A 40 percent increase in UIL Holding Corp.’s fourth-quarter profits drove the utility parent’s full-year earnings up over 2012 levels, the company reported.
UIL booked $40.4 million in the fourth quarter, or 71 cents per diluted share, up from $28.8 million, or 56 cents, a year earlier.
The quarterly results were driven by a 3 percent increase in operating revenue and the partial reversal of a rate-case decision in the third quarter that allowed the company to claw back $5.5 million.
For the full year, UIL netted $115.3 million in profits, or $2.18 per share, up from $103.6 million, or $2.02.
The company said it benefited from better weather in 2013. It also added nearly 15,000 new gas customers, up 34 percent from 2012.
UIL owns United Illuminating Company, Southern Connecticut Gas Co., Connecticut Natural Gas Corp. and Berkshire Gas Co.
