Aqua America Inc., a water and wastewater service provider, reported record earnings for the second quarter, buoyed by an 11 percent increase in revenue to $198.2 million from a year earlier and an acquisition in Ohio.
Profit for the quarter rose 10 percent to $41.4 million compared with a year ago, the Bryn Mawr, Pennsylvania-based company said yesterday in a website statement. Aqua America serves almost 3 million residents in 10 U.S. states from Pennsylvania, New Jersey and Ohio to Texas and Florida.
Aqua America completed the purchase of American Water Works Co.’s regulated operations in Ohio in May to become the largest investor-owned water utility in the state and sold its New York operations to American Water.
In the first six months of 2012, Aqua America said it invested $171 million in infrastructure improvements as part of a capital upgrades program compared with $141 million in the same period of 2011. Its shares have risen 21 percent this year.
“The company remains on track to invest more than $300 million in 2012. Our capital expenditures are focused on pipe replacement projects to improve our distribution network and plant upgrades to enhance water quality,” Aqua America Chairman and CEO Nicholas DeBenedictis said in the statement.