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Northeast Utilities earnings up 33 percent from 2011; utility made $525.9M in 2012 [New Haven Register, Conn.]
New Haven Register, Conn.McClatchy-Tribune Information ServicesFeb. 20--HARTFORD -- Northeast Utilities saw its earnings increase 33 percent last year compared to 2011 as the utility's profits rose 54 percent in the final three months of 2012.
NU made $525.9 million, or $1.89 per share, in 2012, compared to $384.7 million or $2.22 per share in 2011.
The company, which is the corporate parent of Connecticut Light & Power and Yankee Gas, made $174.7 million, or 55 cents, per share in the fourth quarter of 2012, compared with $113.3 million, or 64 cents per share, during the same period a year earlier.
Thomas May, NU's president and chief executive officer, said the company's earnings performance was consistent with projections officials at the utility had made throughout 2012.
"This caps a very successful year for our newly merged company," May said. "We continue to identify and implement the best practices of our legacy companies.
"Our 9,000 employees come to work each day, with a singular focus on delivering superior service to our 3.5 million electric and natural gas customers, which will allow us to continue to provide attractive returns and dividend growth for our shareholders."
NU's transmission operations earned $249.7 million in 2012, a 25 percent increase from 2011. Fourth-quarter earnings from transmission operations were $68.6 million in the fourth quarter of 2012, compared to $71.2 million during the same period a year earlier.
The company's electric distribution operations made $343.4 million last year, up from $207 million in 2011. Fourth-quarter electric distribution earnings were $80.3 million, a $26.1 million increase from the same period a year earlier.
Shares of the company's stock, which trade on the New York Stock Exchange under the symbol NU, closed at $41.41, up 47 cents from the previous day's trading.
NU's earnings report was released after U.S. financial markets closed Tuesday.
Call Luther Turmelle at 203-789-5706.
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