Posted on Mon, Nov. 9, 2009
Utility company American Water Works Co., of Voorhees, said today that its third-quarter profit edged up despite cooler and wetter weather than usual as the company increased rates.
Quarterly profit rose 4 percent to $91.6 million, or 52 cents per share, from $88.2 million, or 55 cents per share, in the same quarter last year.
Revenue edged up 1 percent to $680 million from $672.2 million.
Analysts polled by Thomson Reuters, on average, predicted a profit of 54 cents per share on revenue of $695.9 million.
American Water Works CEO Don Correll said results were hurt by "one of the wetter summers experienced by much of the country."
Of the company's regulated state operations, 11 out of 20 had either above average rainfall, cooler temperatures, or both, he said.
The company's regulated business rose 3 percent through rate increases, while total volume of water sold fell 7 percent due to weather conditions.
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