American States Water Company ( AWR Quick Quote 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.
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 Quick Quote 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 Quick Quote 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 Quick Quote 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 >>