Northeast Utilities’ earnings are down 13 percent for the second quarter and down 12 percent for the year compared to 2009, according to the Hartford utility operator Tuesday.
NU’s reported 2010 second quarter earnings were $71.9 million, down from $82.9 million in the second quarter 2009. Year to date, the company has earned $158.2 million, compared to $180.5 million last year.
The earnings per share were 41 cents for the second quarter and 90 cents for year to date.
Charles Shivery, NU’s chairman, attributed the drop to an absence of $11.1 million of tax-related benefits the company received in 2009’s second quarter. He called the second quarter an inflection point in the earnings trajectory with economic factors, high operating costs and increased storm activity pressuring NU’s distribution for the 12 months. Moving forward, the company expects improved earnings for the next several quarters.
NU is the parent company for three electric utilities and one natural gas utility: Yankee Gas in Connecticut, Connecticut Light & Power, Western Massachusetts Electric Company and Public Service Company of New Hampshire.
The company’s transmission revenues have increased over 2009 for both the quarter and the year-to-date; but the distribution and generation side of the company’s revenue has decreased. For the second quarter, NU’s distribution and generation is down 29 percent from 2009; and for the year-to-date, it’s down 23 percent.
Yankee Gas lost $0.5 million during the second quarter – compared to earning $0.6 million in 2009’s second quarter – because the mild spring weather reduced heating requirements. For the year, the natural gas utility is on pace to match last year’s year-to-date revenues of $19.8 million.
