Connecticut Water Posts 1Q Earnings Report

VERNON, CT — Connecticut Water Service, Inc. on Wednesday announced net income of $2.2 million or 19-cent earnings per basic common share for the first quarter of 2019 on total revenues of $27.9 million.

Total revenues include revenues generated by Connecticut Water’s three business segments: Water Operations, Service and Rentals, and Real Estate.

In the first quarter of 2018, Connecticut Water had a net loss of $1.2 million or an EPS loss of 10 cents, on total revenues of $26.4 million.

Non-GAAP Adjusted Net Income, which excludes merger and acquisition costs, for the first quarter of 2019 increased from the same period in the prior year by $1.2 million.

Water company officias said the improved results in the 2019 first quarter were primarily driven by increased base rate revenues in Connecticut, which were partially offset by increased tax, depreciation, and interest expense.

"Our strong performance in the first quarter reflects our commitment to serving families and communities in Connecticut and Maine with high-quality, reliable water and wastewater service," stated David C. Benoit, president and CEO of Connecticut Water. "We believe our combination with SJW Group will help support a continued strong track record in these areas, as detailed in our recently filed merger approval applications in Connecticut and Maine. We look forward to completing this transaction and realizing its many benefits for the customers, employees and communities across our service territory."