UIL Holdings posts slightly higher 3Q profit

UIL Holdings 3rd-quarter net income edges higher as cost reduction offsets revenue decrease

• On 5:44 pm EDT, Friday October 30, 2009

NEW HAVEN, Conn. (AP) -- UIL Holdings Corp., the holding company for electric utility United Illuminating Co., said Friday its third-quarter profit edged higher a reduction in operating costs more than offset a decrease in revenue.

The company earned $21.7 million, or 73 cents per share, compared with a profit of $21.5 million, or 85 cents per share, in the same period a year earlier. The latest quarter's earnings per share were lower because the company had more outstanding shares.

Revenue fell 8 percent to $255.2 million from $278.7 million.

Analysts projected profit of 72 cents per share on sales of $292.7 million, according to a poll by Thomson Reuters.

UIL forecast full-year earnings in a range of $1.97 to $2.07 per share. Analysts forecast income of $1.91 per share.

The company also said it expects earnings from continuing operations between $1.87 and $1.97 per share.

Shares closed down 65 cents, or 2.5 percent, at $25.68.