Rate hikes and customer growth bring profits to CenterPoint

Rate increases and customer growth helped turn a profit last year for CenterPoint Energy, the monopoly electricity transmission and distribution company that serves the Houston area.

On Tuesday, the company reported a full year net income of $432 million, or $1  per share, compared to a loss of$692 million, or $1.61 per share, in 2015. Earnings for the fourth quarter were also up. The  company reported a $101 million gain, or $0.23 per share, compared to a loss of $509 million,  or $1.18 per share, in 2015.

While full year revenues were nearly flat — around $7.4 million for 2016 and 2015 — fourth quarter revenues rose 17 percent to $2.1 million from $1.8 million for the same period last year.