Utility parent Eversource said its first-quarter profits fell 3.6 percent in the first three months of 2016, partly attributed to warmer weather driving down revenue earned from selling gas and electricity.
The company, which has dual headquarters in Hartford and Boston and 3.6 million customers across three states, reported $244.2 million in net income for the quarter, or 77 cents per share, down from $253.3 million, or 80 cents, in the first quarter of 2015.
Revenue declined 18 percent, or $457 million, compared to the year-ago quarter.
Also impacting the year-ago earnings comparison was the fact that Eversource subsidiary NStar benefited from regulatory orders in the first quarter of 2015, the company said.
President and CEO James Judge, the former CFO who took the helm at Eversource this month following the retirement of Tom May, said the company continues to project full-year earnings between $2.90 and $3.05 per share.
Along with its earnings report Wednesday, Eversource also announced who will fill Judge’s former role.
Phil Lembo, formerly vice president and treasurer, will become senior vice president, CFO and treasurer, effective immediately. Since 2009, Lembo worked for NStar, which Eversource acquired in 2012.
