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TheStreet Open House

UIL Reports 2012 Earnings And Announces 2013 Earnings Guidance

Today, UIL Holdings Corporation (NYSE: UIL) reported consolidated net income of $103.6 million, or $2.02 per diluted share, in 2012, an increase of $3.9 million, or $0.07 per diluted share, compared to 2011. UIL’s consolidated net income for the fourth quarter of 2012 was $28.8 million, or $0.56 per diluted share, an increase of $7.5 million, or $0.14 per diluted share, compared to the fourth quarter of 2011.

“It has clearly been a successful year,” said James P. Torgerson, UIL’s president and chief executive officer. “Consolidated earnings have increased and we’ve continued to convert businesses and households to natural gas heat, exceeding our 2012 goal by 9%, converting more than 11,100 customers. Our strategic growth initiative will continue in 2013 and the State of Connecticut’s comprehensive energy strategy provides additional opportunities to enhance our gas marketing strategy.”

“Among the challenges we faced during 2012, our service territory experienced the warmest winter on record in 2012 and those warm temperatures carried into spring. To offset the negative impact of this weather on earnings at the gas companies, we focused on short-term operations and maintenance cost controls in our operations,” added Torgerson. “This cost control discipline was instrumental in partially mitigating the impact weather had on UIL’s consolidated earnings.”

“Superstorm Sandy also presented a challenge, but employees from all the UIL businesses worked together to assess the damage and to restore service to all our customers and businesses as quickly as possible,” Torgerson continued. “UIL was honored with two awards from the Edison Electric Institute, the first, a mutual assistance award for our help in the mid-Atlantic after the June Derecho wind storm, and the second for restoration during Superstorm Sandy. This marks the second consecutive year UIL received an award for its restoration efforts.”

UIL Holdings Corporation’s results for the year ended 2012 and the fourth quarter 2012, as compared to the respective periods of 2011, are presented in the table below:

 

Net Income (Loss) - $M

Year ended December 31,   Quarter ended December 31,
2012   2011   '12 vs '11 2012   2011   '12 vs '11
 
Electric Distribution & Other $ 52.7 $ 37.6 $ 15.1 $ 9.4 $ 2.7 $ 6.7
Electric Transmission 32.0 31.3 0.7 8.6 8.1 0.5
Gas Distribution   32.2     43.8     (11.6 )   14.3     14.1     0.2
 
Operating Companies 116.9 112.7 4.2 32.3 24.9 7.4
 
Corporate (13.3 ) (13.0 ) (0.3 ) (3.5 ) (3.6 ) 0.1
           
Consolidated Earnings $ 103.6   $ 99.7   $ 3.9   $ 28.8   $ 21.3   $ 7.5
 

 

Earnings (Loss) Per Share

Year ended December 31, Quarter ended December 31,
2012 2011 '12 vs '11 2012 2011 '12 vs '11
 
Electric Distribution & Other $ 1.03 $ 0.74 $ 0.29 $ 0.18 $ 0.05 $ 0.13
Electric Transmission 0.63 0.61 0.02 0.17 0.16 0.01
Gas Distribution   0.63     0.86     (0.23 )   0.28     0.28     -
 
Operating Companies 2.29 2.21 0.08 0.63 0.49 0.14
 
Corporate (0.27 ) (0.26 ) (0.01 ) (0.07 ) (0.07 ) -
           
Consolidated Earnings $ 2.02   $ 1.95   $ 0.07   $ 0.56   $ 0.42   $ 0.14
 
Avg. Shares - dilutive 51.1 50.9 51.1 51.0
 
Amounts may not add due to rounding.
 

United Illuminating

United Illuminating increased earnings by $15.8 million, or $0.31 per diluted share, in 2012, compared to 2011, and increased earnings by $7.2 million, or $0.14 per diluted share, for the fourth quarter 2012, compared to the same period in 2011. Details of the increase follow.

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