Monday, Southwest Water Co. (SWWC) reported a loss for the second quarter compared with a profit incurred last year, hurt by higher losses from discontinued operations and increased operating expenses. However, revenues rose 4% owing to higher sales in the utility business segment.
The Los Angeles, California-based water utilities services company recorded a net loss available to common shareholders of $793 thousands or $0.03 per share, compared with a profit of $2.22 million or $0.09 per share in the same period last year.
Income from continuing operations declined to $891 thousands from $2.42 million last year.
Second quarter net loss includes a loss from discontinued operations of $1.7 million or $0.07 per share. Discontinued operations is related to a wholesale water and wastewater business that the company intends to divest.
Quarterly revenues rose 4% to $57.07 million from $54.90 million in the prior-year quarter, driven by revenues from the utility business which were up 17% to $27.5 million. Conversely, services business revenues were $35.2 million, down from $37.5 million in prior-year quarter.
For the first-half, net loss attributable to shareholders was $1.4 million or $0.06 per share, compared with net income of $2.83 million or $0.12 per share in the corresponding period last year. Total revenues were higher at $107.83 million over $102.77 million last year.
SWWC is currently trading at $11.51, up 0.26%, on an average volume of 116,902 shares on the Nasdaq.
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