By Ryan Randazzo | The Republic | azcentral.com
The parent company of Arizona Public Service Co. reported a 9.6 percent drop in fourth-quarter profit because of the mild weather that reduced electricity demand in October.
The mild October-December period followed one of the hottest summers on record, which allowed the company to boost its profit for the year despite the weak finish.
The company reported fourth-quarter profits of $24.3 million, or 22 cents per share, compared with $26.9 million, or 24 cents per share in the same quarter the prior year. The results exclude the losses from discontinued operations the company reported a year ago.
Revenue for the quarter rose to $699.7 million from $693.1 million in the same quarter a year ago.
