Eversource Energy (NYSE:ES) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 09:00 am ET


Eversource Energy (NYSE:ES) Q2 2020 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Welcome to the Eversource Energy Second Quarter 2020 Results Conference Call. My name is Vanessa, and I will be your operator for today. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session. [Operator Instructions]

I will now turn the call over to Mr. Jeffrey Kotkin. Sir, you may begin.

Jeffrey R. Kotkin

Thank you, Vanessa. Good morning, and thank you for joining us. I'm Jeff Kotkin, Eversource Energy's VP for Investor Relations.

During this call, we'll be referencing slides that we posted last night on our website. And as you can see on Slide 1, some of the statements made during this investor call may be forward-looking as defined within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and are subject to risk and uncertainty, which may cause the actual results to differ materially from forecasts and projections. These factors are set forth in the news release issued yesterday.

Additional information about the various factors that may cause actual results to differ can be found in our annual report on Form 10-K for the year ended December 31, 2019, and our Form 10-Q for the three months ended March 31, 2020.

Additionally, our explanation of how and why we use certain non-GAAP measures and how those measures reconcile to GAAP results is contained within our news release and the slides we posted last night and in our most recent 10-K.

Speaking today will be Phil Lembo, our Executive VP and CFO. Also joining us today are Joe Nolan, our Executive Vice President for Strategy, Customer and Corporate Relations; John Moreira, our Treasurer and Senior VP for Finance and Regulatory; and Jay Buth, our Controller.

Now I will turn to Slide 2 and turn over the call to Phil.

Philip J. Lembo

Thank you, Jeff, and good morning, and I'll start off by wishing all well and hoping that everyone on the phone remains healthy and that your families are safe and doing well. This morning, I will cover several items, talk about the results of the second quarter 2020, review the impacts of COVID-19 on our customers and their energy use. I'll discuss recent regulatory developments, including new grid modernization proposals in Connecticut and the status of our application in Massachusetts to purchase the assets of Columbia Gas of Massachusetts. And finally, provide an update for you on our offshore wind investment partnership with Orsted.

So, let's get started on Slide 2, noting that recurring earnings were $0.76 per share in the second quarter of 2020 compared with recurring earnings of $0.74 per share in the second quarter of 2019. GAAP results, which include a charge of $0.01 per share relating to our pending acquisition of the assets of Columbia Gas, totaled $0.75 per share compared with earnings of $0.10 per share in the second quarter of 2019. And last year's results included a $0.64 per share impairment charge relating to Northern