Clinton-based Connecticut Water Service said its first quarter profits ticked up 3.3 percent thanks to an income-tax benefit from a completed IRS audit.
CWS reported profits of $3.1 million, or 28 cents per diluted share, up from $3 million, or 27 cents, in the year-ago quarter.
Revenue declined 1.4 percent, to $21.7 million.
But the CWS was able to reverse a $941,000 tax reserve established in anticipation of an IRS audit of the company’s 2012 financials. The audit is now complete and CWS said there is no change to its tax liability.
