Connecticut Water Service Inc. said its third quarter profits inched up slightly growing 4.7 percent.
The Clinton-based company said its net income for the third quarter was $8.8 million, or 80 cents per share, compared to $8.4 million, or 78 cents per shar, reported in the same period of 2014. The increase in net income was attributable to the regulated operations in both Maine and Connecticut.
In Connecticut, the utility said timely recovery of continued investment in infrastructure resulted in income growth. Additionally, lower income tax expense, in part from the immediate deductibility of much of that investment, contributed to the earnings increase.
Eric W. Thornburg, president and CEO of Connecticut Water, noted in a statement what the utility called the power of the regulated utility model that benefits customers and shareholders. He said, “We continue to see the value of infrastructure investment. We are able to replace aging and undersized water mains through infrastructure replacement mechanisms, which are among the best in the nation, provide timely recovery on these investments and better serve our customers.”
In the third quarter of 2015, net income in the company’s core business, the water activities segment, was $8.1 million, or 74 cents per share, on revenues of $28.9 million. In the same period of 2014, net income from the segment totaled $8.1 million, or 74 cents per share, on revenues of $27.9 million.
