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Northeast Utilities (NYSE: NU) today reported earnings of $171 million, or $0.54 per share, in the second quarter of 2013, compared with earnings of $44.3 million, or $0.15 per share, in the second quarter of 2012. Second quarter 2012 results included approximately $91.5 million, or $0.30 per share, of after-tax charges related to the April 10, 2012 closing of the merger between NU and NSTAR and related merger and regulatory settlement agreements.
In the first half of 2013, NU earned $399.1 million, or $1.26 per share, compared with earnings of $143.6 million, or $0.60 per share, in the first half of 2012. Excluding merger and related settlement costs of $92.6 million, or $0.38 per share, NU earned $236.2 million, or $0.98 per share, in the first half of 2012. Results for the first half of 2013 include after-tax integration-related costs of $3.5 million, or $0.01 per share. Due to the timing of the merger, NU’s six-month results from last year exclude NSTAR’s first quarter 2012 earnings.
Thomas J. May, NU president and chief executive officer, said that NU’s operating performance has been strong and that results for the first half of the year were consistent with NU’s expectations, illustrating the benefits of the merger. “We have been very pleased with the performance of our system and our service to our customers, particularly during an extremely warm and humid first half of the summer. We continue to have a great deal of work ahead of us, but we’ve made considerable progress over the 15 months since our merger closed,” May said. “Additionally, our financial results continue to improve as we integrate the best practices that our employees brought to this merger.”
Also today, NU revised its 2013 earnings guidance by narrowing the range to between $2.45 and $2.60 per share. Prior guidance was between $2.40 and $2.60 per share.