May 11, 2018

CT Water books 1Q loss

File Photo
File Photo
Connecticut Water Co.'s Chester Reservoir.

Clinton-based Connecticut Water Service, which is in the midst of a merger with a California company, said it lost money in the first quarter due mainly to higher operating expenses.

CTWS reported a net loss of $1.2 million, a drop of 10 cents per diluted share, for the quarter ended March 31. That was down from a profit of $4.1 million, or 36 cents, in the prior-year quarter.

Revenues grew from $24.2 million to $26.4 million, driven by the company's 2017 acquisitions of the Connecticut-based Heritage Village and Avon water companies, but operating expenses outpaced that revenue growth, increasing by $3.5 million.

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