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Connecticut Water (CTWS) Q4 Earnings Miss, Sales Rise Y/Y
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Connecticut Water Service Inc. reported fourth-quarter 2016 earnings of 7 cents per share, which missed the Zacks Consensus Estimate of 23 cents by 69.6%. Moreover, earnings declined 65% year over year.
For 2016, the company’s earnings of $2.08 rose 2% from the year-ago equivalent. The full-year earnings number missed the Zacks Consensus Estimate of $2.10 by 1%.
Total Revenue
In the quarter under review, Connecticut Water’s total revenue was $21.6 million, up 3.1% year over year, primarily on higher contribution from its Water Operation segment.
During 2016, the company generated total revenue of $105.3 million, reflecting a year-over-year improvement of 2.2%.
Connecticut Water Service, Inc. Price, Consensus and EPS Surprise
Water Operations contributed $100 million in 2016, compared with $97.5 million in the prior year.
Real Estate Transactions contributed $0.008 million in 2016, compared with $0.14 million in 2015.
Services & Rentals contributed $5.31 million in 2016, compared with $5.61 million a year ago.
Highlights of the Release
In 2016, the company’s total operating expenses were $70.5 million, up nearly 1.5% year over year.
Connecticut Water’s utility operating income increased 5.5% year over year to $70.5 million. Net income in 2016 amounted to $23.4 million, up 2.8%.
On Feb 27, 2017, the company completed the acquisition of Heritage Village Water Company (HVWC) for $20.7 million. Heritage Village Water Company serves approximately 4,700 water and 3,000 wastewater customers in the communities of Middlebury, Oxford and Southbury, Connecticut. With the buyout, Connecticut Water, through its regulated water utility subsidiaries, serves more than 129,000 customers or nearly 440,000 people in 79 communities across Connecticut and Maine, and over 3,000 wastewater customers in Southbury, Connecticut.
On May 13, 2016, Connecticut Water’s management raised its annualized cash dividend by 5.6% to $1.13, which took the new quarterly dividend to $0.2825 per share. The company plans to pay this dividend on Mar 15, 2017, to shareholders of record as of Mar 1, 2017.
Financial Update
As of Dec 31, 2016, Connecticut Water’s current assets were $29.4 million, compared with $27 million as of Dec 31, 2015.
Net utility plant was worth $601.4 million as of Dec 31, 2016, compared with $546.3 million as of Dec 31, 2015.
Long-term debt as of Dec 31, 2016, was $197 million, compared with $171.9 million as of Dec 31, 2015.
Cash from operating activities at the end of 2016 was $33.3 million, compared with $41.1 million in the prior year.
Utility Peer Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2016 adjusted earnings of $1.21 per share, missing the Zacks Consensus Estimate of $1.29 by 6.2%. Reported earnings were, however, up 3.4% year over year.
WEC Energy Group (WEC - Free Report) reported fourth-quarter 2016 adjusted earnings of 61 cents per share, a penny lower than both the Zacks Consensus Estimate and the year-ago figure of 62 cents.
CenterPoint Energy, Inc. (CNP - Free Report) reported fourth-quarter 2016 earnings of 26 cents per share, missing the Zacks Consensus Estimate of 29 cents by 10.3%.
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Connecticut Water (CTWS) Q4 Earnings Miss, Sales Rise Y/Y
Connecticut Water Service Inc. reported fourth-quarter 2016 earnings of 7 cents per share, which missed the Zacks Consensus Estimate of 23 cents by 69.6%. Moreover, earnings declined 65% year over year.
For 2016, the company’s earnings of $2.08 rose 2% from the year-ago equivalent. The full-year earnings number missed the Zacks Consensus Estimate of $2.10 by 1%.
Total Revenue
In the quarter under review, Connecticut Water’s total revenue was $21.6 million, up 3.1% year over year, primarily on higher contribution from its Water Operation segment.
During 2016, the company generated total revenue of $105.3 million, reflecting a year-over-year improvement of 2.2%.
Connecticut Water Service, Inc. Price, Consensus and EPS Surprise
Connecticut Water Service, Inc. Price, Consensus and EPS Surprise | Connecticut Water Service, Inc. Quote
Segment Details
Water Operations contributed $100 million in 2016, compared with $97.5 million in the prior year.
Real Estate Transactions contributed $0.008 million in 2016, compared with $0.14 million in 2015.
Services & Rentals contributed $5.31 million in 2016, compared with $5.61 million a year ago.
Highlights of the Release
In 2016, the company’s total operating expenses were $70.5 million, up nearly 1.5% year over year.
Connecticut Water’s utility operating income increased 5.5% year over year to $70.5 million. Net income in 2016 amounted to $23.4 million, up 2.8%.
On Feb 27, 2017, the company completed the acquisition of Heritage Village Water Company (HVWC) for $20.7 million. Heritage Village Water Company serves approximately 4,700 water and 3,000 wastewater customers in the communities of Middlebury, Oxford and Southbury, Connecticut. With the buyout, Connecticut Water, through its regulated water utility subsidiaries, serves more than 129,000 customers or nearly 440,000 people in 79 communities across Connecticut and Maine, and over 3,000 wastewater customers in Southbury, Connecticut.
On May 13, 2016, Connecticut Water’s management raised its annualized cash dividend by 5.6% to $1.13, which took the new quarterly dividend to $0.2825 per share. The company plans to pay this dividend on Mar 15, 2017, to shareholders of record as of Mar 1, 2017.
Financial Update
As of Dec 31, 2016, Connecticut Water’s current assets were $29.4 million, compared with $27 million as of Dec 31, 2015.
Net utility plant was worth $601.4 million as of Dec 31, 2016, compared with $546.3 million as of Dec 31, 2015.
Long-term debt as of Dec 31, 2016, was $197 million, compared with $171.9 million as of Dec 31, 2015.
Cash from operating activities at the end of 2016 was $33.3 million, compared with $41.1 million in the prior year.
Utility Peer Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2016 adjusted earnings of $1.21 per share, missing the Zacks Consensus Estimate of $1.29 by 6.2%. Reported earnings were, however, up 3.4% year over year.
WEC Energy Group (WEC - Free Report) reported fourth-quarter 2016 adjusted earnings of 61 cents per share, a penny lower than both the Zacks Consensus Estimate and the year-ago figure of 62 cents.
CenterPoint Energy, Inc. (CNP - Free Report) reported fourth-quarter 2016 earnings of 26 cents per share, missing the Zacks Consensus Estimate of 29 cents by 10.3%.
Zacks Rank
Connecticut Water currently has a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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