Today, UIL Holdings Corporation (NYSE:UIL) reported consolidated
net income of $15.8 million, or $0.28 per diluted share, in the
second quarter 2015, compared to $9.3 million, or $0.16 per diluted
share, in the second quarter 2014. For the first six months of
2015, consolidated net income was $73.4 million, or $1.28 per
diluted share, compared to $64.8 million, or $1.13 per diluted
share, for the same period in 2014.
Consolidated earnings for the second quarter and first six
months 2015 and 2014 include certain non-recurring items, which are
explained below.
- Merger-related expenses associated with
the pending merger of UIL and Iberdrola USA, Inc., recorded in the
second quarter and first six months of 2015
- Acquisition-related expenses associated
with the now-terminated proposed acquisition of Philadelphia Gas
Works recorded in the second quarter and first six months of
2014
- Transmission return on equity (ROE)
reserves recorded in the second quarter and first six months of
2015 related to ROE proceedings pending at the Federal Energy
Regulatory Commission (FERC)
Consolidated earnings, excluding the non-recurring items, for
the second quarter and first six months ended June 30 were:
Quarter ended June 30, Net
Income (Loss) - $M Earnings (Loss) per Share - Diluted 2015
2014 '15 vs '14 2015
2014 '15 vs '14 Consolidated
Earnings $ 15.8 $
9.3
$ 6.5 $
0.28
$
0.16
$ 0.12 Non-recurring items:
Merger/Acquisition-related expenses 0.1 5.0 (4.9 ) - 0.09 (0.09 )
Transmission ROE reserves (0.1 )
-
(0.1 ) -
-
- Consolidated Earnings, excl. non-recurring
items $ 15.8 $
14.3 $ 1.5
$ 0.28 $
0.25 $ 0.03
Year-to-date ended June 30, Net Income (Loss) - $M
Earnings (Loss) per Share - Diluted 2015 2014
'15 vs '14 2015 2014
'15 vs '14 Consolidated Earnings $ 73.4 $ 64.8
$ 8.6 $ 1.28 $ 1.13 $ 0.15 Non-recurring items:
Merger/Acquisition-related expenses 4.1 11.9 (7.8 ) 0.07 0.21 (0.14
) Transmission ROE reserves 2.1
-
2.1 0.04
-
0.04 Consolidated Earnings,
excl. non-recurring items $ 79.6
$ 76.7 $
2.9 $ 1.39
$ 1.34 $
0.05
“Earnings improved for both the quarter and year-to-date,
compared to last year,” commented James P. Torgerson, UIL’s
president and chief executive officer. “Consolidated earnings for
the second quarter, excluding non-recurring items, increased $0.03
per diluted share, most of which was from improved results at our
gas distribution businesses. We continue to execute on our gas
expansion plan, adding 3,894 gas heating customers during the first
half of 2015 and remain optimistic that we will reach our goal of
12,000 conversions in 2015,” added Torgerson.
“Regarding the merger with Iberdrola USA, Inc., in response to
the issuance of a draft decision issued by the CT Public Utilities
Regulatory Authority (PURA), we withdrew our pending application on
July 7, 2015 and filed a new application with PURA on July 31,
2015. The new application provides more clarity about the short and
long-term benefits to our customers and the State,” added
Torgerson. “Besides the CT regulatory approval, we still need
approval from the MA Department of Public Utilities and shareholder
approval. The required Federal approvals have been received. We
still expect the merger to close by year-end 2015.”
“Lastly, we continue to execute on our growth initiatives such
as our recently announced equity investment in a natural gas
pipeline project in New England,” added Torgerson. “This project
not only fits well within our strategic growth initiative, it will
bring abundant, low-cost and critically needed natural gas supplies
to the heart of New England.”
Electric Distribution
The electric distribution business earned $10.5 million, or
$0.18 per diluted share, in the second quarter 2015, compared to
$11.2 million, or $0.20 per diluted share, in the second quarter
2014. The decrease in earnings for the quarter was primarily due to
adjustments associated with the completion of the Internal Revenue
Service’s examination of income tax years 2009 through 2012.
For the first six months of 2015, the electric distribution
business earned $21.8 million, or $0.38 per diluted share, compared
to $25.2 million, or $0.44 per diluted share, for the same period
in 2014. The decrease in earnings for the first six months was
primarily due to higher employee-related expenses, depreciation and
amortization expenses and taxes other than income taxes, as well as
adjustments associated with the aforementioned federal tax
audit.
Electric Transmission
The electric transmission business earned $7.8 million, or $0.14
per diluted share, in the second quarter 2015, compared to $9.0
million, or $0.15 per diluted share, in the second quarter 2014.
For the first six months of 2015, the electric transmission
business earned $14.3 million, or $0.25 per diluted share, compared
to $17.6 million, or $0.31 per diluted share, for the same period
in 2014.
Excluding the non-recurring transmission ROE reserves discussed
above, the electric transmission earnings for the quarter and first
six months of 2015 were:
Quarter ended June 30, Net
Income (Loss) - $M Earnings (Loss) per Share - Diluted 2015
2014 '15 vs '14 2015
2014 '15 vs '14 Electric
Transmission $ 7.8 $
9.0 $ (1.2 ) $
0.14 $ 0.15 $ (0.01 )
Transmission ROE reserves (0.1 )
-
(0.1 )
-
-
- Electric
Transmission, excl. non-recurring item $ 7.7
$ 9.0
$ (1.3 ) $ 0.14
$ 0.15 $
(0.01 ) Year-to-Date June 30,
Net Income (Loss) - $M Earnings (Loss) per Share - Diluted 2015
2014 '15 vs '14 2015
2014 '15 vs '14 Electric
Transmission $ 14.3 $ 17.6 $ (3.3 ) $ 0.25 $ 0.31 $ (0.06 )
Transmission ROE reserves 2.1
-
2.1 0.04
-
0.04 Electric Transmission,
excl. non-recurring item $ 16.4
$ 17.6 $
(1.2 ) $ 0.29 $
0.31 $
(0.02 )
The decrease in earnings for both the quarter and the first six
months was primarily due to a lower ROE as a result of the FERC’s
October 2014 order in the transmission ROE proceedings.
Gas Distribution
The gas distribution businesses earned $1.4 million, or $0.02
per diluted share, in the second quarter 2015, compared to a loss
of $2.2 million, or $0.04 per diluted share, in the second quarter
2014. The increase in earnings was primarily due to lower
uncollectible expense, lower corporate charges and the absence of
earnings sharing recorded in the second quarter of 2014.
For the first six months of 2015, the gas distribution business
earned $42.6 million, or $0.74 per diluted share, compared to $36.8
million, or $0.64 per diluted share, in the same period in 2014.
The increase in earnings was primarily due to colder weather in the
first quarter 2015 compared to the first quarter 2014, lower
uncollectible expense, increased customer growth and the absence of
earnings sharing recorded in 2014, partially offset by higher
employee-related expenses.
The gross margin impacts from weather, normalized usage per
customer and customer growth are presented in the table below:
Estimated Impact of Weather, NUPC and Customer Growth
(In Thousands)
2Q '15 vs. 2Q '14 YTD '15 vs. YTD '14
Gross Margin Gross Margin favorable/(unfavorable)
favorable/(unfavorable) Weather(1) $ (515 ) $
6,150 Normalized usage per customer 191 (690 ) Decoupling
adjustment 113
(2,204 )
Subtotal $ (211 )
$ 3,256 Customer Growth(2) 990
3,176
Total
$ 779 $
6,432
(1)
Excluding weather insurance payouts of
$0.5M & $2.2M, pre-tax, recorded in the 2Q & YTD '14,
respectively
(2)
Based on new business growth only
Corporate
Corporate costs were $3.9 million, after-tax, or $0.06 per
diluted share, in the second quarter 2015, compared to costs of
$8.7 million, after-tax, or $0.15 per diluted share, in the second
quarter 2014. For the first six months of 2015, Corporate costs
were $5.3 million, after-tax, or $0.09 per diluted share, compared
to costs of $14.8 million, or $0.26 per diluted share, for the same
period in 2014.
Excluding the non-recurring merger/acquisition-related expenses
discussed above, Corporate costs for the quarter and first six
months of 2015 were:
Quarter ended June 30, Net
Income (Loss) - $M Earnings (Loss) per Share -
Diluted 2015 2014 '15 vs
'14 2015 2014 '15 vs '14
Corporate $ (3.9 ) $
(8.7 ) $ 4.8 $
(0.06 ) $ (0.15 )
$ 0.09 Merger/Acquisition-related
expenses 0.1
5.0
(4.9 ) -
0.09
(0.09 ) Corporate, excl. non-recurring item $
(3.8 ) $ (3.7 )
$ (0.1 ) $ (0.06 )
$ (0.06 ) $
- Year-to-date ended June 30, Net Income (Loss) - $M
Earnings (Loss) per Share - Diluted 2015 2014
'15 vs '14 2015 2014
'15 vs '14 Corporate $ (5.3 ) $ (14.8 ) $ 9.5
$ (0.09 ) $ (0.26 ) $ 0.17 Merger/Acquisition-related expenses
4.1
11.9 (7.8 )
0.07
0.21 (0.14
) Corporate, excl. non-recurring item $ (1.2 )
$ (2.9 ) $
1.7 $ (0.02 ) $
(0.05 ) $ 0.03
The decrease in Corporate costs for the first six months of 2015
was primarily due to increased returns on shared capital
assets.
Segment details for UIL’s results for the second quarter and
first six months of 2015, compared to the same periods in 2014, are
presented in the table below:
Net Income (Loss) -
$M Quarter ended June
30, Six months ended June 30, 2015
2014 '15 vs '14 2015 2014 '15 vs
'14 Electric Distribution $ 10.5 $
11.2 $ (0.7 ) $ 21.8 $
25.2 $ (3.4 ) Electric Transmission 7.7 9.0
(1.3 ) 16.4 17.6 (1.2 ) Gas Distribution 1.4
(2.2 ) 3.6
42.6 36.8
5.8 Operating Companies 19.6
18.0 1.6 80.8 79.6 1.2 Corporate (3.8 )
(3.7 ) (0.1 )
(1.2 ) (2.9 )
1.7
Subtotal $ 15.8
$ 14.3 $ 1.5 $ 79.6
$ 76.7 $ 2.9 Merger and
acquisition-related expenses (0.1 ) (5.0 ) 4.9 (4.1 ) (11.9 ) 7.8
Transmission ROE reserves 0.1
- 0.1
(2.1 ) -
(2.1 )
Consolidated Earnings $
15.8 $ 9.3
$ 6.5 $
73.4 $ 64.8
$ 8.6 Earnings
(Loss) Per Share Quarter ended June 30, Six
months ended June 30, 2015 2014 '15 vs
'14 2015 2014 '15 vs '14 Electric
Distribution $ 0.18 $ 0.20 $ (0.02 ) $ 0.38 $ 0.44 $ (0.06 )
Electric Transmission 0.14 0.15 (0.01 ) 0.29 0.31 (0.02 ) Gas
Distribution 0.02
(0.04 ) 0.06 0.74
0.64 0.10
Operating Companies 0.34 0.31 0.03 1.41 1.39 0.02
Corporate (0.06 )
(0.06 ) - (0.02 )
(0.05 ) 0.03
Subtotal $ 0.28 $ 0.25 $
0.03 $ 1.39 $ 1.34 $
0.05 Merger and acquisition-related expenses - (0.09
) 0.09 (0.07 ) (0.21 ) 0.14 Transmission ROE reserves
- -
- (0.04 ) -
(0.04 )
Consolidated Earnings
$ 0.28 $
0.16 $ 0.12
$ 1.28 $
1.13 $ 0.15
Avg. Shares - diluted (M) 57.2 57.1 57.2 57.1 Amounts
may not add due to rounding
Looking Forward
UIL’s consolidated earnings for 2015 are expected to be in the
range of $126-$134 million, or $2.19-$2.34 per diluted share,
compared to previously reported estimate of $126-$137 million, or
$2.19-$2.39 per diluted share Excluding the non-recurring items,
2015 consolidated earnings are expected to be in the range of
$132-$140 million, or $2.30-$2.45 per diluted share, compared to
previously reported estimate of $132-$143 million, or $2.30-$2.50
per diluted share. Consolidated earnings guidance has been revised
to reflect the revised earnings guidance for the Gas Distribution
businesses. Earnings for the Gas Distribution businesses have been
revised to $54-$58 million, or $0.95-$1.02 per diluted share,
compared to the previously reported estimate of $54-$60 million, or
$0.95-$1.05 per diluted share. The revision is mainly due to the
earnings impact related to the gas repair work required in the
second quarter 2015 as a result of the colder than normal winter
weather.
Guidance for all other business segments remains unchanged.
Category
Approximate
NetIncome(1)
EPS - diluted(2) Electric Distribution $46 -
$54 $0.80 - $0.95 Electric Transmission(3) $33 - $38 $0.57 - $0.67
Total Electric $80 - $92 $1.40 - $1.60
Gas Distribution $54 - $58 $0.95 - $1.02
Operating
Companies $135- $144 $2.35 - $2.52 UIL
Corporate ($7) - ($5) ($0.13) - ($0.08)
Total UIL
Holdings, excl. non-recurring items $132 - $140 $2.30
- $2.45 Non-recurring item - Merger-related
expenses(4) ($4) - ($4) ($0.07) - ($0.07)
Non-recurring item - Regulatory reserves ($2) - ($2) ($0.04)
- ($0.04)
Total UIL Holdings(5)
$126 - $134
$2.19 - $2.34
(1)
Rounded to the nearest million
(2)
Assumes approximately 57.3 million average
shares outstanding
(3)
Excludes any adjustments that may result
from the FERC ROE complaints
(4)
Merger-related expenses through June 30,
2015; projected merger related expenses excluded
(5)
Expectations are not expected to be
additive
Second quarter 2015 earnings conference
call
UIL will conduct a webcast conference call with financial
analysts on Thursday, August 6, 2015, beginning at 10:00 a.m.
eastern time. UIL’s executive management will present an overview
of the financial results followed by a question and answer session.
Interested parties, including analysts, investors and the media,
may listen live via the internet by logging onto the Investors
section of UIL’s website at http://www.uil.com. Institutional
investors can access the call via Thomson Street Events
(www.streetevents.com), a password-protected event management
site.
Headquartered in New Haven, Connecticut, UIL Holdings
Corporation (NYSE:UIL) is a diversified energy delivery company
serving a total of approximately 727,000 electric and natural gas
utility customers in 67 communities across two states, with
combined total assets of over $5 billion.
UIL Holdings is the parent company for The United Illuminating
Company (UI), Connecticut Natural Gas Corporation (CNG), The
Southern Connecticut Gas Company (SCG), and The Berkshire Gas
Company (Berkshire), each more than 100 years old. UI provides for
the transmission and delivery of electricity and other energy
related services for Connecticut’s Greater New Haven and Bridgeport
areas. SCG and CNG are natural gas distribution companies that
serve customers in Connecticut, while Berkshire serves natural gas
customers in western Massachusetts. UIL Holdings employs
approximately 1,900 people in the New England region. For more
information on UIL Holdings, visit http://www.uil.com.
Use of Non-GAAP Measures
UIL believes that a breakdown presented on a net income and per
share basis by line of business is useful in understanding the
change in the results of operations of UIL Holdings’ lines of
business from one reporting period to another and in evaluating the
actual and projected financial performance and contribution of
UIL’s lines of businesses. Earnings per share (EPS) by business is
a non-GAAP (not determined using generally accepted accounting
principles) measure that is calculated by taking the pre-tax
amounts determined in accordance with GAAP of each line of
business, and applying the effective statutory federal and state
tax rate and then dividing the results by the average number of
diluted shares of UIL Holdings’ common stock outstanding for the
periods presented. Any such amounts provided are provided for
informational purposes only and are not intended to be used to
calculate "Pro-forma" amounts.
UIL also believe presenting earnings excluding certain
non-recurring items, including as presented in the net income
discussion and in the earnings guidance section, is useful in
understanding and evaluating actual and projected financial
performance and contribution of UIL Holdings and to more fully
compare and explain our results without including the impact of the
non-recurring items. Non-GAAP financial measures should not be
considered as alternatives to UIL Holdings’ consolidated net income
or EPS determined in accordance with GAAP as indicators of UIL
Holdings’ operating performance.
Forward-Looking Statements
Certain statements contained in this communication regarding
matters that are not historical facts, are forward-looking
statements (as defined in the Private Securities Litigation Reform
Act of 1995). These include statements regarding management’s
intentions, plans, beliefs, expectations or forecasts for the
future. Such forward-looking statements are based on our
expectations and involve risks and uncertainties; consequently,
actual results may differ materially from those expressed or
implied in the statements. In addition, risks and uncertainties
related to our proposed merger with Iberdrola USA include, but are
not limited to, the expected timing and likelihood of completion of
the pending merger, including the timing, receipt and terms and
conditions of any required governmental and regulatory approvals of
the pending merger that could reduce anticipated benefits or cause
the parties to abandon the transaction, the ability to successfully
integrate the businesses, the occurrence of any event, change or
other circumstances that could give rise to the termination of the
merger agreement, the possibility that UIL shareowners may not
approve the merger agreement, the risk that the parties may not be
able to satisfy the conditions to the proposed merger in a timely
manner or at all, risks related to disruption of management time
from ongoing business operations due to the proposed merger, the
risk that any announcements relating to the proposed merger could
have adverse effects on the market price of UIL common stock, and
the risk that the proposed transaction and its announcement could
have an adverse effect on the ability of UIL to retain and hire key
personnel and maintain relationships with its suppliers, and on its
operating results and businesses generally.
New factors emerge from time to time and it is not possible for
us to predict all such factors, nor can we assess the impact of
each such factor on the business or the extent to which any factor,
or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
These risks, as well as other risks associated with the merger, was
more fully discussed in the proxy statement/prospectus that was
included in the Registration Statement on Form S-4 that was filed
with the Securities and Exchange Commission (SEC) in connection
with the merger. Additional risks and uncertainties are identified
and discussed in UIL’s reports filed with the SEC and available at
the SEC’s website at www.sec.gov. Forward-looking statements
included in this release speak only as of the date of this release.
UIL does not undertake any obligation to update its forward-looking
statements to reflect events or circumstances after the date of
this release.
Important Information For Investors And Shareholders
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. This communication may be deemed to be
solicitation material in respect of the proposed transaction
between UIL and Iberdrola USA. In connection with the proposed
merger between UIL and Iberdrola USA, Iberdrola USA has filed with
the SEC a registration statement on Form S-4 containing a
preliminary prospectus of Iberdrola USA and a preliminary proxy
statement of UIL. UIL AND IBERDROLA USA URGE INVESTORS AND
SHAREHOLDERS TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS
REGARDING THE PROPOSED MERGER WHEN IT BECOMES AVAILABLE, AS WELL AS
ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE
SEC, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED TRANSACTION. This communication is not a
substitute for the registration statement, definitive proxy
statement/prospectus or any other documents that Iberdrola USA or
UIL may file with the SEC or send to shareholders in connection
with the proposed merger.
You may obtain copies of all documents filed with the SEC
regarding the proposed transaction (when available), free of
charge, at the SEC’s website (www.sec.gov). Copies of the documents
filed with the SEC by UIL are also available free of charge on
UIL’s website at www.uil.com or by contacting UIL’s Investor
Relations Department at 203-499-2409. UIL will mail the definitive
proxy statement/prospectus to its shareholders when it becomes
available.
Participants in Solicitation
UIL and its directors and executive officers, and Iberdrola USA
and its directors and executive officers, may be deemed to be
participants in the solicitation of proxies from the holders of UIL
common stock in respect of the proposed transaction. Information
about UIL’s executive officers and directors is set forth in UIL’s
definitive proxy statement for its 2015 Annual Meeting of
Shareholders, which was filed with the SEC on April 1, 2015. Other
information regarding the interests of such individuals, as well as
information regarding Iberdrola USA’s directors and executive
officers, is set forth in the proxy statement/prospectus, which is
included in Iberdrola USA’s registration on Form S-4 filed with the
SEC. You may obtain free copies of these documents as described in
the preceding paragraph.
The following are summaries of UIL’s unaudited consolidated
financial information for the second quarter and first six months
of 2015:
UIL HOLDINGS CORPORATION
CONSOLIDATED STATEMENT OF INCOME (In Thousands except per
share amounts) (Unaudited) Three Months
Ended Six Months Ended June 30, June 30,
2015 2014 2015 2014 Operating
Revenues $ 312,007 $ 334,794
$ 896,060 $ 905,956
Operating Expenses Operation Purchased power
36,715 32,679 133,817
85,809 Natural gas purchased 40,101 76,557 214,621
291,482 Operation and maintenance 103,004 102,700 204,351 195,577
Transmission wholesale 17,988 19,064 37,697 39,975 Depreciation and
amortization 39,380 36,512 82,664 76,830 Taxes - other than income
taxes 31,834 30,541 73,149 70,077 Merger and acquisition-related
expenses 93 469
6,795 5,520
Total Operating Expenses 269,115
298,522 753,094
765,270
Operating Income
42,892 36,272
142,966
140,686
Other Income and (Deductions), net
Acquisition-related bridge facility fees - (7,926 ) - (14,339 )
Other income and (deductions) 4,294
4,624 8,662
8,486 Total Other Income and
(Deductions), net 4,294
(3,302 ) 8,662
(5,853 )
Interest Charges, net Interest on
long-term debt 22,217 22,448 44,442 44,900 Other interest, net
1,404 392
2,636 567
23,621 22,840 47,078 45,467 Amortization of debt expense and
redemption premiums 609
607 1,216
1,214 Total Interest Charges, net
24,230 23,447
48,294 46,681
Income from Equity Investments
3,940 3,520
6,876 6,906
Income Before Income Taxes 26,896 13,043 110,210 95,058
Income Taxes 11,050
3,740 36,755
30,290
Net
Income 15,846 9,303 73,455 64,768
Less: Preferred
Stock Dividends of Subsidiary, Noncontrolling Interests
7 (40 )
14 (27 )
Net
Income attributable to UIL Holdings $ 15,839
$ 9,343 $ 73,441 $
64,795
Average Number of Common
Shares Outstanding - Basic 56,950 56,842 56,918 56,814
Average Number of Common Shares Outstanding - Diluted 57,241
57,102 57,229 57,079
Earnings Per
Share of Common Stock - Basic: $ 0.28 $
0.16 $ 1.29 $
1.14
Earnings Per
Share of Common Stock - Diluted: $ 0.28 $
0.16 $ 1.28 $
1.13
Cash Dividends Declared per share of
Common Stock $ 0.432 $ 0.432
$ 0.864 $ 0.864
UIL HOLDINGS CORPORATION CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME (Thousands of Dollars)
(Unaudited) Three Months Ended Six Months
Ended June 30, June 30, 2015 2014
2015 2014 Net Income $ 15,846 $ 9,303 $
73,455 $ 64,768
Other Comprehensive Income (Loss), net of income
taxes Changes in unrealized gains (losses) related to pension
and other post-retirement benefit plans (57 ) 170 216 231 Other
(8 ) (4 )
(1 ) 8 Total Other Comprehensive
Income (Loss), net of income taxes (65 ) 166 215 239
Comprehensive Income 15,781 9,469 73,670 65,007
Less:
Preferred Stock Dividends of Subsidiary, Noncontrolling Interests
7 (40 )
14 (27 )
Comprehensive
Income Attributable to UIL Holdings $ 15,774
$ 9,509 $ 73,656 $
65,034
UIL HOLDINGS
CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30, December 31, (thousands of dollars)
2015 2014
ASSETS Current
assets $ 666,105 $ 670,096 Other
investments 140,258 139,972 Net property, plant and equipment
3,407,309 3,292,690 Regulatory assets 681,091 687,198 Goodwill
266,205 266,205 Deferred charges and other assets
40,194 55,774 Total Assets $
5,201,162 $ 5,111,935
LIABILITIES AND CAPITALIZATION Current liabilities $ 448,278
$ 495,558 Deferred income taxes 608,290 585,335 Regulatory
liabilities 509,758 491,896 Other noncurrent liabilities
478,772 459,476 Total
Liabilities 2,045,098 2,032,265 Long-term debt, net of
unamortized discount and premium 1,758,987 1,711,349 Preferred
stock of subsidiary 119 119 Net common stock equity
1,396,958 1,368,202 Total
Capitalization 3,156,064 3,079,670 Total Liabilities
and Capitalization $ 5,201,162 $
5,111,935
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version on businesswire.com: http://www.businesswire.com/news/home/20150805006559/en/
UIL Holdings CorporationAnalyst:Susan
Allen, 203-499-2409orMedia:Michael West
Jr., 203-499-3858
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