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UIL Holdings Reports 2011 Financial Results And Provides 2012 Earnings Guidance

Stocks in this article: UIL

UIL Holdings Corporation (NYSE: UIL) today reported consolidated net income of $99.7 million, or $1.95 per diluted share, for 2011, an increase of $44.8 million, or $0.43 per diluted share, compared to 2010. For the fourth quarter of 2011, UIL’s consolidated net income was $21.3 million, or $0.42 per diluted share, compared to $10.5 million, or $0.20 per diluted share, for the same period in 2010. The results for 2010 include the results of the gas distribution businesses for the post-acquisition period of November 17, 2010 through December 31, 2010 only.

“2011 was a very productive year,” said James P. Torgerson, UIL’s president and chief executive officer. “Much of our focus was on the integration of the gas companies, electric company and UIL. This integration has progressed as planned. Our strategic initiative of converting businesses and households in our service territory to natural gas started successfully and we are well on our way to reaching our goal of 30,000-35,000 new gas heating customers by the end of 2013. In 2011, we converted approximately 8,300 businesses and households to natural gas, a 22% increase over 2010 levels.”

“In addition, we executed on our capital expenditure program at each of the regulated subsidiaries, completed the second GenConn peaking generating plant, and settled all pending issues with the Connecticut Public Utilities Regulatory Authority relating to the gas companies rate case appeals,” added Torgerson.

The following table provides earnings per diluted share for the fourth quarter and full year of 2011, compared to the same periods in 2010.

  Quarter Ended December 31,     Year Ended December 31,
2011   2010   Difference 2011   2010   Difference


UIL excl. acquisition & transition related activities $ 0.34 $ 0.28 $ 0.06 $ 2.24 $ 2.02 $ 0.22
Gas distribution $ 0.28 $ 0.25 $ 0.03 $ 0.86 $ 0.36 $ 0.50
Interest expense related to $450M debt issuance $ (0.06 ) $ (0.06 ) $ - $ (0.25 ) $ (0.09 ) $ (0.16 )
September 2010 equity issuance $ (0.14 ) $ (0.12 ) $ (0.02 ) $ (0.90 ) $ (0.33 ) $ (0.57 )
Acquisition related expenses $ - $ (0.15 ) $ 0.15 $ - $ (0.44 ) $ 0.44
UIL Consolidated as reported $ 0.42     $ 0.20     $ 0.22   $ 1.95     $ 1.52     $ 0.43  

This table has been presented for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the acquisition not taken place.

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