American States Water Co. said Thursday that its fourth-quarter profit rose 15 percent due to a favorable rate increase in California.

American states reported net income climbed 15 percent to $6.1 million (35 cents per share), falling short of Wall Street’s predictions of 37 cents per share.

The San Dimas-based utility said its results were spurred partly by general rate increases implemented by the California Public Utilities Commission which added $522,000 (2 cents per share) as well as funds from purchased power contracts.

Operating revenue for the quarter ended Dec. 31 increased 12 percent to $74 million, beating analysts’ expectations $65.7 million.

For the year, net income climbed 21 percent to $28 million ($1.61 per share), while operating revenues grew 12 percent to $301 million.

Shares in American States closed down 2.3 percent to $33.32.