Utility Eversource Energy said Thursday its third quarter profits declined 1.9 percent, attributed in part to milder summer temperatures.
In the quarter ended Sept. 30, the utility, which has a joint Hartford-Boston headquarters, reported earnings of $260.4 million, or 82 cents per share, compared to $265.3 million, or 83 cents per share, in the third quarter of 2016.
Revenues also declined in the third quarter to $1.9 billion from $2 billion in the year-ago period.
“Mild weather reduced both first quarter and third quarter energy use in New England this year,” eversource Chairman Jim Judge said. “But while weather patterns are transitory, our commitment on behalf of our customers is not.”
In a conference call with investors, CFO Phil Lembo also noted that Eversource’s recent acquisition of Aquarion, for which approval was granted in Connecticut, is still pending in Massachusetts and expected to close at year’s end.
Lembo said the acquisition helps make Eversource an “attractive business risk.”
Lembo also said most Connecticut customers have had power restored following the recent rain storm in the Northeast, with about 1.3 million households losing power across the region.
The company also is seeking a rate hike in Connecticut, for which a decision is expected in the spring.
Judge noted progress on Eversource Energy’s Northern Pass Transmission project in recent months, including the receipt of a favorable final environmental impact statement from the U.S. Department of Energy. He said the company will continue to make “an exceptionally strong case” for the project, which has the capacity to lower energy costs and carbon emissions.
A permit is expected in early 2018, with construction beginning in mid-2020.
The company reiterated its 2017 earnings per share guidance of $3.05 to $3.20, as well as its long-term growth projection of 5 to 7 percent per year.
