Connecticut Water Service, Inc.
) reported second quarter earnings per share of 36 cents, in line
with the Zacks Consensus Estimate.
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Earnings were 9.1% higher than the year-ago figure of 33 cents.
The improvement in earnings was attributable to consistent
performance from its Services and Rentals segments.
Second quarter total revenue of $24.3 million was down 0.5% year
over year from $24.5 million in the year-ago quarter, but
surpassed the Zacks Consensus Estimate of $23 million by 5.6%.
Highlights of the Release
Total operating expenses in the reported quarter increased 5.8%
to $17.28 million, primarily due to the inclusion of operating
expenses of Biddeford & Saco Water Company (BSWC).
Operating income in the reported quarter increased 4.6% to $5.4
Interest expenses decreased 31% in the second quarter to $1.5
million from $2.1 million in the year-ago quarter primarily due
to refinancing of existing debts on favorable terms and lower
In addition, the positive regulatory outcome in its service
territories in the reported quarter is expected to benefit both
the company and its customers. The customers will have the
benefit of a two-year rate reduction and the company would
benefit from the timely implementation of the revenue adjustment
The RAM will enable Connecticut Water Service to recover the
difference between the actual revenues billed in a calendar year
and the revenues that the Public Utilities Regulatory Authority
(PURA) approved at the time of the last general rate proceeding
through an adjustment of customer bills. Any excess will be
returned to customers through a credit on bills.
Other Company Releases
Aqua America, Inc.
) announced second-quarter 2013 operating earnings of 38 cents
per share, 5.5% above the Zacks Consensus Estimate of 36 cents.
California Water Service Group
) announced second-quarter 2013 operating earnings of 28 cents
per share, in line with the Zacks Consensus Estimate.
Middlesex Water Company
) reported second-quarter 2013 earnings per share of 28 cents,
beating the Zacks Consensus Estimate by a penny.
Connecticut Water Service Inc. currently has a Zacks Rank #3