Clinton-based Connecticut Water Service Inc. said net income rose 25 percent in the fourth quarter primarily from higher water rates and the addition of new customers.
New England’s largest private water utility with more than 88,000 customers earned $1.9 million, or 23 cents a share, in the three months ended Dec. 31. That compares to earnings of $1.5 million, or 19 cents a share, the same period in 2007.
Fourth-quarter revenues were $14.6 million, up from $14.5 million a year earlier.
For 2008, Connecticut Water earned $9.4 million, or $1.12 a share, up from $8.8 million, or $1.06 earned in 2007.
Full-year revenues were $61.3 million in 2008, up from $59 million in 2007.
At 11 a.m., Connecticut Water traded at $19.93, up 19 cents, or 1 percent.
