The state’s summer parching and higher water rates lifted third-quarter operating profits and revenues for Connecticut Water Service Inc.
The Clinton operator of the state’s biggest water utility earned $4.7 million, or 54 cents a share, in the three months ended Sept. 30. A year earlier, Connecticut Water earned $5.8 million, or 68 cents a share, but $2.2 million, or 16 cents, of that stemmed from a land sale.
Revenues climbed 11 percent to $22.7 million in the latest quarter from $20.5 million a year ago.
The company said a 13 percent state-approved hike in water rates, effective in July, accounted for most of the revenue gain. The rest was the result of higher water demand stemming from hotter, drier weather last summer than the previous year.
Connecticut Water supplies nearly 90,000 customers, or about 300,000 people, in 55 towns.
