Clinton regional water utility Connecticut Water Service Inc. said it fourth-quarter profits rose 19 percent on higher revenue from its core business.
CWS booked $1.9 million in profits for the quarter ended Dec. 31, or 17 cents per diluted share. That was up from $1.6 million, or 16 cents, in the same quarter a year ago.
Revenue was $21.6 million, up 10.8 percent year over year. The increase was due to the implementation of a water rate assessment in the third quarter as well as the company’s Dec. 10, 2012 acquisition of the Biddeford & Saco Water Co. in Maine for $12 million.
For the full year, CWS earned $18.3 million, or $1.66 per share, on revenue of $91.5 million. That was up from $13.6 million, or $1.53, on revenue of $83.8 million in 2012.
