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NU Reports Third Quarter Results

Stocks in this article: NU

Northeast Utilities (NYSE: NU) today reported earnings of $207.6 million, or $0.66 per share, in the third quarter of 2012, compared with earnings of $90 million, or $0.51 per share, in the same period of 2011. Third quarter 2012 results included approximately $12.9 million, or $0.04 per share, of after-tax charges related to the April 2012 closing of the merger between NU and NSTAR. Excluding merger and related settlement costs, NU earned $220.5 million 1, or $0.70 per share 1, in the third quarter of 2012, compared with earnings of $90.6 million 1, or $0.51 per share 1, in the third quarter of 2011.

For the nine-month period ended September 30, 2012, NU earned $351.2 million, or $1.32 per share, compared with earnings of $281.4 million, or $1.58 per share, for the same period of 2011. Excluding merger and related settlement costs of $105.5 million, or $0.40 per share, NU earned $456.7 million 1, or $1.72 per share 1, in the nine-month period ended September 30, 2012, compared with earnings of $291.5 million 1, or $1.64 per share 1, in the same period of 2011. NSTAR’s results are included in NU’s results, effective as of April 2012.

Thomas J. May, NU president and chief executive officer, said, “These financial results are in-line with our recently announced 2012 recurring earnings guidance of between $2.25 and $2.30 per share 1 and speak well of our efforts to create a high performing, successful, customer-focused company.”

May said he was extremely proud with the company’s response to Hurricane Sandy. “Our 9,000 employees, supported by thousands of additional contract employees from throughout the country, continue to perform heroically, working around the clock to restore power to customers in three states who depend on us for a critical service. We deeply appreciate the patience and support our customers have shown this week, and, with what we’ve seen this week, we are even more confident that our merger will provide them and their communities with significant long-term benefits. This storm recovery illustrates one of the most visible benefits of the merger. As we complete work in some of the less impacted areas, we are able to redeploy hundreds of line and tree workers to the most damaged areas with the greatest number of power outages.”

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