Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT ON FORM 8-K - EVERSOURCE ENERGY | form8kq3earnings.htm |
| EX-99 - NOVEMBER 3, 2015 PRESENTATION SLIDES - EVERSOURCE ENERGY | analystcallslides11315.htm |
| EX-99 - NEWS RELEASE OF EVERSOURCE ENERGY DATED NOVEMBER 2, 2015 - EVERSOURCE ENERGY | eversourceenergyreportsthird.htm |
EXHIBIT 99.2
EVERSOURCE ENERGY AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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| September 30, |
| December 31, | ||
| (Thousands of Dollars) | 2015 |
| 2014 | ||||
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ASSETS |
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Current Assets: |
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| Cash and Cash Equivalents | $ | 35,781 |
| $ | 38,703 |
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| Receivables, Net |
| 928,064 |
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| 856,346 |
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| Unbilled Revenues |
| 197,920 |
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| 211,758 |
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| Taxes Receivable |
| 12,247 |
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| 337,307 |
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| Fuel, Materials and Supplies |
| 302,225 |
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| 349,664 |
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| Regulatory Assets |
| 653,892 |
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| 672,493 |
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| Marketable Securities |
| 119,702 |
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| 124,173 |
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| Prepayments and Other Current Assets |
| 117,857 |
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| 102,021 |
Total Current Assets |
| 2,367,688 |
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| 2,692,465 | ||
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Property, Plant and Equipment, Net |
| 19,406,025 |
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| 18,647,041 | ||
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Deferred Debits and Other Assets: |
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| Regulatory Assets |
| 3,951,752 |
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| 4,054,086 |
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| Goodwill |
| 3,519,401 |
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| 3,519,401 |
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| Marketable Securities |
| 476,778 |
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| 515,025 |
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| Other Long-Term Assets |
| 324,382 |
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| 349,957 |
Total Deferred Debits and Other Assets |
| 8,272,313 |
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| 8,438,469 | ||
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Total Assets | $ | 30,046,026 |
| $ | 29,777,975 | ||
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LIABILITIES AND CAPITALIZATION |
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Current Liabilities: |
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| Notes Payable | $ | 1,015,500 |
| $ | 956,825 | |
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| Long-Term Debt - Current Portion |
| 228,883 |
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| 245,583 | |
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| Accounts Payable |
| 610,753 |
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| 868,231 | |
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| Obligations to Third Party Suppliers |
| 157,798 |
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| 115,632 | |
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| Regulatory Liabilities |
| 226,061 |
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| 235,022 | |
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| Accumulated Deferred Income Taxes |
| 169,272 |
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| 160,288 | |
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| Other Current Liabilities |
| 563,426 |
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| 552,800 | |
Total Current Liabilities |
| 2,971,693 |
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| 3,134,381 | ||
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Deferred Credits and Other Liabilities: |
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| Accumulated Deferred Income Taxes |
| 4,612,828 |
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| 4,467,473 | |
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| Regulatory Liabilities |
| 517,595 |
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| 515,144 | |
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| Derivative Liabilities |
| 365,692 |
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| 409,632 | |
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| Accrued Pension, SERP and PBOP |
| 1,498,346 |
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| 1,638,558 | |
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| Other Long-Term Liabilities |
| 872,376 |
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| 874,387 | |
Total Deferred Credits and Other Liabilities |
| 7,866,837 |
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| 7,905,194 | ||
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Capitalization: |
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| Long-Term Debt |
| 8,757,498 |
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| 8,606,017 | |
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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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| Common Shares |
| 1,669,313 |
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| 1,666,796 |
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| Capital Surplus, Paid In |
| 6,260,663 |
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| 6,235,834 |
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| Retained Earnings |
| 2,747,977 |
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| 2,448,661 |
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| Accumulated Other Comprehensive Loss |
| (73,546) |
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| (74,009) |
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| Treasury Stock |
| (309,977) |
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| (300,467) |
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| Common Shareholders' Equity |
| 10,294,430 |
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| 9,976,815 | |
Total Capitalization |
| 19,207,496 |
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| 18,738,400 | ||
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Total Liabilities and Capitalization | $ | 30,046,026 |
| $ | 29,777,975 | ||
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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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(Unaudited) |
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| For the Three Months Ended September 30, |
| For the Nine Months Ended September 30, | ||||||||
| (Thousands of Dollars, Except Share Information) | 2015 |
| 2014 |
| 2015 |
| 2014 | |||||||
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Operating Revenues | $ | 1,933,105 |
| $ | 1,892,532 |
| $ | 6,263,597 |
| $ | 5,860,736 | |||
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Operating Expenses: |
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| Purchased Power, Fuel and Transmission |
| 702,640 |
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| 716,631 |
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| 2,549,807 |
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| 2,318,993 | ||
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| Operations and Maintenance |
| 327,283 |
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| 344,092 |
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| 977,306 |
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| 1,069,015 | ||
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| Depreciation |
| 167,884 |
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| 153,210 |
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| 495,389 |
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| 456,224 | ||
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| Amortization of Regulatory (Liabilities)/Assets, Net |
| (16,851) |
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| (22,531) |
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| 42,587 |
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| 31,826 | ||
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| Energy Efficiency Programs |
| 132,107 |
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| 118,693 |
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| 380,559 |
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| 360,228 | ||
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| Taxes Other Than Income Taxes |
| 150,804 |
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| 141,527 |
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| 439,221 |
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| 421,862 | ||
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| Total Operating Expenses |
| 1,463,867 |
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| 1,451,622 |
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| 4,884,869 |
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| 4,658,148 |
Operating Income |
| 469,238 |
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| 440,910 |
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| 1,378,728 |
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| 1,202,588 | |||
| Interest Expense |
| 92,534 |
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| 89,738 |
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| 279,635 |
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| 272,208 | |||
Other Income, Net |
| 5,241 |
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| 11,860 |
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| 23,866 |
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| 19,054 | |||
Income Before Income Tax Expense |
| 381,945 |
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| 363,032 |
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| 1,122,959 |
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| 949,434 | |||
Income Tax Expense |
| 144,146 |
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| 126,539 |
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| 420,640 |
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| 345,858 | |||
Net Income |
| 237,799 |
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| 236,493 |
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| 702,319 |
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| 603,576 | |||
Net Income Attributable to Noncontrolling Interests |
| 1,879 |
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| 1,879 |
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| 5,639 |
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| 5,639 | |||
Net Income Attributable to Common Shareholders | $ | 235,920 |
| $ | 234,614 |
| $ | 696,680 |
| $ | 597,937 | |||
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Basic Earnings Per Common Share | $ | 0.74 |
| $ | 0.74 |
| $ | 2.20 |
| $ | 1.89 | |||
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Diluted Earnings Per Common Share | $ | 0.74 |
| $ | 0.74 |
| $ | 2.19 |
| $ | 1.89 | |||
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Dividends Declared Per Common Share | $ | 0.41 |
| $ | 0.39 |
| $ | 1.29 |
| $ | 1.18 | |||
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Weighted Average Common Shares Outstanding: |
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| Basic |
| 317,452,212 |
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| 316,340,691 |
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| 317,296,107 |
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| 315,941,904 | ||
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| Diluted |
| 318,405,269 |
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| 317,554,925 |
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| 318,396,042 |
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| 317,186,490 | ||
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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 | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) |
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| For the Nine Months Ended September 30, | ||||
| (Thousands of Dollars) | 2015 |
| 2014 | ||||
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Operating Activities: |
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| Net Income | $ | 702,319 |
| $ | 603,576 | |
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| Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: |
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| Depreciation |
| 495,389 |
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| 456,224 |
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| Deferred Income Taxes |
| 153,353 |
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| 64,755 |
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| Pension, SERP and PBOP Expense |
| 71,802 |
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| 74,296 |
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| Pension and PBOP Contributions |
| (162,880) |
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| (74,681) |
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| Regulatory Overrecoveries, Net |
| 31,874 |
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| 290,111 |
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| Amortization of Regulatory Assets, Net |
| 42,587 |
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| 31,826 |
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| Proceeds from DOE Damages Claim, Net |
| - |
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| 132,138 |
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| Other |
| (49,548) |
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| (17,096) |
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| Changes in Current Assets and Liabilities: |
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| Receivables and Unbilled Revenues, Net |
| (148,442) |
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| (66,463) |
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| Fuel, Materials and Supplies |
| 47,380 |
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| (27,147) |
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| Taxes Receivable/Accrued, Net |
| 383,047 |
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| 26,533 |
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| Accounts Payable |
| (233,660) |
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| (69,448) |
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| Other Current Assets and Liabilities, Net |
| 8,370 |
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| (20,607) |
Net Cash Flows Provided by Operating Activities |
| 1,341,591 |
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| 1,404,017 | ||
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Investing Activities: |
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| Investments in Property, Plant and Equipment |
| (1,177,285) |
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| (1,117,493) | |
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| Proceeds from Sales of Marketable Securities |
| 556,582 |
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| 388,352 | |
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| Purchases of Marketable Securities |
| (535,044) |
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| (389,406) | |
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| Other Investing Activities |
| (2,769) |
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| (4,669) | |
Net Cash Flows Used in Investing Activities |
| (1,158,516) |
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| (1,123,216) | ||
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Financing Activities: |
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| Cash Dividends on Common Shares |
| (397,363) |
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| (356,080) | |
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| Cash Dividends on Preferred Stock |
| (5,639) |
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| (5,639) | |
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| (Decrease)/Increase in Notes Payable |
| (387,575) |
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| 6,000 | |
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| Issuance of Long-Term Debt |
| 825,000 |
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| 650,000 | |
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| Retirements of Long-Term Debt |
| (216,700) |
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| (576,650) | |
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| Other Financing Activities |
| (3,720) |
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| (90) | |
Net Cash Flows Used in Financing Activities |
| (185,997) |
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| (282,459) | ||
Net Decrease in Cash and Cash Equivalents |
| (2,922) |
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| (1,658) | ||
Cash and Cash Equivalents - Beginning of Period |
| 38,703 |
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| 43,364 | ||
Cash and Cash Equivalents - End of Period | $ | 35,781 |
| $ | 41,706 | ||
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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. | |||||||
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