New England utility Eversource Energy said its first-quarter profits rose modestly by 3.9 percent despite an unprecedented winter that brought three nor’easters in 11 days.
For the quarter ended March 31, the electricity and natural-gas utility posted earnings of $269.5 million, or $0.85 a diluted share, vs $259.5 million, or $0.82 a diluted share, in the year-ago period.
Eversource said it recorded operating revenues of $2.3 billion, up 8.6 percent, compared to $2.1 billion in 2017.
The utility’s transmission segment earnings rose from $107.4 million vs $94.2 million in 2017, mainly due to additional investments in its electric transmission system
Meanwhile, first-quarter operating expenses surged by almost 15 percent to $1.8 million. Eversource said the hike resulted because of higher expenses from purchased power, fuel and transmission depreciation expenses.
James J. Judge, Eversource’s chairman, president and CEO, said the utility is off to a solid start even though the company was faced with gruelling weather conditions in March. Judge thanked customers for their support and patience following the storms.
