Northeast Utilities, which is co-headquartered in Boston and Hartford, said its first-quarter profits ticked up 3.5 percent, thanks to cold weather creating the need for more electricity and natural gas consumption.
NU booked $236 million in profits, or 74 cents per share, up from $228.1 million, or 72 cents, in the first quarter of 2013.
Operating revenues rose from $2 billion to $2.29 billion.
The company’s electric distribution and generation segment was responsible for the biggest portion of the earnings increase. Its profits rose from $99.5 million to $112.2 million. Meanwhile, the natural gas distribution segment, which includes Yankee Gas, saw its earnings climb from $43.3 million to $52.1 million.
Subsidiary Connecticut Light & Power’s earnings dipped from $83.6 million to $77.9 million, due to a higher effective tax rate.
NU said it would issue a quarterly dividend on June 30 of 39.25 cents to shareholders of record as of May 30.
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