Cleco Boosts 4Q Profit With Higher Rates

PINEVILLE, La. (AP) — Power providerposted a 68 percent increase in fourth-quarter profit on the strength of higher rates.

The Pineville-based company also raised its stock dividend.

For the October-through-December period, Cleco earned $20.6 million, or 34 cents per share, up from $12.8 million, or 21 cents per share, for the fourth quarter of 2009.

Revenue rose 71 percent from $84.2 million to $144.1 million, primarily because of a retail rate increase and favorable weather

Cleco also announced late Thursday that it will increase its quarterly dividend from 25 cents per share to 28 cents per share. The higher dividend will be paid in May.