Electric and gas utility parent Eversource said its fourth-quarter profits fell 2.6 percent, largely because of higher operating expenses.
Eversource, co-headquarters in Hartford and Boston, reported net income of $231.3 million, or 73 cents per diluted share, for the quarter ended Dec. 31, 2018. That was down from $237.4 million, or 75 cents per share, in the fourth quarter of 2017.
While operating revenue grew more than 7 percent, from $1.9 billion t $2.03 billion, operating expenses outpaced it, growing by more than $183 million.
For the full year, Eversource booked net income of $1.03 billion, $3.25 per share, up from $988 million, $3.11 per share, in 2017.
For 2019, the company projects earnings of between $3.40 and $3.50 per share.
Correction: An earlier version of this story misstated Eversource’s 2017 full-year revenue. It was $988 million.
