Eversource Energy (ES) Q1 2023 Earnings Call Transcript

Eversource Energy (NYSE:ES) Q1 2023 Earnings Conference Call May 4, 2023 9:00 PM ET

Company Participants

Joe Nolan - Chairman, President & CEO

John Moreira - EVP & CFO

Jay Buth - VP & Controller

Bob Becker - Director, IR

Jeff Kotkin - VP, IR

Conference Call Participants

Shahriar Pourreza - Guggenheim Partners

Paul Patterson - Glenrock Associates

Steve Fleishman - Wolfe Research

Rich Sunderland - JPMorgan

Paul Zimbardo - Bank of America

Ryan Levine - Citigroup

Travis Miller - Morningstar

Operator

Good morning, and thank you for attending today’s Eversource Energy First Quarter 2023 Earnings Call. My name is Jason, and I'll be the moderator for today’s call. [Operator Instructions]

I’d now like to pass the conference over to our host Jeff Kotkin.

Jeff Kotkin

Thank you, Jason. Good morning, and thank you for joining us. I’m Jeff Kotkin, Eversource Energy’s Vice President for Investor Relations. During this call, we'll be referencing slides that we Ørsted yesterday on our website. And as you can see on Slide 1, some of the statements made during this investor call maybe forward-looking, as defined within the meaning of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations, and are subject to risks and uncertainties, which may cause the actual results to differ materially from forecasts and projections. These forecasts are set forth in the news release issued yesterday afternoon. 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, 2022. Additionally, our explanation and 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 Ørsted last night, and in our most recent 10-K.

Speaking today will be Joe Nolan, our Chairman, President and Chief Executive Officer, and John Moreira, our Executive Vice President and CFO. Also joining us today are Jay Buth, our VP and Controller, and Bob Becker, our Director of Investor Relations

Now, I will turn to Slide 3, and turn over the call to Joe.

Joe Nolan

Thank you, Jeff, and thank you, everyone, for joining us on this call this morning. I know that you had many other choices of calls that you could have joined, so I'm very grateful. We had an excellent start in 2023, as we continue to deliver safe and highly reliable service to our 4.4 million customers. Our key metrics illustrate the continued strong state of our operations. Our service reliability,, as measured by months between interruptions, remains in the top decile, and our safety ratings remain very strong. Our employees also performed very well in completing significant storm restoration in New Hampshire, following a march northeaster that caused widespread damage and brought historic snowfall amounts that made it extremely difficult for crews to access certain regions to make repairs.