The York Water Company (YORW - Free Report) reported fourth-quarter 2018 earnings per share of 29 cents, beating the Zacks Consensus Estimate of 27 cents by 7.4%. The figure was also up 7.4% from the year-ago quarter.
In 2018, the company delivered earnings of $1.04 per share, up from $1.01 reported in 2017.
Revenues of $12 million missed the Zacks Consensus Estimate of $14 million by 14.3%. The top line was down 2.3% from $12.3 million in the prior-year quarter.
In 2018, the company delivered revenues of $48.4 million, down 0.3% from $48.6 million in 2017.
Highlights of the Release
Net income was up 4.2% year over year to $3.7 million in the fourth quarter. In 2018, net income increased 3% to $13.4 million. The upside was driven by lower income taxes from increased volume of asset improvements eligible for the tax deduction under the IRS tangible property regulations and higher revenues due to the utilization of the Distribution System Improvement Charge (DSIC).
The company replaced or relined nearly 50,000 feet of pipe in 2018 to improve distribution system and customer service.
In 2018, York Water invested $16.9 million in capital projects, and made various replacements and improvements to infrastructure.
York Water expects to invest nearly $21.5 million in 2019 and $21.2 million in 2020 for the maintenance and improvement of existing dams, pipes, storage tanks and other facilities. Also, part of these investments will be utilized for system expansion.
York Water carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
American Water Works Company (AWK - Free Report) posted fourth-quarter 2018 earnings per share of 69 cents, which is in line with the Zacks Consensus Estimate and the year-ago quarter’s figure.
Aqua America Inc. (WTR - Free Report) reported fourth-quarter 2018 earnings per share of 31 cents, lagging the Zacks Consensus Estimate by a penny.
American States Water Company (AWR - Free Report) generated fourth-quarter 2018 operating earnings of 37 cents per share, in line with the Zacks Consensus Estimate.
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