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Cloud Call Center Community Featured Article

TMCNet: NU reports steep drop in earnings for 2007

[February 22, 2008]

NU reports steep drop in earnings for 2007

(New Haven Register (New Haven, CT) (KRT) Via Thomson Dialog NewsEdge) Feb. 22--BERLIN, Conn. -- Northeast Utilities' 2007 fourth quarter and full-year earnings were substantially lower than the same periods a year earlier, with officials Thursday attributing the decline to the 2006 sale of its hydroelectric power plants and a tax issue dating back to 2001.


Last year's fourth-quarter earnings for the corporate parent of Connecticut Light & Power Co. were $72.7 million, or 47 cents per share, compared with earnings of $347 million, or $2.24 per share, in the fourth quarter of 2006. In 2007 overall, NU earned $246.5 million, or $1.59 per share, nearly half of what it earned in 2006, when it made $470.6 million, or $3.05 per share.

NU spokesman Jeffrey R. Kotkin said the higher numbers in the fourth quarter of 2006, as well as the full-year figures, were the result of several one-time items, including a $314.1 million gain in 2006's fourth quarter associated with the sale of NU's hydropower plants and a coalfired power plant in Massachusetts to Energy Capital Partners.

Also, 2006 earnings benefited from the reduction of an income tax expense associated with the 2001 sale of the Millstone power plant to Dominion Energy of Virginia. Kotkin said a tax issue that was pending with the Internal Revenue Service was resolved in 2006, allowing the company to reduce its income tax expense by $74 million that year. With those one-time items removed from NU's 2006 earnings, the company earned $178.2 million, or $1.16 per share, overall in 2006 and $54.9 million, or 36 cents per share, in the fourth quarter of 2006.

"2007 was a very strong year for Northeast Utilities," Charles W. Shivery, NU's chairman, president and chief executive officer, said in a written statement. "We operated our energy delivery systems and New Hampshire generating plants very reliably and invested a record amount of capital to meet the needs of our customers throughout New England."

In addition to announcing its earnings for last year and the fourth quarter of 2007, NU officials also changed their 2008 earnings-per-share estimates slightly.

The company had previously projected its earnings for this year would be between $1.65 and $1.95 per share. But because of a ruling by state regulators that limited the amount of some operating expenses NU may recover, Kotkin said the high end of pershare earnings estimates have been reduced by 5 cents.

NU's stock closed Thursday at $26.65 a share, down 65 cents.

To see more of New Haven Register, or to subscribe to the newspaper, go to http://www.nhregister.com.

Copyright (c) 2008, New Haven Register, Conn.
Distributed by McClatchy-Tribune Information Services.
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