08:04 AM EST, 12/13/2024 (MT Newswires) -- TerraVest Industries ( TRRVF ) on Friday said fourth-quarter net income fell due to depreciation expenses, while revenue rose. The company also boosted its dividend by 17%.

Net income fell to $13.8 million, or $0.59 per diluted share, from $15.5 million, or $0.73 per diluted share. The decrease is mainly due to depreciation and amortization expense as a result of recent business acquisitions. TerraVest also incurred additional expenses in the development of a new product line.

Revenue rose 33% to $231 million, due to higher demand in the Service segment, and for compressed gas distribution equipment and for residential and commercial petroleum tanks, TerraVest said.

In its outlook, TerraVest said recent acquisitions have made a meaningful contribution and it expects this to continue into the next fiscal year.

Terravest will pay the increased dividend of $0.175 on Jan. 10.