Eversource's quarterly profit climbs on transmission, distribution strength

July 31 (Reuters) - Eversource Energy ES.N reported higher second-quarter profit on Thursday, as continued investment in its electric transmission system and rate increases across its New England service areas helped offset higher operating costs.

The utility earned $352.7 million, or 96 cents per share, in the quarter ended June 30, up from $335.3 million, or 95 cents per share, a year earlier.

Segment-wise, Eversource's electric transmission business posted a 10% jump in profit to $208 million in the second quarter, supported by ongoing upgrades to its network across New England.

The electric distribution unit earned $161.5 million in the reported quarter, up from last year's $149.7 million, as base rate hikes in Massachusetts and New Hampshire helped offset rising property taxes, interest and depreciation expenses.

The natural gas segment saw a 30% jump in profit to $35.3 million, largely driven by distribution rate increases that took effect in late 2024 to recover infrastructure investments.

Water distribution earnings rose to $14.4 million from $8 million a year ago, helped by higher revenues and lower interest costs.

The company reaffirmed its 2025 earnings outlook of between $4.67 per share and $4.82 per share.