Connecticut Water Service Inc.CTWS reported first-quarter 2016 earnings of 28 cents per share, lagging the Zacks Consensus Estimate of 30 cents by 6.7%. Nevertheless, reported earnings remained flat year over year.
In the quarter under review, Connecticut Water's total revenue was $23.1 million, up 6.5% year over year. The increase in revenues is attributable to the recovery of costs for completed infrastructure replacement projects through the Water Infrastructure and Conservation Adjustment (WICA) in Connecticut and the Water Infrastructure Charge (WISC) in Maine, as well as a general rate increase in Maine's Biddeford division.
In the reported quarter, the company's total operating expenses were $17.5 million, up 10.1% year over year.
Connecticut Water's quarterly operating income declined 2.3% year over year to $4.2 million.
As of Mar 31, 2016, Connecticut Water's current assets were $29.3 million, compared with $36.2 million as of Mar 31, 2015.
Net Utility Plant was worth $554.5 million as of Mar 31, 2016, compared with $507.9 million as of Mar 31, 2015.
Long-term debt as of Mar 31, 2016 was $171.1 million, compared with $177.7 million as of Mar 31, 2015.
California Water Service Group CWT reported first-quarter 2016 adjusted loss of 2 cents per share. The Zacks Consensus Estimate was earnings of 3 cents.
American States Water Company AWR posted first-quarter 2016 earnings of 28 cents per share, lagging the Zacks Consensus Estimate of 34 cents by 17.6%.
Aqua America Inc. WTR reported first-quarter 2016 earnings per share of 29 cents, beating the Zacks Consensus Estimate of 28 cents by a penny.
Connecticut Water Service currently has a Zacks Rank #3 (Hold).
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