NSTAR Earnings, Profits Drop
NSTAR, the utility serving parts of Massachusetts, saw a drop in profits in the fourth quarter of 2010, due to the cost of merging with Northeast Utilities.
The company reported its net income fell to $46.7 million for the quarter, from $47.6 million in the same period last year. NStar spent $6 million on costs related to the merger.
The company's operating revenues from continuing operations fell 2.4 percent to $697 million for the quarter.
For the full year, NSTAR's operating revenues from continuing operations fell 4.5 percent to $2.9 billion. However, its profits rose by 39.4 percent to $353 million, thanks to the gain from selling off some of its operations over the summer.
The company said it expects to close the merger with Northeast Utilities in the second half of 2011.
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