CL&P earnings fall on higher taxes, pension and storm costs
Connecticut Light & Power Co., a unit of Northeast Utilities, saw earnings fall almost 13 percent in the fourth quarter of 2012 as a result of a higher effective tax rate and higher pension, tree trimming and system maintenance costs.
CL&P, the state’s biggest electric utility provider, earned $72.5 million in the fourth quarter and $242.6 million for the full year, excluding $38.4 million in after-tax merger and related settlement costs, Northeast Utilities reported Feb. 19.
That compares to fourth quarter 2011 earnings of $83.1 million and full-year 2011 earnings of $262.5 million, excluding $17.9 million in storm-related costs.
Excluding $2.1 million in after-tax merger-related costs, Northeast Utilities earned $176.8 million, or 56 cents per share, in the fourth quarter, down from fourth quarter 2011 earnings of 74 cents per share before merger and storm-related charges.