Connecticut and Massachusetts utility parent UIL Holdings Corp. said its first-quarter profits rose 3.8 percent on cold weather and customers acquired from natural-gas conversions.
UIL — which announced in February its intention to be acquired by Iberdrola USA — reported profits of $57.6 million, or $1.01 per diluted share, for the quarter ended March 31. That was up from $55.5 million, or 97 cents, in the first quarter of 2014.
Operating revenue grew from $571.2 million a year ago to $584.1 million in the recent quarter.
Operating expenses outpaced that growth, but the year-ago quarter also included a $6.3 million bridge facility fee related to UIL’s failed attempt to acquire Philadelphia Gas Works.
The New Haven company, which owns the United Illuminating Co., Connecticut Natural Gas Corp., the Southern Connecticut Gas Co. and the Berkshire Gas Co., said it added more than 2,000 natural gas customers during the quarter and expects to meet its goal of 12,000 this year.
