Northeast Utilities (NU) Tuesday said its profit for the fourth quarter increased, helped mainly by higher revenues.
Net income for the quarter rose to $176.5 million from $114.7 million in the comparable quarter last year. On a per share basis, profit fell to $0.55 from $0.64, echoing a lower number of outstanding common stock.
On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.58 per share for the quarter. Analysts' estimates typically exclude special items.
Meanwhile, operating revenues totaled $1.68 billion, up from $1.06 billion a year ago, while five analysts expected revenues of $1.87 billion.
Going ahead to the fiscal 2013, the company Also today, reaffirmed its 2013 earnings guidance between $2.40 per share and $2.60 per share, as well as its longer term earnings per share growth rate of 6 percent to 9 percent. Analysts expect the company to earn $2.54 for the quarter. The company added that the fourth quarter results included approximately $2.1 million or $0.01 per share of after-tax charges.
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