UIL Holdings Corp. (UIL) reported second-quarter net income of $12.0 million, or $0.23 per share, down from $14.2 million or $0.28 per share for the same period in 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenues for the quarter declined to $283.51 million from $314.05 million in the prior year quarter. Three analysts had consensus revenue estimate of $324.73 million for the quarter.
"We experienced the warmest winter on record and those warm temperatures continued into spring. The warm temperatures significantly impacted the financial results of our gas business," said James P. Torgerson, UIL's president and chief executive officer.
Looking ahead for fiscal 2012, the company still expects net income to be in the range of $102 million - $109 million or $2.00 - $2.15 per share. Analysts expect the company to report earnings of $2.10 per share for fiscal 2012
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