Feb. 06--Northeast Utilities, the parent company of Connecticut Light & Power and Yankee Gas, on Thursday reported slightly higher fourth-quarter earnings that narrowly missed Wall Street expectations.
Colder winter weather and 10,300 more natural gas customers in 2013 increased sales in the natural gas segment, and completion of a project in Springfield, Mass., added to transmission revenues, the company said.
Excluding one-time merger costs relating to its integration with Massachusetts utility NStar, Northeast Utilities earned $117.4 million, or 56 cents a share, in the fourth quarter, a 1.5 percent increase from the previous year's $174.7 million, or 55 cents a share.
The results were short of the 58 cents per share analysts expected for the fourth quarter.
Northeast Utilities and NStar sales for all of 2013 came in higher than in 2012, when the Massachusetts utility's results were counted in only three quarters. For the full year, Northeast Utilities earned $786 million, or $2.49 per share, compared with the previous year's $525.9 million, or $1.89 a share.
"We added a record number of new natural gas heating customers in 2013 and project significantly increased conversion activity over the next decade as homeowners and businesses in Connecticut and Massachusetts continue to embrace the cost and environmental advantages of installing natural gas systems as their primary heating source," Thomas J. May, the company's chief executive, said in a written statement.
(c)2014 The Hartford Courant (Hartford, Conn.)
Visit The Hartford Courant (Hartford, Conn.) at www.courant.com
Distributed by MCT Information Services