Paced by an unusually cold and snowy winter, Hartford utility parent Northeast Utilities earned $129.3 million in the fourth quarter, up 53 percent from a year earlier.
Fourth-quarter earnings per share were 73 cents vs. 48 cents the same quarter a year ago.
The company, whose utilities include Connecticut Light & Power and Yankee Gas of Connecticut, earned $387.9 million for all of 2010, an 18 percent rise from $330 million earned in 2009.
For the year, NU earned $2.19 per share, up from $1.91 per share in 2009.
“We are pleased with the performance we delivered to our customers and shareholders in 2010,” said Charles Shivery, NU’s chairman, president and CEO, in a statement. “Our financial performance improved over 2009 due in part to strong cost controls, while at the same time, energy rates paid by our customers continued to trend downward. Additionally, we invested approximately $1 billion in 2010 strengthening and expanding the energy infrastructure of Connecticut, Massachusetts and New Hampshire. This investment supports the provision of reliable energy service, as well as the region’s economic development.”
Inside the NU family, CL&P earned $39.9 million in the fourth quarter, more than double 2009’s fourth quarter of $19 million. The company said higher electric sales because of the weather and the distribution rate increase on July 1 led to the larger earnings in 2010.
Yankee Gas earned $16.6 million in the fourth quarter, more than triple 2009’s fourth quarter of $5.7 million. The company said higher sales and lower expenses due to uncollectible customer accounts led to the increase.
