Aqua America, Inc. (NYSE: WTR) today reported results for the quarter ending September 30, 2012. Diluted earnings per share for the quarter were $0.36, compared to $0.30 for the corresponding quarter in 2011, on 1 percent more shares outstanding. Revenue for the quarter was $214.6 million compared to $191.1 million in the same period of 2011, an increase of 12.3 percent. Net income for the quarter rose to $50.7 million from $41.1 million in the same quarter of 2011, an increase of 23.2 percent.
For the first three quarters of 2012, net income increased 19.2 percent to $130 million from $109.1 million and corresponding diluted earnings per share increased 17.7 percent to $0.93 from $0.79 for the same period in 2011. Operating revenues for the first nine months of 2012 totaled $570.3 million, an increase of 9.6 percent from revenue of $520.5 million for the nine months ending September 30, 2011.
Aqua America Chairman and CEO Nicholas DeBenedictis said, “The company posted solid third quarter financial results despite lower sendout due to weather in some of our state operations including our largest, Aqua Pennsylvania. These results reflect management’s focus on investing the capital needed for infrastructure improvements and receiving timely rate relief, while simultaneously working to control operating costs. I am also pleased to report the successful integration and accretive results of the 57,000 new customers recently acquired from Ohio American.”
The Board of Directors has declared a 6.1 percent increase of $0.01 per share quarterly from $0.165 to $0.175 per share, effective December 1, 2012 payable to shareholders of record on November 16, 2012. On an annualized basis, this increases the dividend to $0.70 per share or $0.04 above the current annualized dividend rate of $0.66 per share. This is the 22 nd dividend increase in 21 years. Aqua has paid a consecutive quarterly dividend for more than 65 years.DeBenedictis added, “Through the first nine months of 2012, management continued to excel in controlling operating costs. Operations and maintenance expenses for the quarter were nearly flat compared to the same quarter last year, adjusted for the additional expenses specifically related to our new Ohio operations.”