Connecticut Water Service Inc. (CTWS - Free Report) reported first-quarter 2014 earnings of 27 cents per share, in line with the Zacks Consensus Estimate. Earnings however increased 12.5% from the year-ago comparable period.
The year-over-year increase was attributable to a higher top line and decline in total operating expenses.
The company released its earnings on May 8, 2014. Since then the company has gained a marginal 1.8% closing at $32.38 on Friday.
In the quarter under review, Connecticut Water’s total revenues were $22.03 million, surpassing the Zacks Consensus Estimate of $21.0 million by 6.3%. Total revenues were also up 2.4% year over year.
The year-over-year growth was primarily due to higher contribution from its Water Activities and Services and Rentals business segments.
In the first quarter, the company’s operating and maintenance expenses were $10.7 million, up 2.8% year over year primarily due to higher employee wages, benefits and incentives.
Connecticut Water’s operating income increased 14.7% year over year to $4.1 million.
Interest expenses totaled $1.7 million in first quarter 2014, up 30.8% from the year-ago period. The increase was due to a timing change in 2013 associated with a patronage refund from a bank cooperative.
As of Mar 31, 2014, Connecticut Water’s current assets were $43.8 million compared with $33.1 million as of Dec 31, 2013.
Net Utility Plant was worth $473.7 million as of Mar 31, 2014 versus $449.6 million as of Dec 31, 2013.
Long-term debt as of Mar 31, 2014, was $174.4 million compared with $177.9 million as of Dec 31, 2013.
California Water Service Group’s (CWT - Free Report) loss of 11 cents in first-quarter 2014 was wider than the Zacks Consensus Estimate of a loss of 7 cents.
American States Water Company (AWR - Free Report) posted first-quarter 2014 earnings of 28 cents per share, lagging the Zacks Consensus Estimate of 32 cents by 12.5%.
Consolidated Water Co. Ltd. (CWCO - Free Report) reported first-quarter 2014 earnings per share of 7 cents, beating the Zacks Consensus Estimate of 5 cents by 40%.
The investments made by the company to improve its infrastructure are likely to boost earnings in 2014 and beyond.
Connecticut Water Service currently has a Zacks Rank #3 (Hold).