Eversource Energy (ES)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	-269,372	1,504,941	1,586,498	1,928,614	1,865,974	1,798,001	1,708,188	1,671,637	1,572,269	1,558,311	1,635,556	1,612,380	1,558,886	1,545,468	1,490,076	1,224,612	1,190,054	1,160,793	1,117,381	1,368,284
Revenue (ttm)	US$ in thousands	11,910,680	12,246,180	12,670,280	12,613,580	12,289,250	11,741,430	10,958,630	10,508,490	9,863,020	9,615,070	9,525,870	9,356,470	8,904,330	8,720,800	8,553,000	8,484,400	8,526,500	8,511,000	8,606,600	8,576,000
Pretax margin		-2.26%	12.29%	12.52%	15.29%	15.18%	15.31%	15.59%	15.91%	15.94%	16.21%	17.17%	17.23%	17.51%	17.72%	17.42%	14.43%	13.96%	13.64%	12.98%	15.95%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-269,372K ÷ $11,910,680K
= -2.26%

The pretax margin of Eversource Energy has shown variability over the past eight quarters. In Q4 2023, the pretax margin was negative at -2.31%, which indicates that the company's expenses exceeded its pre-tax income in that period. This was a significant decline from the previous quarter where the pretax margin was 12.29%.

Despite the negative pretax margin in Q4 2023, Eversource Energy had generally maintained healthy pretax margins ranging from 12.52% to 15.91% in the preceding quarters. The company demonstrated consistent profitability before accounting for taxes in these periods.

The fluctuation in pretax margin over the quarters suggests potential changes in the company's revenue, expenses, or cost management strategies. It would be important to further investigate the reasons behind the negative pretax margin in Q4 2023 to understand the factors impacting Eversource Energy's financial performance in that specific period.