Aqua America Reports Financial Results For Third Quarter

Aqua America, Inc. (NYSE: WTR) today reported results for the third quarter ending Sept. 30, 2016.

Operating Results

For the third quarter of 2016, Aqua America reported revenues of $226.6 million, an increase of $5.5 million or 2.5 percent compared to $221.1 million in the same quarter of 2015. Higher consumption, rates and surcharges, regulated growth and other factors increased regulated revenue by approximately $9.2 million compared to the third quarter of 2015. Lower revenue from reduced market-based activities offset the increase by $3.7 million.

Operations and maintenance expenses were $79.8 million for the third quarter of 2016, an increase of 1.6 percent compared to $78.5 million in the third quarter of 2015. Reduced market-based activities and lower production costs of $2.7 million offset increased employee-related expenses, costs associated with regulated acquisitions and other expenses.

Net income for the third quarter was $73.2 million, an 8.5 percent increase compared to $67.4 million reported in the same quarter of 2015. Earnings per diluted common share were $0.41 for the quarter, an increase of 7.9 percent compared to $0.38 in the same quarter of the previous year.

As of Sept. 30, Aqua reported year-to-date net income of $184.5 million, a 6.4 percent increase compared to $173.4 million reported through the same time period of 2015. Earnings per diluted common share for 2016 increased 6.1 percent to $1.04, compared to $0.98 in the first nine months of 2015. Year-to-date, the company reported revenues of $623.1 million compared to the $617.1 million reported in the same time period of 2015. Operations and maintenance expenses decreased 1.8 percent to $227.3 million versus $231.5 million through the first three quarters of 2015.

"Aqua's third quarter and year-to-date strong financial results are a testament to our cost-conscious culture and the continued use of our core capabilities to produce positive results," said Aqua America President and CEO Christopher Franklin. "Our employees demonstrated their dedication to our important mission as they worked tirelessly to restore water and wastewater service to thousands of customers affected by Hurricane Matthew in North Carolina. This was another situation that reminded me how proud I am to lead such a strong, customer-centric team."

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