New Haven’s UIL Holdings Corp. said its third quarter profits jumped 25 percent.
The parent of United Illuminating said its consolidated net income for the quarter was $15.6 million, or 27 cents per diluted share, compared to $12.5 million, or 22 cents per diluted share a year earlier. The company said earnings were impacted by merger-related expenses associated with the pending merger of UIL and Iberdrola USA Inc. that is expected to be completed in December.
Its operating revenue for the third quarter was $330.5 million compared to $293 million in 2014.
“Earnings for the third quarter 2015, excluding non-recurring items, were relatively flat,” commented James P. Torgerson, UIL’s president and CEO. “The increase in year-to-date earnings, excluding non-recurring items, is attributable to a combination of usage from new natural gas heating customers and colder winter weather. We have added almost 6,800 gas heating customers through September 2015 and remain on target to reach our 2015 goal of 12,000 conversions.”
Those conversions helped stem the revenue loss for gas distribution. UIL reported that segment incurred a loss, consistent with the seasonal nature of the gas business, of $7.4 million compared to a loss of $6.5 million in 2014. The larger loss was due to increased uncollectible expense and employee-related expenses but offset somewhat by the increase in new customers.
The electric distribution business earned $18.1 million, or 31 cents per diluted share, in the third quarter 2015, compared to $17.9 million, or 31 cents per diluted share a year earlier. The electric transmission business earned $8.4 million compared to $5.5 million in 2014.
