Aqua America Inc., the second-largest publicly traded U.S. water utility by market value, reported third-quarter revenue of $214.6 million, 12 percent higher than a year earlier.
The revenue gain was more than analysts’ estimates of $213.3 million, with adjusted earnings per share of 36 cents compared with 35 cents per share analyst estimates. Net income rose 23 percent on the back of the revenue gain, the Bryn Mawr, Pennsylvania-based company said in a statement.
“These results reflect management’s focus on investing the capital needed for infrastructure improvements and receiving timely rate relief while simultaneously working to control operating costs,” Aqua America Chief Executive Officer Nicholas DeBenedictis said in yesterday’s statement.
In the first nine months of 2012, the water utility invested $262.8 million in regulated infrastructure improvements as part of its investment program compared with $222.4 million in the same period of 2011. The company said it remains on course to invest more than $300 million in 2012, including pipe replacement projects and water plant upgrades.
Aqua America announced Sept. 25 that it offered to sell its Florida water and wastewater systems to the Florida Governmental Utility Authority for $95 million, which would conclude Aqua America’s operations in Florida. The FGUA has until Nov. 30 to accept or decline the offer.
The shares have risen almost 17 percent this year.