American Water Works Co., the largest publicly traded U.S. water utility, boosted profit in the second quarter from new customers and rate authorizations.
Net income rose to $109.3 million, or 61 cents a share, from $101.3 million, or 57 cents, a year ago, the Voorhees, New Jersey-based company said today in a statement. Excluding one-time items such as a June chemical spill in West Virginia, earnings of 63 cents fell shy of the 64-cent average of 13 analysts’ estimates compiled by Bloomberg.
Revenue increased 4.8 percent to $759.2 million, in part because of rate authorizations.
American Water Works added about 700 customers through three acquisitions in the quarter, and an additional 430 customers from two purchases through Aug. 4, according to the statement.
The company has more than 700,000 customers and operates in 43 states and Washington, D.C.