NU 3Q net slumps

Hartford electric-gas utility Northeast Utilities said third-quarter earnings slumped due to the weak economy and mild summer temperatures.

The parent of Connecticut Light & Power and Yankee Gas System earned $64.8 million, or 37 cents per share, in the three months ended Sept. 30, down from $72.7 million, or 47 cents, the same period last year.

Revenues dropped to $1.3 billion in the most recent quarter from $1.5 billion a year earlier.

NU Chairman and CEO Charles Shivery said earnings were in line with its expectations and that the company sticks by its full-year profit projection of $1.80 to $1.90 a share.

NU also delivers electricity in New Hampshire and western Massachusetts.

Results were also hurt by the absence of one-time tax and hedging gains the company recognized in the third quarter of 2008.

Analysts polled by Thomson Reuters estimated a profit of 38 cents per share, on average. Analysts typically exclude one-time items.

The company also predicted 2010 earnings between $1.80 per share and $2 per share. Analysts forecast a profit of $1.94 per share.

The company expects to spend $960 million on capital projects in 2009, and projected spending of about $6.4 billion from 2010 through 2014, including $1.1 billion in 2010. (AP)