Aqua America Reports Earnings for Third Quarter
-
Third quarter revenues increased 5 percent to
$221.1 million -
Income from continuing operations of
$67.4 million ;$0.38 per share (diluted) - Year-to-date acquisitions add approximately 9,300 customer connections
Third Quarter Operating Results
Revenues increased to
Operations and maintenance expenses were
For the third quarter,
As of
"Aqua delivered another quarter of strong financial results highlighted
by a 5 percent increase in revenue compared to the same quarter in
2014," said President and Chief Executive Officer of
Capital Expenditures
Through the first three quarters of 2015, as part of its capital
investment plan, Aqua has invested approximately
Dividend
On
Rate Activity
Year-to-date, Aqua America's regulated subsidiaries received rate awards
and infrastructure surcharges in
Acquisition Growth in Regulated Operations
On
Thus far in 2015, Aqua has completed acquisitions in
Market-Based Activities
Aqua's market-based activities' revenue increased to
Financial Information
As of
2015 Guidance
-
Earnings per diluted common share of
$1.25 to$1.27 - Total customer base growth of 1.7 to 2 percent
- Same-system operations and maintenance expenses increase of 1 to 3 percent
-
$325 million in capital investments;$1 billion through 2017
Earnings Call Information
Date:
Time:
Webcast and slide presentation link: http://ir.aquaamerica.com/events.cfm
Replay
Dial-In #: 888.203.1112 (U.S.) & +1 719.457.0820 (International)
Confirmation
code: 230544
The company's conference call with financial analysts will take place on
About
Caution Concerning Forward-Looking Statements
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, among
others: the company's expected same-system operations and maintenance
expense increase; the company's ability to control expenses and maintain
its efficiency; the continuation of the company's
growth-through-acquisition program and the expectations for customer
growth from this program; the expected increase in customer base for the
year; the guidance range of earnings per share for the year; the
anticipated rate filings and the estimated revenues from rate awards
received; the anticipated amount of capital investment for the year and
the next three years; the expected capital investments to be made by the
company in the next 5 years for the Robin Hood Lakes water system; and
the company's continuation of investments in strategic ventures. There
are important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements including: the company's continued ability to adapt itself
for the future and build value by fully optimizing company assets;
general economic business conditions; the company's ability to fund
needed infrastructure due to its financial position; housing and
customer growth trends; unfavorable weather conditions; the success of
certain cost containment initiatives; changes in regulations or
regulatory treatment; availability and access to capital; the cost of
capital; disruptions in the credit markets; the success of growth
initiatives; the company's ability to continue to deliver strong
results; the company's ability to grow its dividend, add shareholder
value and to grow earnings; and other factors discussed in our Annual
Report on Form 10-K, which is on file with the
WTRF
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Selected Operating Data | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||
(Unaudited) | ||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||
|
|
|||||||||||
2015 |
2014 |
2015 |
2014 |
|||||||||
Operating revenues | $ | 221,051 | $ | 210,535 | $ | 617,137 | $ | 588,514 | ||||
Income from continuing operations | $ | 67,429 | $ | 67,711 | $ | 173,356 | $ | 164,930 | ||||
Net income attributable to common shareholders | $ | 67,429 | $ | 67,996 | $ | 173,356 | $ | 166,424 | ||||
Basic income from continuing operations per common share | $ | 0.38 | $ | 0.38 | $ | 0.98 | $ | 0.93 | ||||
Diluted income from continuing operations per common share | $ | 0.38 | $ | 0.38 | $ | 0.98 | $ | 0.93 | ||||
Basic net income per common share | $ | 0.38 | $ | 0.38 | $ | 0.98 | $ | 0.94 | ||||
Diluted net income per common share | $ | 0.38 | $ | 0.38 | $ | 0.98 | $ | 0.94 | ||||
Basic average common shares outstanding | 176,704 | 176,900 | 176,891 | 176,933 | ||||||||
Diluted average common shares outstanding | 177,495 | 177,908 | 177,670 | 177,872 | ||||||||
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Consolidated Statement of Income | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Quarter Ended | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
|
|
|||||||||||||||
2015 |
2014 |
2015 |
2014 |
|||||||||||||
Operating revenues | $ | 221,051 | $ | 210,535 | $ | 617,137 | $ | 588,514 | ||||||||
Cost & expenses: | ||||||||||||||||
Operations and maintenance | 78,519 | 72,374 | 231,454 | 214,435 | ||||||||||||
Depreciation | 31,981 | 29,482 | 93,530 | 91,689 | ||||||||||||
Amortization | 816 | 806 | 2,589 | 2,685 | ||||||||||||
Taxes other than income taxes | 14,663 | 12,815 | 43,079 | 37,943 | ||||||||||||
Total | 125,979 | 115,477 | 370,652 | 346,752 | ||||||||||||
Operating income | 95,072 | 95,058 | 246,485 | 241,762 | ||||||||||||
Other expense (income): | ||||||||||||||||
Interest expense, net | 19,239 | 18,990 | 56,804 | 57,393 | ||||||||||||
Allowance for funds used during construction | (1,708 | ) | (1,195 | ) | (3,930 | ) | (3,299 | ) | ||||||||
(Gain) loss on sale of other assets | (170 | ) | (75 | ) | (338 | ) | 133 | |||||||||
Equity loss in joint venture | 698 | 736 | 1,496 | 2,673 | ||||||||||||
Income from continuing operations before income taxes | 77,013 | 76,602 | 192,453 | 184,862 | ||||||||||||
Provision for income taxes | 9,584 | 8,891 | 19,097 | 19,932 | ||||||||||||
Income from continuing operations | 67,429 | 67,711 | 173,356 | 164,930 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations before income taxes | - | 472 | - | 2,497 | ||||||||||||
Provision for income taxes | - | 187 | - | 1,003 | ||||||||||||
Income from discontinued operations | - | 285 | - | 1,494 | ||||||||||||
Net income attributable to common shareholders | $ | 67,429 | $ | 67,996 | $ | 173,356 | $ | 166,424 | ||||||||
Income from continuing operations per share: | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.38 | $ | 0.98 | $ | 0.93 | ||||||||
Diluted | $ | 0.38 | $ | 0.38 | $ | 0.98 | $ | 0.93 | ||||||||
Income from discontinued operations per share: | ||||||||||||||||
Basic | $ | - | $ | 0.00 | $ | - | $ | 0.01 | ||||||||
Diluted | $ | - | $ | 0.00 | $ | - | $ | 0.01 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.38 | $ | 0.98 | $ | 0.94 | ||||||||
Diluted | $ | 0.38 | $ | 0.38 | $ | 0.98 | $ | 0.94 | ||||||||
Average common shares outstanding: | ||||||||||||||||
Basic | 176,704 | 176,900 | 176,891 | 176,933 | ||||||||||||
Diluted | 177,495 | 177,908 | 177,670 | 177,872 | ||||||||||||
|
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Condensed Consolidated Balance Sheets | ||||||
(In thousands of dollars) | ||||||
(Unaudited) | ||||||
|
|
|||||
2015 |
2014 |
|||||
Net property, plant and equipment | $ | 4,605,512 | $ | 4,401,990 | ||
Current assets | 168,307 | 152,522 | ||||
Regulatory assets and other assets | 927,526 | 852,240 | ||||
Total assets | $ | 5,701,345 | $ | 5,406,752 | ||
Total equity | $ | 1,728,681 | $ | 1,655,383 | ||
Long-term debt, excluding current portion | 1,681,114 | 1,560,655 | ||||
Current portion of long-term debt and loans payable | 75,629 | 77,013 | ||||
Other current liabilities | 140,393 | 148,322 | ||||
Deferred credits and other liabilities | 2,075,528 | 1,965,379 | ||||
Total liabilities and equity | $ | 5,701,345 | $ | 5,406,752 | ||
View source version on businesswire.com: http://www.businesswire.com/news/home/20151103006970/en/
Chief of Staff
O:
610-645-1191
BJDingerdissen@AquaAmerica.com
or
Manager, Communications
O: 610-645-1095
M:
484-368-4720
DPAlston@AquaAmerica.com
Source:
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