November 9, 2017

Acquisitions spur CT Water's higher 3Q profits

PHOTO | HBJ File
PHOTO | HBJ File
Connecticut Water's Chester Reservoir.

Clinton-based Connecticut Water Service said Thursday its third-quarter profits rose 13 percent largely due to recent acquisitions.

For the period ended Sept. 30, the utility reported net income of $10.7 million, or 90 cents a diluted share, compared to $9.5 million, or 84 cents a diluted share, in the year-ago period.

Revenues totaled $33.5 million in the third quarter, higher than $31.2 million reported a year ago.

Connecticut Water CEO David C. Benoit said the increase in profits and revenue were due the company's acquisitions of the Heritage Village Water Company in February and the Avon Water Company in July. The utility also recovered costs for completed infrastructure replacement projects in Connecticut and Maine.

During the year, the utility brought in 9,500 new customers through the acquisitions, representing growth of more than 7.5 percent. The utility also entered the regulated wastewater market, and on Wednesday, debuted its more than $30 million water treatment facility upgrade in Vernon, Benoit said.

"We expect to continue on this trajectory," he said.

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