UIL Holdings Corp. (UIL, Financial) filed Quarterly Report for the period ended 2012-09-30.
Uil Holdings Corporation has a market cap of $1.81 billion; its shares were traded at around $35.36 with a P/E ratio of 18.7 and P/S ratio of 1.2. The dividend yield of Uil Holdings Corporation stocks is 4.8%.
As of September 30, 2012, UI s equity investment in GenConn was $125.3 million. UI s income from its equity investment in GenConn was $11.8 million and $8.2 million for the nine month periods ended September 30, 2012 and 2011, respectively. For the three month periods ended September 30, 2012 and 2011, such income was $3.4 million and $3.5 million, respectively. During the three and nine month periods ended September 30, 2012, UI received cash distributions from GenConn of $4.7 million and $17.6 million, respectively. As of September 30, 2012, there were no undistributed earnings from UI s equity investment in GenConn.
Overall, UI s operating revenue decreased by $3.7 million, from $220.8 million in the third quarter of 2011 to $217.1 million in the third quarter of 2012. Retail revenue increased $7.0 million, which was primarily due to a favorable customer mix. Also contributing to the increase in retail revenue was an increase in distribution sales volume in the third quarter of 2012 compared to the third quarter of 2011. Retail sales increased by 7 million kWh, from 1,612 million kWh in the third quarter of 2011, to 1,619 million kWh in the third quarter of 2012. Retail sales normalized for the weather impact increased 48 million kWh, from 1,513 million kWh in the third quarter of 2011, to 1,561 million kWh in the third quarter of 2012. Other revenues decreased $9.8 million, which was primarily attributable to the net activity of the GSC “working capital allowance” due to timing difference, lower transmission revenue as well as the distribution revenue decoupling adjustment.
Overall, UI s operating revenue decreased by $15.7 million, from $602.5 million in the first nine months of 2011 to $586.8 million in the first nine months of 2012. Retail revenue decreased $32.1 million, which was primarily attributable to decreases in distribution sales volume resulting from warmer temperatures in the first two quarters of 2012 compared to the first two quarters of 2011. Retail sales decreased by 140 million kWh, from 4,298 million kWh in the first nine months of 2011, to 4,158 million kWh in the first nine months of 2012. Retail sales normalized for the weather impact decreased 49 million kWh, from 4,178 million kWh in the first nine months of 2011, to 4,129 million kWh in the first nine months of 2012. Other revenues increased $18.5 million, which was primarily attributable to higher transmission revenue, SBC “working capital allowance” due to timing difference as well as the distribution revenue decoupling adjustment.
The Gas Companies operating revenue decreased by $117.4 million, from $594.0 million in the first nine months of 2011 to $476.6 million in the first nine months of 2012. The decrease was primarily attributable to lower sales volume due to warmer weather, as well as lower natural gas prices. Retail sales decreased by 6.2 million mcf, from 54.7 million mcf in the first nine months of 2011, to 48.5 million mcf in the first nine months of 2012. Temperatures were warmer in the first nine months of 2012 compared to the first nine months of 2011 which resulted in a 20.9% decrease in heating degree days. Compared to normal temperatures for the first nine months of 2012, there was a 21.2% decrease in heating degree days. Fluctuations in natural gas prices have no impact on net income, because the cost associated with such variances is passed through to customers.
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Uil Holdings Corporation has a market cap of $1.81 billion; its shares were traded at around $35.36 with a P/E ratio of 18.7 and P/S ratio of 1.2. The dividend yield of Uil Holdings Corporation stocks is 4.8%.
Highlight of Business Operations:
UI s CTA collection recovers costs that have been reasonably incurred, or will be incurred, to meet its public service obligations and that will likely not otherwise be recoverable in a competitive market. These “stranded costs” include above-market long-term purchased power contract obligations, regulatory asset recovery and above-market investments in power plants. A portion of UI s earnings is generated by the authorized return on the equity portion of unamortized stranded costs in the CTA rate base. UI s after-tax earnings attributable to CTA for the nine months ended September 30, 2012 and 2011 were $1.8 million and $3.1 million, respectively. A portion of UI s cash flow from operations is also generated from those earnings and from the recovery of the CTA rate base and other stranded costs. Cash flow from operations related to CTA amounted to $31.5 million and $31.8 million the nine months ended September 30, 2012 and 2011, respectively. The CTA rate base has declined from year to year for a number of reasons, including amortization of stranded costs, the sale of UI s nuclear units, and adjustments made through the annual PURA review process. The original rate base component of stranded costs, as of January 1, 2000, was $433 million. It has since declined to $39.8 million as of September 30, 2012. In the future, UI s CTA earnings will decrease while, based on UI s current projections, cash flow will remain fairly constant until stranded costs are fully amortized. Total CTA cost recovery is currently projected to be completed in 2015, with stranded cost amortization expected to end in 2013. The date by which stranded costs are fully amortized depends primarily upon PURA s future decisions and potential legislative activities, which could affect future rates of stranded cost amortization.As of September 30, 2012, UI s equity investment in GenConn was $125.3 million. UI s income from its equity investment in GenConn was $11.8 million and $8.2 million for the nine month periods ended September 30, 2012 and 2011, respectively. For the three month periods ended September 30, 2012 and 2011, such income was $3.4 million and $3.5 million, respectively. During the three and nine month periods ended September 30, 2012, UI received cash distributions from GenConn of $4.7 million and $17.6 million, respectively. As of September 30, 2012, there were no undistributed earnings from UI s equity investment in GenConn.
Overall, UI s operating revenue decreased by $3.7 million, from $220.8 million in the third quarter of 2011 to $217.1 million in the third quarter of 2012. Retail revenue increased $7.0 million, which was primarily due to a favorable customer mix. Also contributing to the increase in retail revenue was an increase in distribution sales volume in the third quarter of 2012 compared to the third quarter of 2011. Retail sales increased by 7 million kWh, from 1,612 million kWh in the third quarter of 2011, to 1,619 million kWh in the third quarter of 2012. Retail sales normalized for the weather impact increased 48 million kWh, from 1,513 million kWh in the third quarter of 2011, to 1,561 million kWh in the third quarter of 2012. Other revenues decreased $9.8 million, which was primarily attributable to the net activity of the GSC “working capital allowance” due to timing difference, lower transmission revenue as well as the distribution revenue decoupling adjustment.
Overall, UI s operating revenue decreased by $15.7 million, from $602.5 million in the first nine months of 2011 to $586.8 million in the first nine months of 2012. Retail revenue decreased $32.1 million, which was primarily attributable to decreases in distribution sales volume resulting from warmer temperatures in the first two quarters of 2012 compared to the first two quarters of 2011. Retail sales decreased by 140 million kWh, from 4,298 million kWh in the first nine months of 2011, to 4,158 million kWh in the first nine months of 2012. Retail sales normalized for the weather impact decreased 49 million kWh, from 4,178 million kWh in the first nine months of 2011, to 4,129 million kWh in the first nine months of 2012. Other revenues increased $18.5 million, which was primarily attributable to higher transmission revenue, SBC “working capital allowance” due to timing difference as well as the distribution revenue decoupling adjustment.
The Gas Companies operating revenue decreased by $117.4 million, from $594.0 million in the first nine months of 2011 to $476.6 million in the first nine months of 2012. The decrease was primarily attributable to lower sales volume due to warmer weather, as well as lower natural gas prices. Retail sales decreased by 6.2 million mcf, from 54.7 million mcf in the first nine months of 2011, to 48.5 million mcf in the first nine months of 2012. Temperatures were warmer in the first nine months of 2012 compared to the first nine months of 2011 which resulted in a 20.9% decrease in heating degree days. Compared to normal temperatures for the first nine months of 2012, there was a 21.2% decrease in heating degree days. Fluctuations in natural gas prices have no impact on net income, because the cost associated with such variances is passed through to customers.
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