Connecticut Water Service Inc., despite second-quarter results that were hurt by heavy rainfall, raised its quarterly common dividend 2.2 percent, two cents annually.
The Clinton water utility will pay on Sept. 15 22.75 cents on each common share held as of Sept. 1. The previous dividend was 22.25 cents.
CEO Eric W. Thornburg said the dividend increase was appropriate because, despite the 30 percent drop in second-quarter profits, the utility’s fundamentals remain strong.
Connecticut Water also will pay a 20-cent dividend on its nonpublicly traded preferred A shares Oct. 15 to shareholders of record as of Oct. 1.
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It also will pay a dividend of 22.5 cents on its preferred 90 shares on Nov. 2 to shareholders of record as of Oct. 19.
