Connecticut Water Service Inc. lifted its fourth-quarter and 2012 profits as the Clinton water utility’s recent northward push into thirsty Maine generated an earnings geyser.
For three months ended Dec. 31, CT Water netted $1.6 million, or 16 cents a share, up from $1.8 million, or 21 cents a share, netted the same period in 2011.
Fourth quarter revenues rose to $21.3 million vs. $17 million a year earlier.
For 2012, CT Water netted $13.6 million, or $1.55 a share, up from $11.3 million, or $1.31 a share, the previous year.
2012 revenues were $92.6 million vs. $75.6 million in 2011.
By themselves, Maine Water and Biddeford & Saco Water Co. added $1.6 million, or 8 cents a share, to their parent’s bottom line, CT Water said. And that was after backing out the estimated $1.1 million CT Water spent last year financing both buyouts.
The company also said its higher revenues stemmed directly from the acquisition of Maine Water and increases in eligible reimbursements for infrastructure improvements CT Water is making to water lines in Connecticut.
CT Water said it anticipates approval of its filing in Maine for similar infrastructure reimbursements later this year or early next.
