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American States Water (AWR) Q3 Earnings & Sales Miss Estimates
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American States Water Company (AWR - Free Report) reported second-quarter 2022 operating earnings per share (EPS) of 69 cents, which lagged the Zacks Consensus Estimate of 70 cents by 1.4%. The bottom line decreased by 9.2% from the year-ago quarter’s earnings of 76 cents per share.
Total Revenues
Operating revenues of $134.9 million missed the Zacks Consensus Estimate of $143 million by 5.6%. The top line declined 1.4% from $136.8 million in the prior-year quarter.
American States Water Company Price, Consensus and EPS Surprise
American States Water’s total operating expenses for the third quarter amounted to $94.6 million, up nearly 1% from the year-ago quarter’s $93.9 million. This can primarily be attributed to higher operational, administrative and general expenses.
Operating income was $40.3 million, down 5.8% from the year-ago figure of $42.8 million.
Interest expenses were $7.3 million, up 32.7% year over year. Interest income was $0.7 million, up 100% from the prior-year quarter’s level.
Segment Details
Earnings from the Water segment were 54 cents per share, down 12.9% from 62 cents in the prior-year quarter. This downside was due to the delay in receiving a final decision in the water general rate case.
Earnings from the Electric segment of four cents per share were on par with the year-ago quarter’s reading.
Earnings from the Contracted Services segment were 12 cents per share, up by a penny from 11 cents in the year-ago quarter due to an increase in management fee revenue resulting from resolution of various economic price adjustments.
Financial Update
As of Sep 30, 2022, AWR’s cash and cash equivalents were $2.3 million compared with $4.9 million as of Dec 31, 2021.
As of Sep 30, 2022, American States Water’s long-term debt was $446.9 million compared with $412.2 million as of Dec 31, 2021.
American Water Works Company (AWK - Free Report) posted third-quarter 2022 operating earnings per share (EPS) of $1.63, which surpassed the Zacks Consensus Estimate of $1.49 by 9.4%.
The Long-term (three to five-year) earnings growth of American Water Works is currently pegged at 8%. The Zacks Consensus Estimate for AWK’s 2022 earnings per share of $4.46 suggests year-over-year growth of 4.9%.
Middlesex Water Company (MSEX - Free Report) recorded third-quarter 2022 operating earnings per share of 80 cents, which lagged the Zacks Consensus Estimate of 88 cents by 9.1%.
Middlesex Water Company’s current dividend yield is 1.32%. The Zacks Consensus Estimate for MSEX’s 2022 earnings per share of $2.29 indicates year-over-year growth of 10.6%.
Essential Utilities Inc. (WTRG - Free Report) reported third-quarter 2022 operating earnings per share of 26 cents, which surpassed the Zacks Consensus Estimate of 23 cents by 13%.
The Zacks Consensus Estimate for WTRG’s 2022 earnings per share of $1.78 suggests year-over-year growth of 6.6%.
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American States Water (AWR) Q3 Earnings & Sales Miss Estimates
American States Water Company (AWR - Free Report) reported second-quarter 2022 operating earnings per share (EPS) of 69 cents, which lagged the Zacks Consensus Estimate of 70 cents by 1.4%. The bottom line decreased by 9.2% from the year-ago quarter’s earnings of 76 cents per share.
Total Revenues
Operating revenues of $134.9 million missed the Zacks Consensus Estimate of $143 million by 5.6%. The top line declined 1.4% from $136.8 million in the prior-year quarter.
American States Water Company Price, Consensus and EPS Surprise
American States Water Company price-consensus-eps-surprise-chart | American States Water Company Quote
Operational Update
American States Water’s total operating expenses for the third quarter amounted to $94.6 million, up nearly 1% from the year-ago quarter’s $93.9 million. This can primarily be attributed to higher operational, administrative and general expenses.
Operating income was $40.3 million, down 5.8% from the year-ago figure of $42.8 million.
Interest expenses were $7.3 million, up 32.7% year over year. Interest income was $0.7 million, up 100% from the prior-year quarter’s level.
Segment Details
Earnings from the Water segment were 54 cents per share, down 12.9% from 62 cents in the prior-year quarter. This downside was due to the delay in receiving a final decision in the water general rate case.
Earnings from the Electric segment of four cents per share were on par with the year-ago quarter’s reading.
Earnings from the Contracted Services segment were 12 cents per share, up by a penny from 11 cents in the year-ago quarter due to an increase in management fee revenue resulting from resolution of various economic price adjustments.
Financial Update
As of Sep 30, 2022, AWR’s cash and cash equivalents were $2.3 million compared with $4.9 million as of Dec 31, 2021.
As of Sep 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 #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
American Water Works Company (AWK - Free Report) posted third-quarter 2022 operating earnings per share (EPS) of $1.63, which surpassed the Zacks Consensus Estimate of $1.49 by 9.4%.
The Long-term (three to five-year) earnings growth of American Water Works is currently pegged at 8%. The Zacks Consensus Estimate for AWK’s 2022 earnings per share of $4.46 suggests year-over-year growth of 4.9%.
Middlesex Water Company (MSEX - Free Report) recorded third-quarter 2022 operating earnings per share of 80 cents, which lagged the Zacks Consensus Estimate of 88 cents by 9.1%.
Middlesex Water Company’s current dividend yield is 1.32%. The Zacks Consensus Estimate for MSEX’s 2022 earnings per share of $2.29 indicates year-over-year growth of 10.6%.
Essential Utilities Inc. (WTRG - Free Report) reported third-quarter 2022 operating earnings per share of 26 cents, which surpassed the Zacks Consensus Estimate of 23 cents by 13%.
The Zacks Consensus Estimate for WTRG’s 2022 earnings per share of $1.78 suggests year-over-year growth of 6.6%.