared with
earnings of $207.5 million, or $0.65 per share, in the second quarter of
2015. In the first half of 2016, Eversource Energy earned $447.8
million, or $1.41 per share, compared with earnings of $460.8 million,
or $1.45 per share, in the first half of 2015.
“We have completed a very solid first half of 2016 that was consistent
with both this year’s projected earnings of $2.90 to $3.05 per share and
our 5 to 7 percent long-term EPS growth rate,” said James J. Judge,
Eversource Energy president and chief executive officer. “We also are
progressing with development of the long-term solutions that New England
requires to make its energy sources cleaner, more reliable and cost
competitive.”
Electric Transmission
Eversource Energy’s transmission segment earned $92.5 million in the
second quarter of 2016 and $178.2 million in the first half of 2016,
compared with earnings of $80.4 million in the second quarter of 2015
and $147 million in the first half of 2015. The improved results were
primarily due to an increased level of investment in Eversource Energy’s
transmission system, as well as the absence in 2016 of a first-quarter
2015 charge related to an order issued by the Federal Energy Regulatory
Commission concerning the return on equity allowed New England
transmission owners.
Electric Distribution and Generation
Eversource Energy’s electric distribution and generation segment earned
$102.8 million in the second quarter of 2016 and $211.3 million in the
first half of 2016, compared with earnings of $120.9 million in the
second quarter of 2015 and $251.4 million in the first half of 2015. The
lower year-to-date results primarily reflect the absence in 2016 of the
benefits associated with resolving several regulatory issues at NSTAR
Electric in the first quarter of 2015. Lower results in both the second
quarter and first half of 2016, compared with the same periods of 2015,
are attributable in part to lower retail sales, as well as higher
depreciation and property tax expense due to an increased level of
investment in Eversource Energy’s electricity delivery systems.
The second-quarter earnings of Eversource Energy’s electric utility
subsidiaries are noted below in millions, net of preferred dividends:
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2016
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2015
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CL&P
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$81.5
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$77.4
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NSTAR Electric
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$67.7
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$81.5
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PSNH
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$31.3
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$28.0
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WMECO
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$13.3
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$14.2
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The first-half earnings of Eversource Energy’s electric utility
subsidiaries are noted below in millions, net of preferred dividends:
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2016
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2015
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CL&P
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$167.1
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$145.2
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NSTAR Electric
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$121.7
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$164.5
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PSNH
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$67.3
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$60.0
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WMECO
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$30.1
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$27.4
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Natural Gas Distribution
Eversource Energy’s natural gas distribution segment earned $8 million
in the second quarter of 2016 and $58.9 million in the first half of
2016, compared with earnings of $5.3 million in the second quarter of
2015 and $61 million in the first half of 2015. Improved second quarter
results were due primarily to increased retail revenues, while lower
six-month results in 2016 were due to the impact on firm sales of a much
milder winter in 2016. Firm natural gas sales fell 15.1 percent in the
first half of 2016, compared with the first half of 2015, due to milder
winter weather, though firm sales were up by 6.3 percent in the second
quarter of 2016, compared with the same period of 2015.
Parent and other companies
Eversource Energy parent and other companies earned $0.3 million in the
second quarter of 2016 and had a net loss of $0.6 million in the first
half of 2016, compared with earnings of $0.9 million in the second
quarter of 2015 and $1.4 million in the first half of 2015.
The following table reconciles 2016 and 2015 second quarter and first
six months earnings per share:
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Second Quarter
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First Six Months
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2015
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Reported EPS
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$0.65
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$1.45
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Higher transmission earnings in 2016
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$0.04
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$0.10
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Higher/(lower) retail electric revenues in 2016
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$0.01
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($0.04)
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Higher/(lower) firm natural gas sales in 2016
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$0.01
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($0.03)
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Higher non-tracked O&M in 2016
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($0.01)
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($0.01)
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Higher property tax, depreciation, and amortization expense in 2016
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($0.02)
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($0.04)
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Other, inc. higher effective tax rate, higher interest
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($0.04)
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($0.02)
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2016
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Reported EPS
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$0.64
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$1.41
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Financial results for the second quarter and first half of 2016 and 2015
are noted below:
Three months ended:
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(in millions, except EPS)
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June 30, 2016
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June 30, 2015
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Increase/
(Decrease)
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2016 EPS1
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Electric Distribution/Generation
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$102.8
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$120.9
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($18.1)
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$0.32
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Natural Gas Distribution
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$8.0
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$5.3
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$2.7
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$0.03
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Electric Transmission
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$92.5
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$80.4
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$12.1
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$0.29
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Eversource Parent and Other Companies
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$0.3
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$0.9
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($0.6)
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-
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Reported Earnings
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$203.6
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$207.5
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($3.9)
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$0.64
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Six months ended:
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(in millions, except EPS)
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June 30, 2016
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June 30, 2015
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Increase/
(Decrease)
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2016 EPS1
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Electric Distribution/Generation
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$211.3
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$251.4
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($40.1)
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$0.66
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Natural Gas Distribution
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$58.9
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$61.0
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($2.1)
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$0.19
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Electric Transmission
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$178.2
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$147.0
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$31.2
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$0.56
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Eversource Parent and Other Companies
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($0.6)
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$1.4
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($2.0)
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-
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Reported Earnings
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$447.8
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$460.8
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($13.0)
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$1.41
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Retail sales data:
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Three months ended:
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June 30, 2016
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June 30, 2015
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% Change
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Electric Distribution (Gwh)
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Traditional
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6,605
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6,671
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(1.0%)
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Decoupled
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5,798
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5,848
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(0.8%)
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Total Electric Distribution
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12,403
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12,519
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(0.9%)
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Natural Gas Distribution (mmcf)
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Traditional
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8,315
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7,823
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6.3%
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Decoupled and Special Contracts
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9,521
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8,958
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6.3%
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Total Natural Gas Distribution
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17,836
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16,781
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6.3%
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Six months ended:
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June 30, 2016
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June 30, 2015
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% Change
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Electric Distribution (Gwh)
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Traditional
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13,601
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14,172
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(4.0%)
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Decoupled
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12,022
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12,796
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(6.0%)
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Total Electric Distribution
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25,623
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26,968
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(5.0%)
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Natural Gas Distribution (mmcf)
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Traditional
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26,300
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30,906
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(14.9%)
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Decoupled and Special Contracts
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30,884
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36,447
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(15.3%)
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Total Natural Gas Distribution
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57,184
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67,353
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(15.1%)
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Eversource Energy has approximately 317 million common shares
outstanding. It operates New England’s largest energy delivery system,
serving approximately 3.6 million customers in Connecticut,
Massachusetts and New Hampshire.
Note: Eversource Energy will webcast a conference call with senior
management on July 29, 2016, beginning at 9 a.m. Eastern Time. The
webcast can be accessed through Eversource’s website at www.eversource.com.
1 All per share amounts in this news release are
reported on a diluted basis. The only common equity securities
that are publicly traded are common shares of Eversource Energy. The
earnings and EPS of each business do not represent a direct legal
interest in the assets and liabilities allocated to such business, but
rather represent a direct interest in Eversource Energy's assets and
liabilities as a whole. EPS by business is a non-GAAP (not
determined using generally accepted accounting principles) measure that
is calculated by dividing the net income or loss attributable to
controlling interests of each business by the weighted average diluted
Eversource parent common shares outstanding for the period. Management
uses this non-GAAP financial measure to evaluate earnings results,
provide details of earnings results by business, and more fully compare
and explain our second quarter and first half 2016 and 2015 results. Management
believes that this measurement is useful to investors to evaluate the
actual and projected financial performance and contribution of
Eversource Energy’s businesses. Non-GAAP financial measures
should not be considered as alternatives to Eversource consolidated net
income attributable to controlling interests or EPS determined in
accordance with GAAP as indicators of Eversource Energy’s operating
performance.
This news release includes statements concerning Eversource Energy’s
expectations, beliefs, plans, objectives, goals, strategies, assumptions
of future events, future financial performance or growth and other
statements that are not historical facts. These statements are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. In some cases, readers
can identify these forward-looking statements through the use of words
or phrases such as “estimate, “expect,” “anticipate,” “intend,” “plan,”
“project,” “believe,” “forecast,” “should,” “could” and other similar
expressions. Forward-looking statements involve risks and
uncertainties that may cause actual results or outcomes to differ
materially from those included in the forward-looking statements. Factors
that may cause actual results to differ materially from those included
in the forward-looking statements include, but are not limited to, cyber
breaches, acts of war or terrorism, or grid disturbances; actions or
inaction of local, state and federal regulatory, public policy and
taxing bodies; changes in business conditions, which could include
disruptive technology related to Eversource’s current or future business
model; changes in economic conditions, including impact on interest
rates, tax policies, and customer demand and payment ability;
fluctuations in weather patterns; changes in laws, regulations or
regulatory policy; changes in levels or timing of capital expenditures;
disruptions in the capital markets or other events that make
Eversource’s access to necessary capital more difficult or costly;
developments in legal or public policy doctrines; technological
developments; changes in accounting standards and financial reporting
regulations; actions of rating agencies; and other presently unknown or
unforeseen factors.
Other risk factors are detailed in Eversource’s reports filed with
the Securities and Exchange Commission (SEC) and updated as necessary,
and are available on the SEC’s website at www.sec.gov.
All such factors are difficult to predict and contain uncertainties
that may materially affect Eversource Energy’s actual results. You
should not place undue reliance on the forward-looking statements; each
speaks only as of the date on which such statement is made, and
Eversource Energy undertakes no obligation to update any forward-looking
statement or statements to reflect events or circumstances after the
date on which such statement is made or to reflect the occurrence of
unanticipated events.
EVERSOURCE ENERGY AND SUBSIDIARIES
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(Unaudited)
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June 30,
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December 31,
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(Thousands of Dollars)
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2016
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2015
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ASSETS
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Current Assets:
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Cash and Cash Equivalents
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$
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38,726
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$
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23,947
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Receivables, Net
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806,340
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775,480
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Unbilled Revenues
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203,824
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202,647
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Taxes Receivable
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103,926
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305,359
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Fuel, Materials, Supplies and Inventory
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292,547
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336,476
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Regulatory Assets
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863,360
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845,843
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Prepayments and Other Current Assets
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106,561
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129,034
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Total Current Assets
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2,415,284
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|
2,618,786
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Property, Plant and Equipment, Net
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20,448,475
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19,892,441
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Deferred Debits and Other Assets:
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Regulatory Assets
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3,661,578
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3,737,960
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Goodwill
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3,519,401
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3,519,401
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Marketable Securities
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518,750
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516,478
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Other Long-Term Assets
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319,175
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295,243
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Total Deferred Debits and Other Assets
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8,018,904
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8,069,082
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Total Assets
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$
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30,882,663
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$
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30,580,309
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LIABILITIES AND CAPITALIZATION
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Current Liabilities:
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Notes Payable
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$
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767,000
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$
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1,160,953
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Long-Term Debt - Current Portion
|
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|
178,883
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|
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228,883
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Accounts Payable
|
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|
631,566
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|
|
|
813,646
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Obligations to Third Party Suppliers
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|
133,943
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|
|
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128,564
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Regulatory Liabilities
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|
119,413
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|
|
|
107,759
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Other Current Liabilities
|
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|
|
472,964
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|
|
|
549,985
|
Total Current Liabilities
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|
|
2,303,769
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|
|
2,989,790
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Deferred Credits and Other Liabilities:
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Accumulated Deferred Income Taxes
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|
5,398,926
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|
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|
5,147,678
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Regulatory Liabilities
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|
|
|
527,678
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|
|
|
513,595
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|
Derivative Liabilities
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|
|
381,572
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|
|
|
337,102
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Accrued Pension, SERP and PBOP
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|
1,294,548
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|
|
|
1,407,288
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Other Long-Term Liabilities
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|
875,270
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|
|
|
871,499
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Total Deferred Credits and Other Liabilities
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|
8,477,994
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8,277,162
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Capitalization:
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Long-Term Debt
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|
|
9,435,924
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|
8,805,574
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|
|
|
|
|
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|
|
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Noncontrolling Interest - Preferred Stock of Subsidiaries
|
|
|
|
155,568
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|
|
|
155,568
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Equity:
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Common Shareholders' Equity:
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|
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|
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Common Shares
|
|
|
|
1,669,392
|
|
|
|
1,669,313
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|
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Capital Surplus, Paid In
|
|
|
|
6,252,514
|
|
|
|
6,262,368
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Retained Earnings
|
|
|
|
2,962,843
|
|
|
|
2,797,355
|
|
|
Accumulated Other Comprehensive Loss
|
|
|
|
(65,364)
|
|
|
|
(66,844)
|
|
|
Treasury Stock
|
|
|
|
(309,977)
|
|
|
|
(309,977)
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|
Common Shareholders' Equity
|
|
|
|
10,509,408
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|
|
|
10,352,215
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Total Capitalization
|
|
|
|
20,100,900
|
|
|
|
19,313,357
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Capitalization
|
|
|
$
|
30,882,663
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|
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$
|
30,580,309
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The data contained in this report is preliminary and is unaudited. This
report is being submitted for the sole purpose of providing information
to present shareholders about Eversource Energy and Subsidiaries and is
not a representation, prospectus, or intended for use in connection with
any purchase or sale of securities.
EVERSOURCE ENERGY AND SUBSIDIARIES
|
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|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
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|
|
|
|
|
|
|
|
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|
|
(Unaudited)
|
|
|
|
|
|
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|
|
|
|
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|
|
|
|
|
|
|
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|
For the Three Months Ended June 30,
|
|
|
|
For the Six Months Ended June 30,
|
(Thousands of Dollars, Except Share Information)
|
|
|
|
2016
|
|
|
2015
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues
|
|
|
|
$
|
1,767,184
|
|
|
$
|
1,817,061
|
|
|
|
$
|
3,822,819
|
|
|
$
|
4,330,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Power, Fuel and Transmission
|
|
|
|
|
581,260
|
|
|
|
685,118
|
|
|
|
|
1,336,119
|
|
|
|
1,847,167
|
|
Operations and Maintenance
|
|
|
|
|
320,714
|
|
|
|
316,641
|
|
|
|
|
640,850
|
|
|
|
650,024
|
|
Depreciation
|
|
|
|
|
176,507
|
|
|
|
163,668
|
|
|
|
|
350,492
|
|
|
|
327,505
|
|
Amortization of Regulatory (Liabilities)/Assets, Net
|
|
|
|
|
(8,716)
|
|
|
|
(1,166)
|
|
|
|
|
12,281
|
|
|
|
59,438
|
|
Energy Efficiency Programs
|
|
|
|
|
119,667
|
|
|
|
101,850
|
|
|
|
|
256,842
|
|
|
|
248,452
|
|
Taxes Other Than Income Taxes
|
|
|
|
|
154,330
|
|
|
|
138,935
|
|
|
|
|
314,277
|
|
|
|
288,415
|
|
|
|
Total Operating Expenses
|
|
|
|
|
1,343,762
|
|
|
|
1,405,046
|
|
|
|
|
2,910,861
|
|
|
|
3,421,001
|
Operating Income
|
|
|
|
|
423,422
|
|
|
|
412,015
|
|
|
|
|
911,958
|
|
|
|
909,490
|
Interest Expense
|
|
|
|
|
100,492
|
|
|
|
92,259
|
|
|
|
|
198,703
|
|
|
|
187,102
|
Other Income, Net
|
|
|
|
|
8,038
|
|
|
|
12,899
|
|
|
|
|
10,049
|
|
|
|
18,626
|
Income Before Income Tax Expense
|
|
|
|
|
330,968
|
|
|
|
332,655
|
|
|
|
|
723,304
|
|
|
|
741,014
|
Income Tax Expense
|
|
|
|
|
125,439
|
|
|
|
123,268
|
|
|
|
|
271,742
|
|
|
|
276,494
|
Net Income
|
|
|
|
|
205,529
|
|
|
|
209,387
|
|
|
|
|
451,562
|
|
|
|
464,520
|
Net Income Attributable to Noncontrolling Interests
|
|
|
|
|
1,880
|
|
|
|
1,880
|
|
|
|
|
3,759
|
|
|
|
3,759
|
Net Income Attributable to Common Shareholders
|
|
|
|
$
|
203,649
|
|
|
$
|
207,507
|
|
|
|
$
|
447,803
|
|
|
$
|
460,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Earnings Per Common Share
|
|
|
|
$
|
0.64
|
|
|
$
|
0.65
|
|
|
|
$
|
1.41
|
|
|
$
|
1.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Declared Per Common Share
|
|
|
|
$
|
0.45
|
|
|
$
|
0.42
|
|
|
|
$
|
0.89
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
317,785,495
|
|
|
|
317,613,166
|
|
|
|
|
317,651,319
|
|
|
|
317,352,004
|
|
Diluted
|
|
|
|
|
318,476,699
|
|
|
|
318,559,568
|
|
|
|
|
318,478,876
|
|
|
|
318,525,378
|
The data contained in this report is preliminary and is unaudited. This
report is being submitted for the sole purpose of providing information
to present shareholders about Eversource Energy and Subsidiaries and is
not a representation, prospectus, or intended for use in connection with
any purchase or sale of securities.
EVERSOURCE ENERGY AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30,
|
(Thousands of Dollars)
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
$
|
451,562
|
|
|
$
|
464,520
|
|
Adjustments to Reconcile Net Income to Net Cash Flows Provided by
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
350,492
|
|
|
|
327,505
|
|
|
Deferred Income Taxes
|
|
|
|
|
250,851
|
|
|
|
176,800
|
|
|
Pension, SERP and PBOP Expense
|
|
|
|
|
22,659
|
|
|
|
48,432
|
|
|
Pension and PBOP Contributions
|
|
|
|
|
(65,929)
|
|
|
|
(31,032)
|
|
|
Regulatory Underrecoveries, Net
|
|
|
|
|
(5,768)
|
|
|
|
(73,547)
|
|
|
Amortization of Regulatory Assets, Net
|
|
|
|
|
12,281
|
|
|
|
59,438
|
|
|
Other
|
|
|
|
|
(10,808)
|
|
|
|
(38,521)
|
|
Changes in Current Assets and Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Receivables and Unbilled Revenues, Net
|
|
|
|
|
(76,751)
|
|
|
|
(123,984)
|
|
|
Fuel, Materials, Supplies and Inventory
|
|
|
|
|
43,930
|
|
|
|
60,044
|
|
|
Taxes Receivable/Accrued, Net
|
|
|
|
|
230,075
|
|
|
|
214,577
|
|
|
Accounts Payable
|
|
|
|
|
(151,996)
|
|
|
|
(228,176)
|
|
|
Other Current Assets and Liabilities, Net
|
|
|
|
|
(72,160)
|
|
|
|
9,226
|
Net Cash Flows Provided by Operating Activities
|
|
|
|
|
978,438
|
|
|
|
865,282
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
Investments in Property, Plant and Equipment
|
|
|
|
|
(869,168)
|
|
|
|
(740,379)
|
|
Proceeds from Sales of Marketable Securities
|
|
|
|
|
327,581
|
|
|
|
427,990
|
|
Purchases of Marketable Securities
|
|
|
|
|
(322,244)
|
|
|
|
(408,242)
|
|
Other Investing Activities
|
|
|
|
|
(2,991)
|
|
|
|
4,821
|
Net Cash Flows Used in Investing Activities
|
|
|
|
|
(866,822)
|
|
|
|
(715,810)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
Cash Dividends on Common Shares
|
|
|
|
|
(282,314)
|
|
|
|
(264,936)
|
|
Cash Dividends on Preferred Stock
|
|
|
|
|
(3,759)
|
|
|
|
(3,759)
|
|
Decrease in Notes Payable
|
|
|
|
|
(393,953)
|
|
|
|
(449,375)
|
|
Issuance of Long-Term Debt
|
|
|
|
|
800,000
|
|
|
|
750,000
|
|
Retirements of Long-Term Debt
|
|
|
|
|
(200,000)
|
|
|
|
(166,577)
|
|
Other Financing Activities
|
|
|
|
|
(16,811)
|
|
|
|
(17,059)
|
Net Cash Flows Used in Financing Activities
|
|
|
|
|
(96,837)
|
|
|
|
(151,706)
|
Net Increase/(Decrease) in Cash and Cash Equivalents
|
|
|
|
|
14,779
|
|
|
|
(2,234)
|
Cash and Cash Equivalents - Beginning of Period
|
|
|
|
|
23,947
|
|
|
|
38,703
|
Cash and Cash Equivalents - End of Period
|
|
|
|
$
|
38,726
|
|
|
$
|
36,469
|
The data contained in this report is preliminary and is unaudited. This
report is being submitted for the sole purpose of providing information
to present shareholders about Eversource Energy and Subsidiaries and is
not a representation, prospectus, or intended for use in connection with
any purchase or sale of securities.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160728006502/en/ Copyright Business Wire 2016
Source: Business Wire
(July 28, 2016 - 4:15 PM EDT)
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