afternoon good Slide I start and Tom, you will eight. on Thank everyone.
cases, $XX.X Tom by expenses. higher distribution higher year partially rates Net of million fiscal share. was $X.XX or $X.X per million compared XXXX year growth announced to income As operating mentioned, $X.XX XXXX. by Hampshire recoupment fiscal supported New rate a today, increased with share offset income Earnings the net associated or we including
compared Slide to margin now million, distribution million December XX, XXXX. for rates customer and adjusted margin gross nine; months or Turning year $XX.X fiscal increase higher $X.X reflects The XX of growth. to X.X% electric the electric was increase an ended in
may decoupled and You retain New weather structures is variability with revenue growth. patterns. rates, usage electric associated approved under changing Effectively, removing recall now from our the Hampshire to cases in revenue rate allow all decoupling that recent customer us
of the service margin XX period were essentially to XXX gas gas Maine or higher normalized distribution X.X% the gross to compared to $XXX.X customer gas period months increase our same XXXX. the increase of only an and unit sales growth for compared was ended operations, in December rates, area, unchanged year-over-year. and XX, We colder prior XXXX, $XX.X adjusted weather. margin million reflects weather The non-decoupled million, Moving in winter same year of the added gas customers
year we an fiscal XXXX. provide to XX, Slide to bridge earnings on Moving comparing XXXX
and colder fiscal labor higher expenses million fees primarily costs, winter growth due As customer year as operating weather. increased maintenance costs. margin $X to largely and a $XX.X Operating distribution noted gross professional higher and combined of to adjusted rates, utility earlier, result XXXX, increased million
Depreciation rate other million case by of higher utility and of on million, and and Taxes plant higher interest property debt interest than taxes reflecting $X.X increased on amortization by amortization income increased higher $X.X higher on taxes costs. short-term reflecting utility payroll plant borrowings. million lower increased service levels and service. on offsets higher to long-term expense regulatory Interest and local higher interest $X.X due taxes partially by and assets
million due $X.X lower by decreased largely expenses retirement costs. benefit Other to
$X.X million lower Lastly, deferred associated with of the excess income taxes. taxes decreased taxes income accumulated flowback reflecting
regulatory of to Slide on wanted anticipated Moving agenda. our to provide an outlook XX, I
addition, base additional rate cases mechanisms, to filings our divisions. file gets busy We in we expect look continue Northern case customary capital this with to in Gas be tracking as main rate Fitchburg underway. forward for division providing details activity such Electric Utilities to We & as but our
Turning million. to distribution $XXX Slide our and Those our safety we've continued allow enhance totals modernization further XX; customer system, initiatives existing advance approximately will projected experience. the and ensure strategic refreshed reliability growth, for the our investment plan, investments five-year which of system
remains of potential remains long-run aside, X.X% additional and There our to vehicle utility-owned the supply-side rate facility. base for rate as upside electric anticipated projects growth in solar infrastructure, annual modernization such X.X%. Those grid
just increasingly electric gas over invest period. balanced we the forecast million throughout and investment operations $XXX between XXXX, expect In with to our mix
Slide XX our financing long-term provides plan.
be operations two be of We equity through a capital ensure less thirds of derived balanced to remainder from will a The continue cash properly debt roughly structure. flow to to dividends. funded expect the from majority funding and combination
adequate strong ensure credit is beginning liquidity. sheet facility to at of balance mentioned we upsized Our Tom by and XX% our as the this call,
and to recovery those S&P now to ratings Turning touch Slide solid capital I'd supporting to our Both consider strong investment-grade cost a our balanced XX; revenue with be decoupling cash on stable profile. and capital like ratings. timely Moody's strong briefly structure, financial flows,
rates from As FFO debt risk report S&P's as lowered excellent Tom our to and mentioned, most XX% threshold recent to downgrade business the XX%.
a threshold that ratio above basis, median. peer working the our well from throughout now flow relative debt On remain group total to our expect capital less forecast cash operations to of exceeds period. We
like to refinancing attention the Lastly, draw debt light over which schedule, to coming I our needs years. has would relatively maturity
profile. long-term On we variable be have balance, no are we credit reminder, we to a able rate attractive As will main our debt. confident
format our growth illustrating guidance. XX, Moving somewhat on different prior to our Slide we've earnings share presentations, per to long-term a provided
we long-term X%. mentioned, range in of X% growth to we've to the EPS As continue see
We continues based decoupled distribution targets, rate highlighting that to worth may earnings XXXX and to be decoupled a amount because monthly with visibility. on relative this that range. XXXX to illustrated be months. the quarterly place, EPS revenue this now of during We've expect generated It slide. be we chart Please that in well margin heating rates are structures on within stability note the additional have significant on revenue
consistent fairly expect Lastly, XXXX despite maintenance our discipline. financial and with operating reflecting expense be relatively and continuing inflation, operating XXXX, we to high
for at bringing target the reflects confidence of range. XX, and our execute annualized the plan increase our that midpoint our consecutive us per second dividend $X.XX we $X.XX on of Directors we strategic the Next, ability an This on increase in to share have Slide are year, to the dividend our accelerated payout basis. pleased our Board of keeps ratio squarely
our term. Staying over within the growth our should approximate our growth earnings long dividend range, target
range will evaluate our We relative dividend in acceleration years. future target payout further to
And back to with that, Tom. turn it I will over
