Gabelli & Company Reports on Aqua America (WTR)

Gabelli & Company was bullish in a report released on Aqua America

today. Gabelli notes, “Aqua America reported first quarter 2011 operating earnings of $0.19 per share, excluding a $0.03 per share income tax benefit, compared to $0.16 share in the first quarter of 2010. Higher results were driven by increased revenues of $171.3 million vs. $160.5 million, or a 7% increase from the first quarter of last year, resulting from rate awards and customer growth from acquisitions, as well as continued cost controls. Year-to-date, the company has received rate awards totaling approximately $11.5 million, and is awaiting orders on $26 million of revenue requests in seven states. During the first quarter, WTR invested $60.3 million of capital, and anticipates investing more than $300 million annually for utility system improvements with a significant portion allocated toward surcharge eligible pipe replacement.” Gabelli presently has a rating of Buy on the company. Shares of WTR closed at $22.56 on Friday, down slightly from its open of $22.75.