Topeka Westar Energy Inc. says fourth-quarter profits surged 67 percent as it was able to recoup more of its operational costs and received tax incentives for investing and creating jobs in Kansas.
The Topeka-based utility on Friday reported earning $22.6 million, or 21 cents per share, compared with $13.5 million, or 15 cents per share, during the same period a year ago.
The results include a 17 percent increase in the number of shares, which the company sold to pay for capital improvements. It also included $15 million in tax incentives.
Revenue for the quarter rose 3.4 percent, from $392.9 million to $406.1 million. The company said retail revenues increased 6 percent as Westar was able to recover more of the cost for higher fuel prices and power it purchased from other companies. It also saw a 6 percent increase in revenue from energy it sold to other companies because of higher prices.
Analysts surveyed by Thomson Reuters had expected earnings of 23 cents per share on $385.5 million in revenue.