BRYN MAWR, Pa.--(BUSINESS WIRE)--The Board of Directors of Aqua America, Inc. (NYSE: WTR) declared a quarterly cash dividend payment of $0.165 per share payable on September 1, 2014, to all shareholders of record on August 15, 2014. This represents a $0.013 or 8.6 percent increase over the previous quarterly dividend of $0.152. The annual dividend rate is now at $0.66 per year compared to $0.608 previously.
This 8.6 percent increase marks the 24th increase to Aqua’s quarterly dividend in the previous 23 years. The company has paid a quarterly dividend consistently for the past 69 years. Over the past 10 years the company’s annualized dividend has increased at a 7.8 percent compound annual growth rate.
Aqua’s Chairman and CEO Nicholas DeBenedictis said, “We are pleased with the Board’s decision to once again increase the dividend and their continued focus on promoting shareholder value. We understand the expectations our shareholders have for the company to perform well, and provide a steady return on their investment. We are proud to continue to show Aqua’s financial strength by consistently increasing the dividend year over year.”
Aqua America is one of the largest U.S.-based, publicly traded water utilities and serves nearly 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR. Visit AquaAmerica.com for more information.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the projected annualized dividend rate; and the potential rate of the Company’s growth. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions; availability and the cost of capital; disruptions in the credit markets; the success of growth initiatives; and other factors discussed in our Annual Report on Form 10-K for the period ending December 31, 2013, which is on file with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement.