Company: CNLHP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000072741-25-000007
Chunk: 165

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 165
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 information is among the primary indicators we use as a basis for evaluating performance and planning and forecasting of future periods.  We believe the impacts of the losses on the offshore wind equity method investments, the loss on the pending sale of the Aquarion water distribution business, the loss on the disposition of land associated with an abandoned project, and transaction and transition costs are not indicative of our ongoing costs and performance.  We view these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance.  Due to the nature and significance of the effect of these items on Net Income Attributable to Common Shareholders and EPS, we believe that the non-GAAP presentation is a more meaningful representation of our financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of our business.  These non-GAAP financial measures should not be considered as alternatives to reported Net Income Attributable to Common Shareholders or EPS determined in accordance with GAAP as indicators of operating performance.

Financial Condition and Business Analysis

Executive Summary

Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business.  Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas, NSTAR Gas and EGMA (natural gas utilities) and Aquarion (water utilities).  Eversource is organized into the electric distribution, electric transmission, natural gas distribution, and water distribution reportable segments. 

The following items in this executive summary are explained in more detail in this combined Annual Report on Form 10-K:

Earnings Overview and Future Outlook:

•We earned $811.7 million, or $2.27 per share, in 2024, compared with a loss of $442.2 million, or $1.26 per share, in 2023.  Our 2024 results include an aggregate, net after-tax loss on the sales of our offshore wind investments of $524.0 million, or $1.47 per share, and an after-tax loss resulting from the expected sale of Aquarion of $298.3 million, or $0.83 per share.  Our 2023 results included after-tax impairment charges on our offshore wind investments of $1.95 billion, or $5.58 per share.  Our 2023 results also included after-tax land abandonment and other charges of $6.