Eversource Energy (ES) has reported a 26.06 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $229.18 million, or $0.72 a share in the quarter, compared with $181.80 million, or $0.57 a share for the same period last year.
Revenue during the quarter grew 5.05 percent to $1,776.60 million from $1,691.23 million in the previous year period. Gross margin for the quarter expanded 368 basis points over the previous year period to 71.92 percent. Total expenses were 75.34 percent of quarterly revenues, down from 77.21 percent for the same period last year. This has led to an improvement of 187 basis points in operating margin to 24.66 percent.
Operating income for the quarter was $438.03 million, compared with $385.44 million in the previous year period.
“2016 was a year of continued strong earnings and dividend growth and the emergence of new opportunities for us to be the catalyst for clean energy development in New England,” said Jim Judge, Eversource Energy president and chief executive officer. “We envision 2017 to be a year during which many opportunities to enhance service and clean energy options for our customers advance, from bringing clean hydroelectric power into the region to enabling solar, energy storage, natural gas expansion, and off-shore wind development.”
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