Thank begin Tom. morning, Slide Good everyone. you, on I'll X.
million distribution adjusted XXXX XXXX million operating share per compared higher per income net increase an customer in partially year fiscal by earnings XXXX. of offset were announced net we rates mentioned, higher results representing adjusted and $X.XX by or income expenses. share $XX.X growth, supported adjusted and Tom $X.XX, to $X.X of As of These
not the adjusted transaction costs reporting costs which ongoing of that exclude operations. are and earnings the Bangor of to related company's acquisition are Gas, We Natural indicative
revenues begin the of will as distribution electricity calls, was our $X.X on adjusted margin substantially for distribution I'll and higher Slide gas gross growth. electric margins. electric discuss of during I and in distribution are $XXX.X the the The to electric XXXX. our increase with reflects which electric company noted increase gross an The approximately XXXX. year Electric compared adjusted volume electric XXX eliminates of operations. to adjusted sales. to X. customers margin customer as revenue added gross million, rates compared decoupled, And prior Turning dependency million
XXX margin operations. for per gas rates, new an gross rates gross with the $XX.X XXXX. supported to gas million approximately gas adding growth higher gross of adjusted compared customers that Gas compared to was company's decoupling $XXX.X of XXXX. end and we At approximately in the margin XX% to adjusted decoupled customer gas increase XXXX, reflects company estimate by XXXX. gas the Moving were in margin $X.XX approximately million, distribution share the under The of increase customers and year adjusted
XXXX Slide XXXX. results We Moving an provide XX. bridge to earnings comparing to
for higher associated driven by by $XX.X million the of increased utility gross and Bangor lower and primarily costs, distribution transaction offset by customer million with rates Natural Gas This increased $X includes adjusted Operation acquisition. million, mentioned, just expenses the or I operating margin costs. partially reflecting labor maintenance year X.X%, costs approximately $X higher As growth. increase
these either and same $X is in increase or the Excluding The million including maintenance excluding inflation in to the and increased transaction period. operating maintenance costs, costs, compared X.X% expenses, approximately expenses operation or X.X% over XXXX. below of increase
and costs. increased service rate deferred depreciation orders, higher plant recent reflecting amortization rate and and $X.X of in higher in case and levels utility other rates Massachusetts approved amortization Depreciation million, higher Maine of
increased plant Taxes Interest million, interest higher levels taxes as by short-term retirement expense payroll higher income expense $X.X And $X.X regulatory Other local income by and interest costs. higher income lastly, well service million, largely borrowings taxes partially due on long-term expense higher reflecting taxes. increased debt, higher than million, higher increased $X.X reflecting and property higher other $X.X earnings. as utility on of offset benefit taxes assets. reflecting pretax higher million, increased on to
Turning XX. to Slide
the to share. for $X.XX are adjusted we which expect range $X.XX We of providing per earnings XXXX, be to guidance in
normal year experience. for consistent with and assumes weather guidance the Our growth customer recent
We quarterly on consistent also expected continue of a this earnings guidance. results been generally quarterly and our provide this with of to have our slide, the distribution graph
are We end slightly to above grown upper of long-term growth guidance we From long-term have guidance. earnings XXXX, our the our to of reaffirming X.X%, X% XXXX also X%. EPS
Moving to Slide XX.
is to our approximately guidance $XXX of higher X the million, rate investment capital which is within which We X.X% updated grow plan XXXX, through long-term our years. projected than range now plan have X.X%. X-year XX% to expected investment base totals This prior
rate XXXX. electric XXXX, outpace completion driven will electric rate the gas program growth modernization replacement growth in system base expect in and pipe by base of We our Maine
spending capital expect investments. we million as to make be XXXX, approximately continue we strategic and to In $XXX system necessary
would million and note include average Gas, annually, this I primarily million Bangor growth. supporting $X not does which $X Lastly, customer expected that is Natural between investment to plan
XXXX, FERC XX. State settlement in at with in agenda regulatory the gas our as State Massachusetts for Transmission Granite Fitchburg had for Turning Slide Granite cases to November electric a orders On FERC. XX, busy filed. Gas and Gas & Electric We rate and gas approved XXXX
an which of included $X a limited over capital revenue As represents costs. agreement reminder, The Section years, included also approximately to XX%. annual totaling X X settlement the increase settlement approximately filings of X a step million $XX next recover increase eligible the revenue million,
distribution New second we year. in Hampshire Unitil our a to the Electric intend Looking Systems, file forward, for case rate subsidiary, quarter Energy this of
Kingston to expect which will we the second be recovery rate of the We facility, also in Solar quarter. expect in seek this placed filing service
with of award of recovery award are rate reminder, of we revenue rate a providing any details within the final completion requested begin the the this case. as to our rate increase able activity recovering through temporary reconciled Hampshire, rate being of additional couple As filing. under portion look the initial fully are following We gets in forward to months Temporary underway. to a rates recouped case New a a
Slide XX. to Moving
strong while debt managing sheet top investment-grade obtained with plan, derived less mix flow continue majority we and We flow balanced remains expect continue our approximately risk. of be Maintaining from balance financing ratings a financing our from dividends have to X/X, strong of to updated operations funding, additional cash credit from priority, generate our a cash and long-term we and the where equity. to prudently
expect forward, ratio XX%. Looking we to XX% maintain debt between and our to FFO
facility extend provides our the million to from current financing September amended million to facility company's to for plan. $XXX flexibility liquidity we and additional the of to maturity $XXX borrowing This credit XXXX, January In the the limit increase increase XXXX. revolving and investment
increase Turning Directors brings $X.XX increase quarterly annualized increase dividend share basis. dividend the to to our of from an per has X.X% that Slide on The share to $X.XXX Board a XXXX by pleased share or annual XXXX. per or the $X.XX voted XX. I'm announce per in to
our to line firmly Our ability payout ratio target earnings growth. has years now, providing several in range within the grow dividend long-term our for been with
to will I the call back turn Tom. over now
