May 09--CLINTON -- Connecticut Water Service saw its earnings for the first three months of this year increase by 13.3 percent compared to the same period in 2013, officials with the utility company said Thursday.
The Clinton-based company had earnings of $3 million in the first quarter of this year, or 27 cents per share. Connecticut Water had earnings of $2.6 million, or 24 cents per share, during the first three months of 2013.
Eric Thornburg, Connecticut Water's president and chief executive officer, said company officials expect the utility's earnings growth to continue during the remainder of 2014.
"We successfully launched our Linebacker service line protection program in Maine in late 2013 and expect it to benefit our Services and Rentals segment in 2014," Thornburg said in a statement.
Connecticut Water saw earnings from its Services and Rentals segment grow by 12 percent during the first quarter of 2014 compared to the same period last year. Earnings for the Services and Rentals segment for the first three months of this year were $433,000 compared to $386,000 during the first quarter of 2013.
Thornburg said the company's future earnings also will benefit from the merger of the Biddeford & Saco Water Co. into Connecticut Water's subsidiary, Maine Water Co., which occurred in January. Biddeford & Saco had been operating as a separate company, under Maine Water's leadership, since its being acquired by Connecticut Water in December 2012
Connecticut Water Service provides drinking water to about 400,000 people in Maine and Connecticut. Its Connecticut service territory covers 56 towns, including Bethany, Clinton, Guilford, Madison, Old Saybrook and Westbrook in the New Haven area.
The company's stock trades on the NASDAQ exchange under the ticker symbol CTWS. The stock finished at $31.81 at the close of trading on Thursday, down 40 cents from the previous day's trading.
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