York Water Posts Big Gain In Third-quarter Profit
YORK, Pa. (AP) ¿ York Water Co., which purifies and distributes water, said Friday a higher number of customers plus a rate increase lifted its third-quarter profit by 20 percent.
Net income for the three months ended in September rose to $2.1 million, or 18 cents per share, compared with $1.7 million, or 15 cents per share, in the year-earlier period.
Analysts surveyed by Thomson Reuters expected, on average, earnings per share of 19 cents.
Revenue increased to $9.8 million from $8.6 million, more than the $9.6 million Wall Street expected.Besides a higher number of customers, the Pennsylvania Public Utility Commission granted the company a rate increase, effective Oct. 9, 2008. York Water, the oldest investor-owned utility in the U.S., also cut costs. The increased revenue and cost savings were partially offset by higher depreciation, pension and retirement costs, and salary and wage expense. Shares slipped in after-market trading by 8 cents to $14.02.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV