Connecticut Water Service, Inc.
) reported first quarter earnings per share of 24 cents, beating
the Zacks Consensus Estimate by a penny.
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Earnings were 9% higher than the year-ago figure of 22 cents. The
improvement in earnings was attributable to consistent
performance from its Water Activities, Services and Rentals
Highlights of the Release
First quarter total revenue of $21.5 million was up 6.4% year
over year from $20.2 million in the year-ago quarter and 7.5%
from the Zacks Consensus Estimate of $20 million.
The year-over-year outperformance was backed by the strength in
its core operations and contributions from Biddeford & Saco
Water Company (BSWC), which was acquired in Dec 2012.
Total operating expenses in the reported quarter increased 9.2%
to $16.37 million, primarily due to the inclusion of operating
expenses of BSWC.
Operating income in the reported quarter decreased 4.3% to $3.56
million mainly due to higher operating expenses.
Interest expenses decreased 36% in the first quarter to $1.3
million from $2.1 million in the year-ago quarter mainly due to
the redemption of debt. The refinancing of existing debts on
favorable terms also lowered interest expense.
Other Company Releases
Aqua America, Inc
) announced first-quarter 2013 operating earnings of 29 cents per
share, 7.4% above the Zacks Consensus Estimate of 27 cents.
California Water Service Group
) reported a loss of 3 cents in first-quarter 2013, wider than
the Zacks Consensus Estimate of a loss of 1 cent.
American Water Works Company Inc
) reported first quarter earnings per share of 32 cents, lagging
the Zacks Consensus Estimate of 34 cents by 5.9%.
Connecticut Water Service Inc. currently has a Zacks Rank #3