March 13, 2012 | last updated June 1, 2012 1:10 pm

CT Water's 2011 net gushes

Clinton water utility Connecticut Water Service Inc. saw 2011 profits climb, paced by its first full year of a fresh increase in water rates.

For three months ended Dec. 31, Connecticut's largest private water utility netted $1.8 million, or 21 cents a share, flat against $1.8 million, or 20 cents a share, netted the same period a year earlier.

Fourth-quarter sales fell to $17 million from $17.4 million a year ago. Final quarterly results were slightly impacted by a falloff in water production last October, the same month Connecticut was slammed by power outages from a freak Halloween snowstorm.

For 2011, CT Water netted $11.3 million, or $1.31 a share, up from $9.8 million, or $1.14 a share, earned in 2010.

Full-year sales were $75.6 million vs. $72.8 million.

CT Water CEO Eric Thornburg noted the company had a full 12 months of a 13 percent increase in water rates that Connecticut utility regulators approved in July 2010.


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