Northeast Utilities, NSTAR earnings grow
Northeast Utilities, which owns several utility companies, including NStar, reported first-quarter 2014 earnings of $236 million, or 74 cents per share, up from $228.1 million, or 72 cents per share, in the first quarter of 2013.
“These financial results are consistent with our previously announced recurring earnings guidance of between $2.60 and $2.75 per share for this year and represent a strong start to 2014,” Thomas J. May, NU chairman, president and chief executive officer said in a statement.
NStar Electric, which provides power to much of MetroWest, earned $57.6 million during the quarter, up from $47.6 million in the first quarter of 2013, Northeast Utilities reported. Improved results were due in part to a 3.2-percent increase in retail sales in the first quarter of 2014, and higher transmission earnings, according to the company. NStar also provides natural gas to much of Central Massachusetts.
Additionally, NU declared a dividend of 39 cents per share, which it will pay to stockholders on June 30.
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