Company: CNLHP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000072741-25-000011
Chunk: 4

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 2
Chunk 4
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 of record as of May 15, 2025.  On January 29, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, paid on March 31, 2025 to shareholders of record as of March 4, 2025.

Strategic Developments:

•On January 27, 2025, Eversource entered into a definitive agreement to sell the Aquarion water distribution business.  Subject to certain closing adjustments, the aggregate enterprise value of the sale is approximately $2.4 billion in cash, which includes approximately $1.6 billion for the equity and $800 million of net debt that will be extinguished at closing.  The sale is subject to regulatory and other approvals and is expected to close in late 2025.  Eversource plans to use the net proceeds from the pending sale to pay down parent company debt.

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Earnings Overview

Consolidated:  Below is a summary of our earnings by business, which also reconciles the non-GAAP financial measure of EPS by business to the most directly comparable GAAP measure of diluted EPS.

 For the Three Months Ended March 31,20252024(Millions of Dollars, Except Per Share Amounts)AmountPer ShareAmountPer ShareRegulated Companies$609.8 $1.66 $540.8 $1.53 Eversource Parent and Other Companies(59.0)(0.16)(19.0)(0.04)Net Income Attributable to Common Shareholders$550.8 $1.50 $521.8 $1.49 

The impact of higher shares outstanding resulted in $0.07 earnings per share dilution in the first quarter of 2025, as compared to the first quarter of 2024.

Regulated Companies:  Our regulated companies comprise the electric distribution, electric transmission, natural gas distribution, and water distribution segments.  A summary of our segment earnings and EPS is as follows: 

 For the Three Months Ended March 31,20252024(Millions of Dollars, Except Per Share Amounts)AmountPer ShareAmountPer ShareElectric Distribution$188.4 $0.51 $168.1 $0.48 Electric Transmission199.4 0.54 176.7 0.50 Natural Gas Distribution218.4 0.60 190.6 0.54 Water