May 9, 2017

Clinton utility sees 29% 1Q profit rise

PHOTO | Contributed
PHOTO | Contributed
Connecticut Water's Chester Reservoir.

Clinton-based Connecticut Water Service said Tuesday its first quarter profits rose 29 percent, bolstered by a recent acquisition.

In the period ended March 31, the utility's net income rose to $4 million, or 36 cents a diluted share, compared to $3.1 million, or 28 cents a diluted share in the year-ago period.

Revenue also rose in the first quarter to $24.2 million as opposed to $23.1 million in the year-ago period.

Connecticut Water's recently completed acquisition of the Heritage Village Water Co. marks the company's entry into the regulated wastewater space and also grew its customer base by 3,000 wastewater customers and 4,700 water customers, said CEO Eric W. Thornburg.

Capital expenditures for 2017 are budgeted at $55.4 million with approximately $22.2 million of that allocated for infrastructure replacement, he added.

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