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American States Water (AWR) Q2 Earnings & Sales Lag Estimates
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American States Water Company (AWR - Free Report) reported second-quarter 2022 operating earnings per share (EPS) of 71 cents, which lagged the Zacks Consensus Estimate of 77 cents by 7.8%. However, the bottom line improved by 2.9% from the year-ago quarter’s earnings of 69 cents per share.
Total Revenues
Operating revenues of $122.6 million missed the Zacks Consensus Estimate of $132 million by 7.1%. The top line narrowed 4.5% from $128.4 million in the prior-year quarter.
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American States Water’s total operating expenses for the second quarter amounted to $88.3 million, down 2.5% from the year-ago quarter’s $90.6 million. This can primarily be attributed to a decrease in the water purchased cost, power purchased for resale and groundwater production assessment.
Operating income was $34.3 million, down 9.3% from the year-ago figure of $37.8 million.
Interest expenses were $6.3 million, up 4.6% year over year. Interest income was $0.4 million, up 25.6% from the prior-year quarter’s level.
Segment Details
Earnings from the Water segment were 40 cents per share, down 29.8% from 57 cents in the prior-year quarter. This downside was mainly driven by increased operating expenses.
Earnings from the Electric segment of 4 cents per share were on par with the year-ago quarter’s reading as higher operating revenues were offset by increased operating expenses.
Earnings from the Contracted Services segment were 10 cents per share, down 9.1% from 11 cents in the year-ago quarter due to a decline in timely construction activity.
Financial Update
As of Jun 30, 2022, AWR’s cash and cash equivalents were $10.8 million compared with $4.9 million as of Dec 31, 2021.
As of Jun 30, 2022, American States Water’s long-term debt was $446.9 million compared with $412.2 million as of Dec 31, 2021.
Essential Utilities Inc. (WTRG - Free Report) is slated to report second-quarter 2022 earnings on Aug 3 after market close. The Zacks Consensus Estimate for Essential Utilities’ second-quarter EPS is pegged at 31 cents. The Zacks Consensus Estimate for WTRG’s 2022 earnings implies year-over-year growth of 6.6%.
PNM Resources (PNM - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for the second-quarter EPS is pegged at 55 cents. The Zacks Consensus Estimate for PNM’s 2022 earnings implies year-over-year growth of 6.1%.
Consolidate Water (CWCO - Free Report) is slated to report second-quarter 2022 earnings on Aug 15 before market open. The Zacks Consensus Estimate for Essential Utilities’ second-quarter EPS is pegged at 16 cents. The Zacks Consensus Estimate for CWCO’s 2022 earnings implies year-over-year growth of 191.3%.
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American States Water (AWR) Q2 Earnings & Sales Lag Estimates
American States Water Company (AWR - Free Report) reported second-quarter 2022 operating earnings per share (EPS) of 71 cents, which lagged the Zacks Consensus Estimate of 77 cents by 7.8%. However, the bottom line improved by 2.9% from the year-ago quarter’s earnings of 69 cents per share.
Total Revenues
Operating revenues of $122.6 million missed the Zacks Consensus Estimate of $132 million by 7.1%. The top line narrowed 4.5% from $128.4 million in the prior-year quarter.
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Operational Update
American States Water’s total operating expenses for the second quarter amounted to $88.3 million, down 2.5% from the year-ago quarter’s $90.6 million. This can primarily be attributed to a decrease in the water purchased cost, power purchased for resale and groundwater production assessment.
Operating income was $34.3 million, down 9.3% from the year-ago figure of $37.8 million.
Interest expenses were $6.3 million, up 4.6% year over year. Interest income was $0.4 million, up 25.6% from the prior-year quarter’s level.
Segment Details
Earnings from the Water segment were 40 cents per share, down 29.8% from 57 cents in the prior-year quarter. This downside was mainly driven by increased operating expenses.
Earnings from the Electric segment of 4 cents per share were on par with the year-ago quarter’s reading as higher operating revenues were offset by increased operating expenses.
Earnings from the Contracted Services segment were 10 cents per share, down 9.1% from 11 cents in the year-ago quarter due to a decline in timely construction activity.
Financial Update
As of Jun 30, 2022, AWR’s cash and cash equivalents were $10.8 million compared with $4.9 million as of Dec 31, 2021.
As of Jun 30, 2022, American States Water’s long-term debt was $446.9 million compared with $412.2 million as of Dec 31, 2021.
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.
Upcoming Releases
Essential Utilities Inc. (WTRG - Free Report) is slated to report second-quarter 2022 earnings on Aug 3 after market close. The Zacks Consensus Estimate for Essential Utilities’ second-quarter EPS is pegged at 31 cents. The Zacks Consensus Estimate for WTRG’s 2022 earnings implies year-over-year growth of 6.6%.
PNM Resources (PNM - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for the second-quarter EPS is pegged at 55 cents. The Zacks Consensus Estimate for PNM’s 2022 earnings implies year-over-year growth of 6.1%.
Consolidate Water (CWCO - Free Report) is slated to report second-quarter 2022 earnings on Aug 15 before market open. The Zacks Consensus Estimate for Essential Utilities’ second-quarter EPS is pegged at 16 cents. The Zacks Consensus Estimate for CWCO’s 2022 earnings implies year-over-year growth of 191.3%.