Eversource, parent company of Connecticut Light & Power among other regional utilities, reported an increase in net income for 2015 but a drop in fourth quarter profits.
Eversource, with joint headquarters in Hartford and Boston, reported 2015 net income of $878.4 million, up 6.7 percent from $819.5 million in 2015. Earnings per share for 2015 were $2.76, up from $2.58 in 2014.
Fourth quarter 2015 net income totaled $183.6 million, a 17.8 percent decrease from fourth quarter 2014 net income of $223.4 million. Earnings per share for for the fourth quarter were 57 cents, down from 69 cents for the same time frame in 2014.
The company reported fourth quarter earnings of $69.8 million for CL&P. That was down from 2014 fourth quarter earnings of $85.8 million. Annual revenues for 2015 were $293.8 million, up from $282.2 million for 2014.
The utility said in its earning report full year results benefited from higher revenues and lower operation and maintenance costs, partially offset by higher depreciation and property tax expenses. Lower fourth quarter results were due primarily to a higher effective tax rate, higher depreciation and property tax expense, and the impact of much warmer than normal weather on unit sales.
