Aqua America Chairman and CEO Nicholas DeBenedictis said, “The company’s solid second quarter financial results reflect management’s focus on investing for growth and environmental improvements, while diligently working to control operating costs. Also, I am very pleased with our ability to implement our portfolio rationalization by simultaneously completing the sale of our New York operation and successfully integrating 57,000 new Ohio customers in an efficient manner.”In May, Aqua America completed the purchase of all of American Water Works Company, Inc.’s (NYSE: AWK) regulated operations in Ohio and simultaneously sold its regulated operations in New York to American Water. Aqua is now the largest investor-owned water utility in Ohio. This is the latest of five successful transactions Aqua America has completed in a one-year period to consolidate and grow its customer base in fewer states, improving its operating efficiency, while pruning assets in areas that do not present those opportunities. Since May 2011, Aqua America has sold its Missouri operations to American Water; purchased American Water’s Texas operations; and sold its Maine operations to Connecticut Water. “Transactions like these are consistent with Aqua America’s strategy to leverage greater economies of scale and customer growth opportunities in states that demonstrate a positive regulatory environment,” said DeBenedictis.
Aqua America Reports Record Earnings For Second Quarter
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