The York Water Co. (YORW) reported Wednesday a decrease in its second quarter earnings. The company's earnings per share also missed analyst estimates as did its revenue.
The company reported net income for the second quarter of $2.20 million or $0.17 per share, compared to $2.46 million or $0.19 per share during same quarter last year.
Lower revenue, and increases in wages and benefits, depreciation and distribution system maintenance expenses contributed to a lesser extent to the decline in net income. The increased expenses were partially offset by a lower provision for doubtful accounts and reduced power costs. The company stated that the first six months of 2011 benefited from favorable tax law changes and non-taxable life insurance proceeds, which did not recur during the first six months of 2012.
On average 5 analysts polled by Thomson Reuters estimated earnings of $0.20 per share for the current quarter. Analyst estimates typically exclude special items.
Net revenue decreased by 1% to $10.35 million, compared to $10.45 million last year. Five analysts had a consensus revenue estimate of $10.86 million for the second quarter.
On July 31, 2012, the Company closed on the acquisition of the wastewater facilities of the Asbury Pointe Water & Sewer Company, in York County, Pennsylvania.The acquisition resulted in the addition of approximately 240 wastewater customers at a purchase price of approximately $305,000. This acquisition represents York Water's first wastewater asset purchase. Three water acquisitions are expected to close during the second half of the year.
York Water shares are currently trading at $17.86, down 37 cents or 2%.
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