Aqua America Q2 Profit Up; Stock Split, 9% Dividend Increase Effective Sept 1

(RTTNews) - Aqua America, Inc. (WTR) reported second quarter net income of $53.6 million, higher than the $41.4 million reported a year earlier. Earnings per share rose 27 percent to $0.38 from $0.30 a year earlier.

On average, eight analysts polled by Thomson Reuters expected the company to earn $0.36 per share for the quarter. Analysts' estimates typically exclude special items

Operating revenues for the quarter were $195.7 million compared to $191.7 million in the same period last year. Analysts expected revenues of $98.47 million.

In May, the board declared a 9 percent increase to its quarterly cash dividend from the current quarterly dividend rate of $0.175 per share to $0.19 per share for the September 1, 2013 dividend. The annualized dividend rate after this increase is equivalent to $0.76 per share, or $0.06 more than the current annualized dividend rate of $0.70 per share.

Additionally, for the seventh time in 17 years, the Board approved a stock split to be effected September 1 in the form of a 5-for-4 (25 percent) stock distribution.

Both the increased cash dividend and the subsequent stock distribution will be effective on September 1, 2013 for shareholders of record on August 16, 2013. The increased September 1, 2013 dividend will be applied to the shares prior to the stock split.