This excerpt taken from the NST 8-K filed Oct 25, 2007.
NSTAR Reports Third Quarter 2007 Results
Boston, MA -- NSTAR (NYSE: NST) today reported earnings of $84.2 million, or $0.79 per common share, for the third quarter of 2007, compared to $76.7 million, or $0.72 per share reported for the same period in 2006.
Chairman, President and Chief Executive Officer Thomas J. May said, 2007 has been a very solid year for NSTAR from both a financial and operational perspective. Our financial performance in the third quarter reflects stable economic conditions, positive impacts of our seven-year rate plan and improved revenues in our transmission business, and overall, is consistent with our expectations.
May continued With respect to operations, clearly the investments of more than $1 billion we have made over just the last three years to provide a superior customer experience are paying off. All of our reliability and customer service performance measures remain at very high levels, compare very favorably to our peers and continue to improve. Performance like this is key to our continued and future success.
Customers attitudes about energy and the environment are changing. Massachusetts is in the forefront of these changes. At NSTAR, we are committed to working collaboratively to develop a comprehensive approach to addressing energy issues, including procuring renewable energy, empowering customers via energy efficiency and demand reduction programs, facilitating efficient energy market solutions and developing appropriate legislative and regulatory frameworks on energy matters, May concluded.
Earnings per share for the third quarter of 2007 were $0.79, an increase of $0.07 or 9.7%, compared to $0.72 for the same period last year. Factors that contributed to the increase in the quarters earnings include revenues resulting from the seven-year rate agreement that became effective January 1, 2006, an increase in transmission revenues and positive tax outcomes. These factors were offset, in part, by an increase in operations and maintenance expense and a decreased contribution from non-utility operations.
The company also reported earnings of $2.08 per share for the twelve-month period ended September 30, 2007 compared to $1.92 per share for the same period in 2006. The company is maintaining its earnings guidance of $2.02 $2.12 for the year assuming normal fourth quarter weather conditions.
Comparative unaudited results for the third quarter and twelve-month periods were as follows (a):