Public water utility Connecticut Water Service Inc. said its third-quarter profits fell by nearly 11 percent, due to flat revenue and higher expenses.
Connecticut Water booked $8.4 million in profits, or 76 cents per diluted share, for the quarter ended Sept. 30. That was down $1 million from $9.4 million, or 86 cents, in the same quarter last year.
Revenue was virtually flat at $29.4 million.
The company said the year-over-year profits comparison was impacted by the fact that the company recorded all of its water-revenue-adjustment revenues in the third quarter of 2013.
Those WRA revenues, which as of last year allow water companies to make up the difference between their allowed and actual return on equity, are now recorded on a monthly basis.
If the prior-year quarter contained the same type of accounting, it would have produced net income of 75 cents per diluted share, rather than 86 cents, the company said.
