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Aqua America Reports Record Earnings For Second Quarter

Stocks in this article: WTR

Aqua America, Inc. (NYSE: WTR) today reported results for the quarter ending June 30, 2012. Diluted earnings per share for the quarter were $0.30, compared to $0.27 for the corresponding quarter in 2011, on less than one percent more shares outstanding. Revenues for the quarter were $198.2 million compared to $178.3 million in the same period of 2011, an increase of 11.2 percent. Net income for the quarter rose to $41.4 million from $37.6 million in the same quarter of 2011, an increase of 10.3 percent.

Income from continuing operations (GAAP financial measure) for the quarter were $42.6 million compared to $36.6 million for the same period in 2011, an increase of 16.5 percent. Income from continuing operations in the second quarter of 2011 was positively impacted by $3.5 million of net state income tax benefits that did not occur in 2012. Second quarter net income in 2012 was negatively impacted by charges incurred from the disposal of Aqua America’s New York subsidiary, which resulted in a loss from discontinued operations of $1.2 million. The corresponding earnings per diluted share from continuing operations for the quarter were $0.30, compared to $0.26 for the same quarter in 2011. Income from continuing operations before net state income tax benefit associated with 100 percent bonus depreciation (Non-GAAP financial measure) increased 28.7 percent in the second quarter of 2012 to $42.6 million from $33.1 million for the same period in 2011. The corresponding (Non-GAAP) earnings per diluted share for the quarter were $0.30, compared to $0.24 for the same quarter in 2011, an increase of 25 percent. A reconciliation of non-GAAP to GAAP financial measures is provided in the accompanying financial tables.

For the first two quarters of 2012, net income increased 16.8 percent to $79.3 million from $67.9 million and corresponding diluted earnings per share increased 16.3 percent to $0.57 from $0.49 for the same period in 2011. Operating revenues for the first six months of 2012 totaled $368.4 million, an increase of 7.8 percent from revenues of $341.9 million for the six months ending June 30, 2011.

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