Lower spending on natural gas helped UIL Holdings Corp. grow its bottom line by 70 percent in the second quarter, the Connecticut utility parent reported.
UIL reported profits of $15.8 million, or 28 cents per diluted share, for the quarter ended June 30, up from $9.3 million, or 16 cents, in the prior-year quarter.
UIL overcame a nearly 7 percent fall in operating revenue, to $312 million, with decreased spending on natural gas.
In late July, the company withdrew its application to state regulators asking for approval to be acquired by Spain energy giant Iberdrola. The two companies feared a negative decision, and have since reapplied, which restarts the process.
UIL — parent to United Illuminating, Connecticut Natural Gas and Southern Connecticut Gas — and Iberdrola still hope to close the merger by the end of this year.
