Hartford energy holding company Northeast Utilities reported earnings Tuesday afternoon of $77.3 million for the second quarter, up 7 percent from the second quarter last year.
The earnings of $77.3 million, or 44 cents per share, was an increase from $71.9 million, or 41 cents per share, in the second quarter of 2010. In its earnings report, the company attributed the increase to its focus on cost control and recent electric distribution rate case decisions.
Northeast Utilities is the parent company for three electric and one natural gas subsidiaries, including Berlin-based Yankee Gas and Connecticut Light & Power.
CL&P’s distribution division earned $19.1 million in the second quarter, compared to $8.4 million in the second quarter 2010. The company attributed the higher amount to the positive decision from its 2010 distribution case.
Yankee Gas earned $1.2 million in the second quarter, up from the loss of $500,000 the company took in the second quarter of 2010. Summer is a slower season for natural gas sales, and the company attributed the increase to a colder April and May in 2011.
For the first six months of 2011, Northeast Utilities earned $191.4 million, or $1.08 per share, compared to $158.2 million, or 90 cents per share, for the first six months of 2010.
