Connecticut Water Service Misses on Earnings by a Penny - Analyst Blog
Water utility provider, Connecticut Water Service, Inc. CTWS reported fourth-quarter earnings of 21 cents per share, just missing the Zacks Consensus Estimate of 22 cents by 4.5%. Earnings however climbed 23.5% from the year-ago figure of 17 cents.
2014 earnings were $1.92 per share, surpassing the Zacks Consensus Estimate of $1.89 by 1.6%. Earnings for the year also increased 15.7% from the 2013 level.
The company benefited from a recovery of costs for infrastructure replacement projects in Maine and Connecticut, which led to an increase in earnings.
Connecticut Water Service Inc. - Earnings Surprise | FindTheCompany
Total Revenue
Operating revenues for the fourth quarter declined 3.8% to $20.7 million from $21.6 million reported in the prior year.
Revenues in 2014 were $94 million, lagging the Zacks Consensus Estimate of $96 million by 2.1%. Operating revenues increased 2.8% from $91.5 million in 2013.
The increase in revenues can primarily be attributed to the favorable decision from Connecticut Water’s 2013 rate cases in Maine.
Yearly Highlights
Total operating expenses in 2014 dipped 0.9% to $68.9 million.
Operating income increased 13.8% year over year to nearly $26 million.
Total interest and debt expenses were $6.5 million, up 6.3% from 2013.
Financial Health
As of Dec 31, 2014, the company’s cash and cash equivalents decreased substantially to $2.5 million from $18.4 million as of Dec 31, 2013.
Long-term debt as of Dec 31, 2014 was $176.6 million compared with $175 million as of Dec 31, 2013.
Connecticut Water Service’s cash flow from operating activities in 2014 was $30.2 million, compared with $44.4 million in the year-ago period.
Other Water Utility Releases
Aqua America Inc. WTR reported fourth-quarter earnings per share of 28 cents, a penny higher than the Zacks Consensus Estimate.
American Water Works Company, Inc. AWK reported fourth-quarter 2014 adjusted earnings from continuing operations of 52 cents per share, surpassing the Zacks Consensus Estimate by a penny.
American States Water Company AWR reported earnings of 35 cents per share in the fourth quarter 2014, surpassing the Zacks Consensus Estimate by 40%.
Zacks Rank
Connecticut Water Service currently has a Zacks Rank #3 (Hold).
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