UIL Q3 Profit Rises; Revises 2014 Earnings Guidance - Quick Facts

(RTTNews) - UIL Holdings Corp. (UIL) reported third-quarter consolidated net income to company of $12.5 million, or $0.22 per share, compared to $5.1 million, or $0.10 per share, prior year. Consolidated earnings excluding non-recurring items was $16.6 million or $0.30 per share, for the quarter. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.33 for the quarter. Analysts' estimates typically exclude special items.

"Earnings for the quarter were negatively impacted by non-recurring items. We will continue to closely manage our operations and maintenance costs at all our companies for the remainder of the year to help mitigate some of these charges, and we will continue to implement our strategic initiatives," said James Torgerson, UIL's CEO.

Operating revenues decreased to $293.03 million from $316.48 million, a year ago. Analysts expected revenue of $336.28 million for the quarter. UIL revised its 2014 earnings guidance to $1.80 to $2.00 per share, from $1.94 to $2.14 per share. The company said the revisions reflect increased acquisition-related expenses related to Philadelphia Gas Works and regulatory reserves, which relate primarily to UIL's current assessment of the ultimate outcome of the FERC ROE proceedings. Excluding the impact of the non-recurring items, UIL has narrowed its 2014 earnings guidance range to $2.17 to $2.33 per share from $2.15 to $2.35 per share. Analysts expect the company to report fiscal 2014 earnings per share of $2.28.