Wall Street analysts expect Eversource Energy (ES) to post quarterly earnings of $0.88 per share in its upcoming report, which indicates a year-over-year decline of 8.3%. Revenues are expected to be $3.14 billion, up 10.7% from the year-ago quarter.
The consensus EPS estimate for the quarter has been revised 1.3% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
With that in mind, let's delve into the average projections of some Eversource metrics that are commonly tracked and projected by analysts on Wall Street.
The combined assessment of analysts suggests that 'Operating Income- Electric Distribution' will likely reach $227.39 million. Compared to the current estimate, the company reported $240.60 million in the same quarter of the previous year.
Based on the collective assessment of analysts, 'Operating Income- Electric Transmission' should arrive at $337.43 million. The estimate is in contrast to the year-ago figure of $301.80 million.
Analysts' assessment points toward 'Operating Income- Natural Gas Distribution' reaching $48.61 million. Compared to the current estimate, the company reported $63.20 million in the same quarter of the previous year.
View all Key Company Metrics for Eversource here>>>Eversource shares have witnessed a change of +4.3% in the past month, in contrast to the Zacks S&P 500 composite's +1.9% move. With a Zacks Rank #4 (Sell), ES is expected underperform the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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Eversource Energy (ES): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).