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American States Water (AWR) Q2 Earnings Match Estimates

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American States Water Company (AWR - Free Report) reported second-quarter 2020 operating earnings of 69 cents per share, which matched the Zacks Consensus Estimate. Meanwhile, the bottom line improved 7.8% from 64 cents in the year-ago quarter.

Total Revenues

Operating revenues of $121.3 million beat the Zacks Consensus Estimate of $119 million by 1.7%. However, the top line dipped 2.7% from $124.6 million in the prior-year quarter. Total revenues decreased primarily due to lower revenues in Water and Contracted services segments.

Operational Update

In the quarter under review, American States Water’s total operating expenses were $85.6 million, up 0.4% year over year.

Operating income was $35.7 million, down 9.4% year over year.

Interest expenses were $5.3 million, down 15.3% year over year. Also, interest income was $0.5 million, down from $0.9 million in the prior-year quarter.

Segment Details

Earnings in the Water segment were 54 cents, up from 51 cents in the prior-year quarter.

Earnings in the Electric segment of 3 cents were up from a cent in the year-ago quarter.

Earnings in the Contracted Services segment were 12 cents, on par with the year-ago quarter’s figure.

Financial Update

As of Jun 30, 2020, American States Water’s cash and cash equivalents were $6.5 million compared with $1.3 million as of Dec 31, 2019.

As of Jun 30, 2020, the company’s long-term debts were $280.9 million, flat with the figure as of Dec 31, 2019.

Dividend Update

The company declared a 9.8% hike in its quarterly dividend to 33.5 cents per share, payable Sep 1 to its shareholders of record on Aug 17. The company’s current policy is to see a dividend CAGR of more than 7% in the long term.

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.

Recent Utility Releases

FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.

NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2020 adjusted earnings of $2.61 per share, trumping the Zacks Consensus Estimate of $2.50 by 4.4%.

CMS Energy Corporation CMS reported second-quarter 2020 adjusted earnings per share (EPS) of 49 cents, which surpassed the Zacks Consensus Estimate of 45 cents by 8.9%.

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