Northeast Utilities profited handsomely in the first eight months of its merger with former NStar, posting a bottom line the Hartford-Boston electric and gas utility giant says looked stronger without merger and storm-related expenses.
For three months ended Dec. 31, the parent of Connecticut Light & Power Co. and Yankee Gas said Tuesday it netted $174.7 million, or 55 cents a share, up from pro forma net of $113.3 million the same quarter a year earlier. Pro forma results combined earnings of both NU and NStar, which were still separate firms a year ago.
It was unclear from NU’s consolidated earnings statement precisely how much revenue it had for the quarter and the full year of 2012. A call to the company wasn’t immediately returned.
Full-year earnings totaled $525.9 million, or $1.89 a diluted share, up from $394.7 million in 2011.
Backing out costs tied to last April’s NU-NStar merger, the company said it earned $633.5 million, or $2.28 a share, last year. That compared to pro forma net of $423.9 million in 2011, a year that also included sizable storm-related costs and a reserve.
CEO Thomas J. May also affirmed NU’s 2013 earnings guidance of between $2.40 and $2.60 a share.
NU divisions market electricity in Connecticut, Massachusetts and New Hampshire, and natural gas throughout Connecticut.
