Second-Biggest U.S. Water Company Says Revenue Hurt by RainfallRandall Hackley
Aqua America Inc., the second-largest U.S. water company by market value, reported third-quarter revenue declined 4.8 percent as higher-than-normal rain caused clients to use less water.
Operating revenue of $204.3 million was affected by above-average rainfall in several service areas. That compared with $214.6 million for the same period in 2012. Net income rose 26 percent to $63.6 million in the quarter, the Bryn Mawr, Pennsylvania-based company said late yesterday in a statement.
The shares have advanced 24 percent this year compared with a 17 percent gain by American Water Works Co., the biggest publicly traded water utility in the U.S. that this week said profit slipped 2 percent in the quarter as weather also caused a drop in customer demand.
Aqua America said too that it has completed the purchase of nine water and wastewater utility systems in 2013: four in Pennsylvania, three in North Carolina and two in Virginia.