Hartford-Boston-based utility company Eversource said its profits rose 8.5 percent in the first quarter, thanks mainly to lower purchasing costs for fuel and electricity.
The company reported a profit of $334.8 million, or $1.01 per diluted share for the first three months of 2020, up from $308.7 million, or 97 cents, in the same quarter last year.
The results were in line with analyst consensus tracked by Zacks Investment Research. Eversource shares were trading at $76.26 before Thursday’s opening bell, down from Wednesday’s closing price of $80.99.
Leading the earnings improvement were Eversource’s electric distribution and transmission business segments, which benefited from a mix of higher revenues, lower storm restoration costs and system investments.
Though operating revenue fell from $2.42 billion to $2.37 billion, operating expenses fell further, from $1.92 billion to $1.83 billion, more than making up for the revenue drop.
