Connecticut Water Service Inc. (CTWS), a water provider that’s expanding in the U.S. Northeast, reported revenue rose almost a fifth to $26.5 million in the third quarter, topping analysts’ estimates of $24.7 million.
Net income for the quarter climbed to almost $6 million versus $3.7 million in the year-earlier period, the Clinton, Connecticut-based utility said in a statement. The shares rose as much as 3.5 percent, the most in more than three months.
The publicly traded water company agreed in July to expand in New England by buying Maine-based Biddeford & Saco Water Co. (BDDD), winning approval of the purchase this week from Maine’s public utility commission. When the closing is completed, the utility will serve about 350,000 people in both states.
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