WASHINGTON (dpa-AFX) - Essential Utilities Inc. (WTRG), a provider of regulated water, wastewater and natural gas services, on Tuesday reported a 13% increase in third-quarter profit, largely driven by higher revenues and improved operating performance across its businesses.
Net income increased to $103.8 million, or $0.36 per share, from $92.1 million, or $0.33 per share, in the year-ago quarter. Adjusted earnings per share, which excludes merger-related expenses, were $0.38.
Revenue rose 6.6% to $508.3 million from $477.0 million, primarily reflecting regulatory recoveries and higher purchased gas costs.
The regulated water segment generated revenue of $380.6 million, up 4.5% year over year, while natural gas revenue advanced to $122.6 million from $108.5 million, driven by higher rates, surcharges, purchased gas costs and customer usage.
The company declared a quarterly dividend of $0.3606 per share, payable December 1 to shareholders of record November 10.
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