Hartford-based Northeast Utilities’ first-quarter earnings grew 32 percent despite a charge to cover the costs of its pending merger with NStar in Boston.
NU reported Thursday first-quarter earnings of $114.2 million, or 64 cents per share, up from $86.2 million, or 49 cents per share, a year ago.
First-quarter revenues totaled $1.2 billion vs. $1.3 billion a year ago.
New England’s cold weather and the company’s better control of costs led to the improvement, said Charles Shivery, Northeast Utilities chairman, president and CEO.
The NU earnings would have higher, save for a $8.3 million charge related to its merger with NStar. The Boston-based utility incurred a similar $4.8 million charge in its first-quarter earnings.
When the merger is complete, NU will be New England’s largest utility with 3.5 million customers in Connecticut, Massachusetts and New Hampshire serviced by six natural gas and electric subsidiaries. The deal is expected to close in the third quarter.
