UI parent says 3Q earnings unchanged from 2008

Sat. October 31, 2009; Posted: 10:24 AM

NEW HAVEN, Oct 31, 2009 (New Haven Register - McClatchy-Tribune Information Services via COMTEX) -- UIL | Quote | Chart | News | PowerRating -- The holding company that operates the United Illuminating Co. saw its earnings remain virtually unchanged in the third quarter, compared with a year ago, officials for the utility said Friday after the stock market closed.

UIL Holdings Corp. made $21.7 million in the third quarter of this year, only $200,000 more than it made during the same period a year earlier.

However, the earnings for the first nine months of 2009 rose by more than 20 percent over the same period a year earlier.

UIL Holdings made $47.6 million, or $1.74 per share over the first three quarters of this year, an increase of $8.2 million, or 17 cents per share, over the same period in 2008, said James P. Torgerson, the company's president and chief executive officer.

"Year to date, we have successfully controlled our operating costs and the company will continue to monitor and control these costs through the end of the year," Torgerson said in a statement.

The company's earnings for its distribution business fell by $800,000 during the third quarter of this year, compared with the same period a year earlier.

But over the first nine months of this year, the company's distribution earnings -- the money it makes for delivering electricity to homes -- increased by $5.9 million from the same period in 2008 to $30.3 million this year.

Prior to the earnings release, UI shares closed Friday at $25.68 a share, down 65 cents on the New York Stock Exchange.

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For full details on Uil Holdings Corp (UIL) click here. Uil Holdings Corp (UIL) has Short Term PowerRatings of 6. Details on Uil Holdings Corp (UIL) Short Term PowerRatings is available at This Link.

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