Aqua America, Inc. (WTR) has reported 5.15 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $49.07 million, or $0.28 a share in the quarter, compared with $51.74 million, or $0.29 a share for the same period last year.
Revenue during the quarter went down marginally by 2.50 percent to $187.79 million from $192.61 million in the previous year period. Total expenses were 62.78 percent of quarterly revenues, up from 62.45 percent for the same period last year. That has resulted in a contraction of 33 basis points in operating margin to 37.22 percent.
Operating income for the quarter was $69.90 million, compared with $72.33 million in the previous year period.
"We continue to efficiently operate our utility while steadfastly serving our customers with dependable, high-quality water, and purposefully growing our customer base," said Aqua America President and chief executive officer Christopher Franklin. "Further, we are comfortable with our full-year guidance and remain excited about growth opportunities in the water and waste water space that will help us welcome more customers and communities to Aqua."
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $1.34 to $1.39.
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