New Haven gas-electric utility UIL Holdings Corp. said fourth-quarter and annual profits and revenues were strong even without benefit of its late 2010 purchase of three regional gas companies.
UIL earned $12.4 million, or 25 cents a share, in the three months ended Dec. 31, up from $6.7 million, or 22 cents a share, earned the same period on 2009.
UIL owns The United Illuminating Co., Connecticut Natural Gas Corp., The Southern Connecticut Gas Co., and The Berkshire Gas Co. – the latter three gas utilities bought for $1.3 billion last November from Spain’s Iberdrola SA.
Without the impact of the gas distribution acquisition and transition related activities, UIL said its fourth-quarter earnings were $10.4 million, or 35 cents a share.
For 2010, UIL earned $54.9 million, or $1.53 a share, up from $54.3 million, or $1.12 a share, earned in 2009.
Counting only its electric utility, UIL for the year earned $61.3 million, or $2.04 per share.
Annual revenues were $997.7 million in 2010 vs. $896.6 million in 2009.
“UIL had a remarkable year in 2010 – we closed on the acquisition of three gas companies within six months of announcement, launched a new and innovative transmission venture and GenConn Energy’s Devon plant was completed and became operational,” said President and CEO James P. Torgerson,
Meantime, GenConn Energy’s second plant, located in Middletown, is on track to go live by June, he said.
