Thank you, Slide X. begin Tom, good and afternoon, on everyone. will I
we noted, share $X.XX Tom per announced year $X.XX. fourth of share As quarter earnings per and of XXXX fiscal earnings
the divestiture normal one-time the share million due compared per for and winter gain $X.X divestiture year on is Usource, had energy to $X.XX income That As XXXX, of the reminder services. first XXXX. gain COVID-XX decrease primarily down million the or warmer to net pandemic. the $X.XX was than Adjusting recognized of a net per quarter non-regulated of for Unitil which provided $X.X or the share, in weather
X, sales margin. Slide discuss will to Turning I our
million. reflecting rates to reflected $X.X usage Those offset partially XXXX, XXXX. kilowatt an weather reflecting decreased summer together year was to $X December were effect residential combined weather. margin ended sales lower the COVID-XX Total in with increased unchanged electric associated of sales with warmer primarily $XX.X sales customer higher of XXXX. hour pandemic. gains warmer and the increase sales X.X%, Residential XX, the about relative X.X%, margin compared C&I due gross net and higher and to fiscal electric million, industrial COVID-XX commercial growth COVID the sales by of reflecting million, lower $X.X The increase environment of summer the million For million, were pandemic. $X.X
X. Slide to Moving
the again, sales, an of December the the million, decreased million. increases COVID-XX were was increase to million by $X.X customer decrease, warmer therm of sales, and year $X.X of $X.X industrial XXXX, million, higher pandemic. year-over-year. driven winter year-over-year. increase an weather decoupled usage down For of estimate fiscal margin pandemic. due million The and offset winter Relative ended partially X.X%, were estimated growth excluding attributed therm gross These effect by with lower $X.X of and was to principally $XXX.X $X.X COVID-XX by warm commercial to We weather-normalized X.X% historically the gas associated sales million was the natural in XXXX, weather gas rates
effect in the brought by we challenges the the served number of X%. of XXXX, pandemic. COVID-XX despite the X, Lastly, summarized gas On Slide customers increased
and bringing in per employee estimate effect and retention margins, pandemic the the closely on the under to Company's earnings recognition financial $X.XX $X.XX the pandemic quarter, gas We lower the share. offset lower somewhat effect provides was by affected Slide CARES by income annual various continue operating situation credit of categories. fourth The share potential Act. the monitor principal expenses an unfavorably statement any to We that health. on effect the X the effect per
ending Slide to to each year. provide earnings for analysis year fiscal bridge XXXX results XXXX we X, December Moving the XX an comparing
supplemental expenses. provided the the in the than this provided and In of statement Form XX-K. reconciliation to to As a layout of divestiture Form different effect as this is the XX-K the we revenues earnings the Usource the isolate we have slightly materials past, shown in presentation, accompanying and
million, was higher primarily than due decrease costs, expenses the by earlier, Core benefit million customer by operation the was with pandemic-related XXXX higher and and amortization in reflecting margin COVID-XX net taxes million driven and abatement million, largely noted by nonrecurring taxes $X.X reflecting property to of and levels service. higher plant same higher weather of in Depreciation XXXX. tax higher Taxes by maintenance and XXXX. income realized was million, XXXX $X.X rates $X.X than of winter by As warmer gross by service, a associated compared fees $X.X in decreased $X.X offset other employee lower offset levels growth, and plant pandemic. period partially and utility That increased to professional costs.
retirement reflecting Act. As rates noted $X.X primarily $X.X debt by increased recognized offset $X.X under long-term increase on partially partially Other offset credits expense higher costs. higher by the lower by expense by earlier, of million, increased the Interest due interest was million, million debt. levels, short-term payroll benefit CARES to
isolated net million, divestiture was gain XXXX. which XXXX. of through in effect revenues This expenses realized $XX.X million, Usource and includes the Next, of million realized which the after-tax and the of $X.X full $X.X reflects we've on the
Lastly, income were flat taxes year-over-year.
Turning now XX. to Slide
As plan, we've million. investment which about done projected in five-year totals the past, XX provides now $XXX Slide our
the investment X.X%, of ensure our in projects. remains our initiatives rate will additional system growth. this range of and planned with our experience. upside potential projection and modernization enhance base system, distribution customer investments and portfolio. growth the side We supporting Our long XX run for safety capital enable in our historical five-year grid largely line provides There existing grid electric to Slide the anticipate infrastructure, X.X% reliability to annual plan modernization growth, advance vehicle financing supply
operations dividends. a investments be remainder funded be of roughly will of by less funded flow our equity. two-thirds cash capital The expect debt will combination We and from through
ratio We financing target and earnings payout XX% requirements. us external continue XX%, to enabling dividend to a reduce range of reinvest to
request our an credit borrowing liquidity million ample New rate for through our the million. planned limit both our turning Northern facility, has regulatory by electric to to Unitil and division, Energy utility, Lastly, increase Slide our XX, outlook Utilities in Company natural our New utility. $XXX for of has beyond option a the active Hampshire capacity gas to $XX which filings And XXXX and distribution remains Hampshire and includes base Systems, and
New Hampshire of a the deficiency the case in allow to of begin order. typically portion filed the to for revenue prior final rate receiving Regulators collection a
reconciled Temporary rates the rate are become fully for We such effective XXXX in temporary rates final both expect to to companies. decision.
plan to also decoupling structures proposals file full in cases. We both for
patterns the are weather be mechanisms under customer will our a under back Hampshire, decoupling you increase it served now from of structures. XX% rates, Tom. effect I'll meters know, meters those usage served If revenue. decoupled New decoupling removes in significant As of currently the turn of from approved changing and XX% to
