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American States Water (AWR) Q4 Earnings & Sales Lag Estimates
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American States Water Company (AWR - Free Report) reported fourth-quarter 2022 operating earnings per share (EPS) of 50 cents, which lagged the Zacks Consensus Estimate of 84 cents by 40.5%. The bottom line decreased by 9.1% from the year-ago quarter’s earnings of 55 cents per share.
In 2022, earnings per share were $2.11, down 17.3% from last year's earnings of $2.55 per share.
Total Revenues
Operating revenues of $125 million missed the Zacks Consensus Estimate of $138 million by 9.4%. The top line increased by 6.8% from $117 million in the prior-year quarter.
In 2022, revenues were $491.5 million, down 1.5% year over year.
American States Water Company Price, Consensus and EPS Surprise
American States Water’s total operating expenses for the fourth quarter amounted to $97.5 million, up nearly 12.6% from the year-ago quarter’s $86.6 million. This can be attributed to higher operational, administrative and general expenses and an increase in the cost of water purchased.
Operating income was $27.6 million, down 8.3% from the year-ago figure of $30 million.
Interest expenses were $7.8 million, up 55.9% year over year. Interest income was $0.9 million, up 163% from the prior-year quarter’s level.
Segment Details
Earnings from the Water segment were 28 cents per share, down 22.2% from 36 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 improved by 14.3% from the year-ago quarter’s reading.
Earnings from the Contracted Services segment were 17 cents per share, up 30.8% from the year-ago quarter due to an increase in management fee revenue resulting from the resolution of various economic price adjustments and an increase in construction activity.
Financial Update
As of Dec 31, 2022, AWR’s cash and cash equivalents were $5.9 million compared with $4.9 million as of Dec 31, 2021.
As of Dec 31, 2022, American States Water’s long-term debt was $446.5 million compared with $412.2 million as of Dec 31, 2021.
American Water Works Company (AWK - Free Report) posted fourth-quarter 2022 operating earnings per share of 81 cents, which surpassed the Zacks Consensus Estimate of 76 cents by 6.6%.
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 2023 earnings per share of $4.77 suggests year-over-year growth of 5.8%.
Essential Utilities Inc. (WTRG - Free Report) reported fourth-quarter 2022 operating earnings per share of 44 cents, lagging the Zacks Consensus Estimate of 45 cents by 2.2%.
The Zacks Consensus Estimate for WTRG’s 2023 earnings per share of $1.88 suggests year-over-year growth of 6.2%. The current dividend yield of WTRG is 2.7% higher than the Zacks S&P 500 Composite’s average yield of 1.64%.
Primo Water Corporation (PRMW - Free Report) reported fourth-quarter 2022 operating earnings per share of 16 cents, which lagged the Zacks Consensus Estimate of 17 cents by 5.9%.
The Zacks Consensus Estimate for PRMW’s 2023 earnings per share of 82 cents suggests year-over-year growth of 22.4%. PRMW’s current dividend yield is 1.81%.
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American States Water (AWR) Q4 Earnings & Sales Lag Estimates
American States Water Company (AWR - Free Report) reported fourth-quarter 2022 operating earnings per share (EPS) of 50 cents, which lagged the Zacks Consensus Estimate of 84 cents by 40.5%. The bottom line decreased by 9.1% from the year-ago quarter’s earnings of 55 cents per share.
In 2022, earnings per share were $2.11, down 17.3% from last year's earnings of $2.55 per share.
Total Revenues
Operating revenues of $125 million missed the Zacks Consensus Estimate of $138 million by 9.4%. The top line increased by 6.8% from $117 million in the prior-year quarter.
In 2022, revenues were $491.5 million, down 1.5% year over year.
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 fourth quarter amounted to $97.5 million, up nearly 12.6% from the year-ago quarter’s $86.6 million. This can be attributed to higher operational, administrative and general expenses and an increase in the cost of water purchased.
Operating income was $27.6 million, down 8.3% from the year-ago figure of $30 million.
Interest expenses were $7.8 million, up 55.9% year over year. Interest income was $0.9 million, up 163% from the prior-year quarter’s level.
Segment Details
Earnings from the Water segment were 28 cents per share, down 22.2% from 36 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 improved by 14.3% from the year-ago quarter’s reading.
Earnings from the Contracted Services segment were 17 cents per share, up 30.8% from the year-ago quarter due to an increase in management fee revenue resulting from the resolution of various economic price adjustments and an increase in construction activity.
Financial Update
As of Dec 31, 2022, AWR’s cash and cash equivalents were $5.9 million compared with $4.9 million as of Dec 31, 2021.
As of Dec 31, 2022, American States Water’s long-term debt was $446.5 million compared with $412.2 million as of Dec 31, 2021.
Zacks Rank
American States Water currently has a Zacks Rank #2 (Buy). 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 fourth-quarter 2022 operating earnings per share of 81 cents, which surpassed the Zacks Consensus Estimate of 76 cents by 6.6%.
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 2023 earnings per share of $4.77 suggests year-over-year growth of 5.8%.
Essential Utilities Inc. (WTRG - Free Report) reported fourth-quarter 2022 operating earnings per share of 44 cents, lagging the Zacks Consensus Estimate of 45 cents by 2.2%.
The Zacks Consensus Estimate for WTRG’s 2023 earnings per share of $1.88 suggests year-over-year growth of 6.2%. The current dividend yield of WTRG is 2.7% higher than the Zacks S&P 500 Composite’s average yield of 1.64%.
Primo Water Corporation (PRMW - Free Report) reported fourth-quarter 2022 operating earnings per share of 16 cents, which lagged the Zacks Consensus Estimate of 17 cents by 5.9%.
The Zacks Consensus Estimate for PRMW’s 2023 earnings per share of 82 cents suggests year-over-year growth of 22.4%. PRMW’s current dividend yield is 1.81%.