UIL Holdings Q2 Profit Misses View, But Revenues Beat; Updates 2014 Outlook

(RTTNews) - UIL Holdings Corp. (UIL) reported second-quarter consolidated net income to company of $9.34 million or $0.16 per share, down from $17.92 million or $0.35 per share in the same period last year.

Excluding the after-tax expenses related to the pending acquisition of Philadelphia Gas Works or PGW of $5.0 million or $0.09 per share, adjusted consolidated net income for the quarter was $14.3 million or $0.25 per share.

On average, eight 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 increased to $334.79 million from $319.07 million in the year-ago period. Analysts expected revenue of $331.42 million for the quarter.

For fiscal 2014, UIL said that its earnings guidance has been updated to reflect the impact of PGW acquisition-related expenses incurred through the end of the second quarter on consolidated earnings.

Excluding about $12 million or $0.21 per share of after-tax acquisition-related expenses pertaining to the PGW transaction through June 30, 2014, UIL reaffirmed its consolidated earnings outlook for 2014 in a range of $122 to $134 million, or $2.15 to $2.35 per share.

Including the after-tax acquisition-related expenses incurred through June 30, 2014, UIL forecasts consolidated net income of $110 million to $122 million, or $1.94 to $2.14 per share.

Analysts expect the company to report earnings of $2.29 per share for the year.