Northeast Utilities Cuts Outlook

Northeast Utilities(NU Quote) lowered its 2002 earnings outlook, citing losses in its energy businesses.

The company expects to earn $1.10 to $1.30 a share, down from its original expectation of $1.40 to $1.65 a share. The company earned $1.29 a share in 2001.

Northeast said energy-business losses accounted for $31 million in the first half of 2002, and that it expects to lose between $20 million and $30 million more in the second half of the year. Unpredictable energy prices have affected Northeast's competitive energy marketing subsidiary, Select Energy, and have contributed to the expected weaker results. ...