Aqua America Profit Rises 23% on Florida Sale, Gas-Water Venture
Aqua America Inc. (WTR), the second-biggest water utility in the U.S. by market value, said profit climbed almost 23 percent in the first quarter, helped by the disposal of two-thirds of the company’s operations in Florida.
The water company also said in a statement that revenue for the quarter was $180 million compared with $164 million a year earlier, with $59 million spent on infrastructure upgrades in the period, including pipe replacements.
The Aqua-PVR Water Services venture to supply raw water to natural gas producers in the Marcellus Shale in Pennsylvania can now provide water to gas drilling sites along 56 miles of pipeline and has pumped 128 million gallons of water to the gas producers, Aqua America said in yesterday’s statement.
The shares of Aqua America, which has completed four acquisitions in 2013, have climbed 24 percent this year compared with a 12 percent gain by American Water Works Co., the largest U.S. water utility. Aqua America is based in Bryn Mawr, Pennsylvania.
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