NEW HAVEN, Conn. (AP) — UIL Holdings Corp. reported Friday that its second-quarter profit fell as warm weather hurt demand for the utility company's gas business, but its full year-forecast was roughly in line with expectations.
The New Haven, Conn.-based company earned $12 million, or 23 cents per share, for the quarter that ended June 30. That's compared with $14.2 million, or 28 cents per share, earned in the same quarter last year. Revenue dipped to $283.5 million from $314 million.
The company said that it has been able to mitigate some of the weather's impact through cost controls. It also is trying to grow by converting more customers to natural gas heat. Still the quarter's results missed market expectations.
Analysts polled by FactSet were expecting the company to earn 32 cents per share on revenue of $324.7 million.
UIL said that it expects to earn $2 to $2.15 per share for the year; analysts were expecting the company to earn $2.10 per share.
The utility company has roughly 700,000 electric and natural gas utility customers in two states under companies such as The United Illuminating Co., Connecticut Natural Gas Corp., The Southern Connecticut Gas Co. and The Berkshire Gas Co.
Shares rose 52 cents to close at $36.87 and added 2 cents to $36.89 in after-hours trading.