UIL Holdings Corp., parent of United Illuminating Co. and several gas utilities, said its profits more than doubled in the third quarter, thanks to lower costs that were enough to overcome lower revenue.
For the quarter ended Sept. 30, UIL booked $12.5 million in net income, or 22 cents per share diluted, up from $5.2 million, or 10 cents, in the year-ago quarter.
Operating revenue fell more than 7 percent, from $316.5 million to $293 million. But expenses fell even further, by nearly $35 million, or 12 percent.
UIL revised downward its full-year earnings guidance to a range of $1.80 to $2 per diluted share to a previous range of $1.94 to $2.14.
The revision stems from several nonrecurring charges during the quarter, including $3.2 million for reserves set aside for a pending proceeding at the Federal Energy Regulatory Commission, and $900,000 in acquisition-related costs related to the company’s unsuccessful attempt to purchase Philadelphia Gas Works for $2 billion.
Philadelphia’s city council said late last month that it would not approve the proposed deal to sell the city-owned utility.
