credited the renewal

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QueVivaPSV

Banned
Dutch
What does 'credited the renewal' mean in this phrase:
Butler National Corp. credited the renewal of customer contracts and the introduction of new products and services as the primary reasons the company was able to return to profitability from recent losses.

It's a phrase from a news item about the financial results of Butler National Corp.

What does 'to credit' something?

News item

Thank you
 
  • Thomas Tompion

    Senior Member
    English - England
    To credit something with X, or to give something credit for X, is to say that the something was the cause of X, and so should be thanked for it, where X is a desirable outcome.

    In this case it means that Butler said that it returned to profitability thanks to the introduction of new products and services.
     

    Harry Batt

    Senior Member
    USA English
    In a sense, to credit something in commercial or financial circles is to give a reason for something. In the sentence furnished by the thread the author has used both credited and reasons for. One or the other could have been omitted. Eg. Butler National Corp. credited the renewal of customer contracts and the introduction of new products and services [as the primary reasons] so that the company was able to return to profitability from recent losses.
     
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