American States Water Company (AWR - Free Report) reported first-quarter 2021 operating earnings of 52 cents per share, which surpassed the Zacks Consensus Estimate of 48 cents by 8.3%. Also, the bottom line improved 36.8% from the year-ago quarter’s earnings of 38 cents per share.
Total Revenues
Operating revenues of $117.1 million beat the Zacks Consensus Estimate of $114 million by 2.7%. Also, the top line improved 7.3% from $109.1 million in the prior-year quarter.
Operational Update
In the quarter under review, American States Water’s total operating expenses were $86.7 million, up 4% year over year. This can primarily be attributed to increase in water purchased, power purchased for pumping, power purchased for resale and groundwater production assessment expenses.
Operating income was $30.3 million, up 18% year over year.
Interest expenses were $6.3 million, up 3.4% year over year. Interest income was $0.5 million, down 18.5% from the prior-year quarter.
Segment Details
Earnings in the Water segment were 33 cents per share, up from 24 cents in the prior-year quarter. This upside was mainly driven by a higher water gross margin, resulting from new rates authorized by the California Public Utilities Commission.
Earnings in the Electric segment of 7 cents per share were up from 6 cents in the year-ago quarter. The rise was owing to a higher electric gross margin along with lower interest expenses.
Earnings in the Contracted Services segment were 12 cents per share, up from 8 cents in the year-ago quarter. This was led by a ramped-up construction activity and a decline in legal and other outside services costs.
Financial Update
As of Mar 31, 2021, American States Water’s cash and cash equivalents were $7 million compared with $36.7 million as of Dec 31, 2020.
As of Mar 31, 2021, the company’s long-term debt was $440.3 million, on par with the figure as of Dec 31, 2020.
Zacks Rank
American States Water currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
California Water Service (CWT - Free Report) incurred first-quarter 2021 loss of 6 cents per share, wider than the Zacks Consensus Estimate of a loss of 3 cents by 100%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2021 operating earnings of 69 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.
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American States Water Company (AWR - Free Report) reported first-quarter 2021 operating earnings of 52 cents per share, which surpassed the Zacks Consensus Estimate of 48 cents by 8.3%. Also, the bottom line improved 36.8% from the year-ago quarter’s earnings of 38 cents per share.
Total Revenues
Operating revenues of $117.1 million beat the Zacks Consensus Estimate of $114 million by 2.7%. Also, the top line improved 7.3% from $109.1 million in the prior-year quarter.
Operational Update
In the quarter under review, American States Water’s total operating expenses were $86.7 million, up 4% year over year. This can primarily be attributed to increase in water purchased, power purchased for pumping, power purchased for resale and groundwater production assessment expenses.
Operating income was $30.3 million, up 18% year over year.
Interest expenses were $6.3 million, up 3.4% year over year. Interest income was $0.5 million, down 18.5% from the prior-year quarter.
Segment Details
Earnings in the Water segment were 33 cents per share, up from 24 cents in the prior-year quarter. This upside was mainly driven by a higher water gross margin, resulting from new rates authorized by the California Public Utilities Commission.
Earnings in the Electric segment of 7 cents per share were up from 6 cents in the year-ago quarter. The rise was owing to a higher electric gross margin along with lower interest expenses.
Earnings in the Contracted Services segment were 12 cents per share, up from 8 cents in the year-ago quarter. This was led by a ramped-up construction activity and a decline in legal and other outside services costs.
Financial Update
As of Mar 31, 2021, American States Water’s cash and cash equivalents were $7 million compared with $36.7 million as of Dec 31, 2020.
As of Mar 31, 2021, the company’s long-term debt was $440.3 million, on par with the figure as of Dec 31, 2020.
Zacks Rank
American States Water currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
California Water Service (CWT - Free Report) incurred first-quarter 2021 loss of 6 cents per share, wider than the Zacks Consensus Estimate of a loss of 3 cents by 100%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2021 operating earnings of 69 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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