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UIL Reports Second Quarter 2015 Earnings and Revises 2015 Earnings Guidance

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NEW HAVEN, Conn.--(BUSINESS WIRE)--

Today, UIL Holdings Corporation (NYSE: UIL) reported consolidated net income of $15.8 million, or $0.28 per diluted share, in the second quarter 2015, compared to $9.3 million, or $0.16 per diluted share, in the second quarter 2014. For the first six months of 2015, consolidated net income was $73.4 million, or $1.28 per diluted share, compared to $64.8 million, or $1.13 per diluted share, for the same period in 2014.

Consolidated earnings for the second quarter and first six months 2015 and 2014 include certain non-recurring items, which are explained below.

  • Merger-related expenses associated with the pending merger of UIL and Iberdrola USA, Inc., recorded in the second quarter and first six months of 2015
  • Acquisition-related expenses associated with the now-terminated proposed acquisition of Philadelphia Gas Works recorded in the second quarter and first six months of 2014
  • Transmission return on equity (ROE) reserves recorded in the second quarter and first six months of 2015 related to ROE proceedings pending at the Federal Energy Regulatory Commission (FERC)

Consolidated earnings, excluding the non-recurring items, for the second quarter and first six months ended June 30 were:

                           
Quarter ended June 30,
Net Income (Loss) - $M Earnings (Loss) per Share - Diluted
2015       2014       '15 vs '14 2015       2014       '15 vs '14
Consolidated Earnings $     15.8       $    

9.3

 

      $     6.5 $    

0.28

 

$    

0.16

 

$     0.12
 
Non-recurring items:
Merger/Acquisition-related expenses 0.1 5.0 (4.9 ) - 0.09 (0.09 )
Transmission ROE reserves       (0.1 )             -               (0.1 )       -               -               -  
Consolidated Earnings, excl. non-recurring items $     15.8         $     14.3         $     1.5   $     0.28         $     0.25         $     0.03  
 
 
 
Year-to-date ended June 30,
Net Income (Loss) - $M Earnings (Loss) per Share - Diluted
2015       2014       '15 vs '14 2015       2014       '15 vs '14
Consolidated Earnings $ 73.4 $ 64.8 $ 8.6 $ 1.28 $ 1.13 $ 0.15
 
Non-recurring items:
Merger/Acquisition-related expenses 4.1 11.9 (7.8 ) 0.07 0.21 (0.14 )
Transmission ROE reserves       2.1               -               2.1         0.04    
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