Dive Brief:
- Northeast Utilities Q3 2014 earnings were $234.6 million, and $0.74 per share, up 12% from Q3 2013’s earnings of $209.5 million, and $0.66 per share, and in line with analysts’ expectations.
- The transmission segment’s Q3 2014 earnings were $88.1 million, up sharply from Q3 2013’s $58.6 million as the result of returns from transmission investment. The distribution and generation segment’s Q3 2014 earnings were $153.4, down slightly from Q3 2013’s $156.9 million because of a 4.5% decrease in electricity sales during a milder summer creating less demand for air conditioning.
- Though its 2014 first nine months earnings were down to $597.9 million, and $1.89 per share, from 2013 first nine months earnings of $608.6 million, and $1.93 per share, Northeast Utilities remains on track to achieve its forecasted full year 2014 per share earnings of between $2.60 and $2.70.
Dive Insight:
NU is the largest electric and gas distribution company in New England, and owns a number of electric and gas utilities in the northeast. Its subsidiaries reported mixed results for the quarter:
Connecticut Light & Power Q3 2014 profits were $82.5 million, up from Q3 2013’s $64.9 million. NSTAR Electric earnings were $115.1, up from Q3 2013’s $106.5 million. Public Service Company of New Hampshire earnings were $28.2 million, down slightly from Q3 2013’s $28.4 million. Western Massachusetts Electric earnings were $14.7 million, down from Q3 2013’s $15 million.
NU’s natural gas distribution subsidiaries Yankee Gas Services and NSTAR Gas had a total Q3 2014 loss of $9.9 million, less than Q3 2013’s total loss of $10.4 million.
“We have two great partners joining us in remedying New England’s challenging energy supply situation,” President/Chair/CEO Thomas J. May said. “Our Northern Pass electric transmission project with Hydro-Quebec and our Access Northeast natural gas pipeline project with Spectra Energy represent about $4.5 billion of investment.”
