Northeast Utilities (NYSE: NU) today reported full-year 2012 earnings of $525.9 million, or $1.89 per share, compared with earnings of $394.7 million in 2011. Excluding costs related to the April 2012 merger of NU and NSTAR and related settlement costs, NU earned $633.5 million in 2012, or $2.28 per share 1. Excluding merger-related costs and a storm fund reserve, NU earned $423.9 million in 2011. NSTAR’s earnings are included in NU’s results of operations, effective as of April 2012.
In the fourth quarter of 2012, NU earned $174.7 million, or $0.55 per share, compared with earnings of $113.3 million in the fourth quarter of 2011. Results in the fourth quarter of 2012 include after-tax merger-related costs of $2.1 million, or $0.01 per share. Results in the fourth quarter of 2011 include $19.1 million of after-tax merger-related costs and a storm fund reserve.
Thomas J. May, NU president and chief executive officer, said, “These full-year financial results are consistent with our previously announced 2012 recurring earnings guidance of between $2.25 and $2.30 per share 1 and cap a very successful year for our newly merged company.”
May said NU’s efforts to build a premier New-England-based, highly customer-focused organization are well under way. “We continue to identify and implement the best practices of our legacy companies,” May said. “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.”2013 Earnings Guidance Affirmed Also today, NU affirmed its 2013 earnings guidance of between $2.40 per share and $2.60 per share, as well as its longer term earnings per share growth rate of 6 percent to 9 percent, using the $2.28 per share earned in 2012 as the base year.