CenterPoint Energy Inc on Thursday raised its full-year profit outlook and announced that chief executive officer David Lesar will retire early next year.

The Houston, Texas-based company announced that Jason Wells will replace 70-year-old Lesar, who has been CEO and president since June 2020, and will take on the role in January next year.

CenterPoint Energy said it sees its 2023 adjusted profit between $1.49 per share and $1.51 per share, up from its previously stated range of $1.48 per share to $1.50 per share as higher utility revenues offset rising interest rate expenses.

Utility companies like CenterPoint Energy benefit when areas of service experience warmer or cooler weather, creating demand for electricity to power various appliances.

The company saw its utility revenue in the third quarter, which saw the hottest September on record in parts of the country that CenterPoint services, rise to $1.85 billion from $1.83 billion in the previous quarter.

CenterPoint Energy also initiated its 2024 adjusted profit per share forecast between $1.61 and $1.63.

The company increased its 10-year capital plan by $500 million to $43.9 billion through 2030.

(Reporting by Saikeerthi in Bengaluru; Editing by Tasim Zahid)