This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

UIL Holdings Corporation Reports Third Quarter 2011 Financial Results And Increases 2011 Earnings Guidance

Stocks in this article: UIL

UIL Holdings Corporation (NYSE: UIL) today reported consolidated net income of $12.2 million, or $0.24 per diluted share, for the third quarter of 2011, compared to net income of $17.0 million, or $0.52 per diluted share, for the same period in 2010. For the first nine months of 2011, UIL’s consolidated net income was $78.4 million, or $1.54 per diluted share, compared to $44.4 million, or $1.42 per diluted share, for the same period in 2010. The third quarter and first nine months results for 2011 reflect the earnings impact of the gas distribution operations acquired in the fourth quarter of 2010, the corporate expenses associated with that acquisition and the share dilution resulting from the September 2010 equity issuance as detailed in the table below.

“Our earnings for the third quarter reflect the first full quarter in which both of our new peaking generating plants, GenConn Devon and Middletown were in operation,” said James P. Torgerson, UIL’s president and chief executive officer. “And, with these GenConn plants operating and the integration of the gas companies into UIL well underway, we are seeing the positive impacts of our strategic initiatives.”

“In addition, our growth strategy of converting businesses and households to natural gas continues to attract interest and conversions are ahead of 2010 levels,” added Torgerson.

The following table provides earnings per diluted share for the third quarter and first nine months of 2011, compared to the same periods in 2010.

  Quarter Ended September 30,   Nine Months Ended September 30,
  2011       2010     Difference   2011       2010     Difference


UIL excl. acquisition & transition related activities $ 0.66 $ 0.69 $ (0.03 ) $ 1.87 $ 1.72 $ 0.15
Gas distribution $ (0.12 ) $ - $ (0.12 ) $ 0.58 $ - $ 0.58
Interest expense related to $450M debt issuance $ (0.06 ) $ - $ (0.06 ) $ (0.19 ) $ (0.19 )
September 2010 equity issuance $ (0.24 ) $ (0.04 ) $ (0.20 ) $ (0.72 ) $ (0.03 ) $ (0.69 )
Acquisition related expenses $ - $ (0.13 ) $ 0.13 $ - $ (0.27 ) $ 0.27
UIL Consolidated $ 0.24     $ 0.52     $ (0.28 ) $ 1.54     $ 1.42     $ 0.12  

Electric distribution, CTA & other

Earnings from the electric distribution business in the third quarter of 2011 were $13.1 million, or $0.26 per diluted share, compared to $14.9 million, or $0.46 per diluted share, for the same period in 2010. The decrease in earnings for the quarter was primarily attributable to increased operation and maintenance expenses and lower CTA rate base, partially offset by increased income from the investment in GenConn.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs