Northeast Utilities (NYSE: NU) today reported full-year 2013 earnings of $786 million, or $2.49 per share, compared with full-year 2012 earnings of $525.9 million, or $1.89 per share. Excluding integration and other costs related to the April 2012 merger of NU and NSTAR, NU earned $799.8 million in 2013, or $2.53 per share 1, compared with $633.5 million in 2012, or $2.28 per share 1. NSTAR’s earnings are included in NU’s results of operations, effective as of April 2012.
In the fourth quarter of 2013, NU earned $177.4 million, or $0.56 per share, compared with earnings of $174.7 million, or $0.55 per share, in the fourth quarter of 2012. Results include $3.2 million of after-tax integration-related costs in the fourth quarter of 2013 and $2.1 million of after-tax merger-related costs in the fourth quarter of 2012. Excluding those costs, NU earned $180.6 million, or $0.57 per share 1, in the fourth quarter of 2013, compared with $176.8 million, or $0.56 per share 1, in the fourth quarter of 2012.
Thomas J. May, NU chairman, president and chief executive officer, said, “These full-year financial results are consistent with our previously announced 2013 recurring earnings guidance of between $2.45 and $2.60 per share 1 and reflect very strong financial and operational performance in our first full year as a merged company.”
May highlighted a number of accomplishments in 2013:
- Strong electric service reliability and NU’s best overall system performance on record;
- Significant progress in standardizing the operations of NU’s four electric and two natural gas utilities, improving customer service and lowering operating costs;
- Completion of the Greater Springfield Reliability Project (GSRP) and the Cape Cod transmission project on schedule. GSRP was completed approximately 6 percent below its $718 million budget;
- 10,356 new natural gas heating customers at NU’s natural gas utilities, nearly 17 percent above 2012 levels;
- Maintenance of top-tier industry credit ratings.