New Haven utility UIL Holdings Corp. said its first-quarter net income grew 7 percent, but earnings per share fell 4 cents on acquisition-related expenses.
Profits for the quarter were $55.5 million, or 97 cents per diluted share, compared to $51.8 million, or $1.01, in the first quarter of 2013.
UIL’s natural gas business, which includes Connecticut Natural Gas Corp. and The Southern Connecticut Gas Co., increased earnings by $7.5 million, to $39 million, due to colder weather. Meanwhile, its electric distribution and transmission segments each saw their earnings dip slightly.
UIL said the decline in earnings per share was the result of $6.9 million in after-tax acquisition-related expenses.
The company announced in March that it hopes to acquire a Philadelphia gas utility for $1.86 billion.
