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Connecticut Water (CTWS) Q3 Earnings Top, Customers Increase
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Connecticut Water Service Inc. reported third-quarter 2017 earnings of 90 cents per share, which surpassed the Zacks Consensus Estimate of 88 cents by 2.3%. Earnings were up 7.1% year over year.
The company is continuing with its inorganic growth strategy. Year to date, it has added 9,500 customers through acquisitions, reflecting a customer base growth of nearly 7.5%.
Total Revenues
In the quarter under review, Connecticut Water’s total revenues were $33.5 million, up 7.1% year over year, primarily on higher contribution from its Water Operation segment.
The year-over-year increase in revenues was due to benefits derived from the acquisition of the Heritage Village Water Company in February 2017 and the Avon Water Company in July 2017. In addition, the recovery of costs for completed infrastructure replacement projects also boosted revenues.
Connecticut Water Service, Inc. Price, Consensus and EPS Surprise
Water Operations contributed $33.5 million in the third quarter to total revenues compared with $29.8 million in the prior-year quarter.
Services & Rentals contributed $1.26 million in the quarter compared with $1.41 million a year ago.
Highlights of the Release
In the third quarter, the company’s total operating expenses were $19.5 million, up nearly 4.3% year over year.
Connecticut Water’s utility operating income in the reported quarter improved 15.6% year over year to $12.6 million.
The new $30 million Rockville Water Treatment Facility that went online this spring will help the company supply high quality water to nearly 85,000 customers.
Financial Update
As of Sep 30, 2017, Connecticut Water’s current assets were $47.2 million compared with $36.5 million as of Sep 30, 2016.
Net utility plant was worth $683.7 million as of Sep 30, 2017 compared with $583.8 million as of Sep 30, 2016.
Long-term debt as of Sep 30, 2017 was $255.2 million compared with $200.2 million as of Sep 30, 2016.
Earnings from its peers in the third quarter were mixed. American States Water Company (AWR - Free Report) missed the Zacks Consensus Estimate while American Water Works Company’s (AWK - Free Report) earnings were on par and Global Water Resource Inc. (GWRS - Free Report) surpassed the same.
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Connecticut Water (CTWS) Q3 Earnings Top, Customers Increase
Connecticut Water Service Inc. reported third-quarter 2017 earnings of 90 cents per share, which surpassed the Zacks Consensus Estimate of 88 cents by 2.3%. Earnings were up 7.1% year over year.
The company is continuing with its inorganic growth strategy. Year to date, it has added 9,500 customers through acquisitions, reflecting a customer base growth of nearly 7.5%.
Total Revenues
In the quarter under review, Connecticut Water’s total revenues were $33.5 million, up 7.1% year over year, primarily on higher contribution from its Water Operation segment.
The year-over-year increase in revenues was due to benefits derived from the acquisition of the Heritage Village Water Company in February 2017 and the Avon Water Company in July 2017. In addition, the recovery of costs for completed infrastructure replacement projects also boosted revenues.
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 $33.5 million in the third quarter to total revenues compared with $29.8 million in the prior-year quarter.
Services & Rentals contributed $1.26 million in the quarter compared with $1.41 million a year ago.
Highlights of the Release
In the third quarter, the company’s total operating expenses were $19.5 million, up nearly 4.3% year over year.
Connecticut Water’s utility operating income in the reported quarter improved 15.6% year over year to $12.6 million.
The new $30 million Rockville Water Treatment Facility that went online this spring will help the company supply high quality water to nearly 85,000 customers.
Financial Update
As of Sep 30, 2017, Connecticut Water’s current assets were $47.2 million compared with $36.5 million as of Sep 30, 2016.
Net utility plant was worth $683.7 million as of Sep 30, 2017 compared with $583.8 million as of Sep 30, 2016.
Long-term debt as of Sep 30, 2017 was $255.2 million compared with $200.2 million as of Sep 30, 2016.
Zacks Rank
Connecticut Water currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of the Peers
Earnings from its peers in the third quarter were mixed. American States Water Company (AWR - Free Report) missed the Zacks Consensus Estimate while American Water Works Company’s (AWK - Free Report) earnings were on par and Global Water Resource Inc. (GWRS - Free Report) surpassed the same.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>