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American States Water (AWR) Q1 Earnings in Line With Estimates
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American States Water Company (AWR - Free Report) reported first-quarter 2023 operating earnings per share (EPS) of 54 cents, which was on par with the Zacks Consensus Estimate. The bottom line increased 31.7% from the year-ago quarter’s 41 cents.
Total Revenues
Operating revenues came in at $161.4 million. The top line increased 48.6% from $108.6 million in the prior-year period.
American States Water Company Price, Consensus and EPS Surprise
Operating expenses for the quarter amounted to $110.3 million, up nearly 31% from the year-ago quarter’s $84.2 million. This can be attributed to higher operational, administrative and general expenses.
Operating income totaled $51.2 million, up 110% from $24.4 million recorded in the corresponding period of 2022.
Interest expenses were $9.5 million, up 69.6% year over year. Interest income totaled $1.9 million, up 559% from the prior-year quarter’s level.
Segmental Details
Earnings from the Water segment amounted to 38 cents per share, up 65.2% from 23 cents a year ago. This was due to an estimated second-year rate increase for 2023 that was effective as of Jan 1, 2023.
Earnings from the Electric segment were recorded at 6 cents per share, which declined 14.3% from the year-ago quarter’s reading.
The same from the Contracted Services segment came in at 15 cents per share, up 87.5% from that recorded in the year-ago quarter. This was due to an increase in management fee revenues resulting from an increase in construction activity and the resolution of various economic price adjustments.
Financial Update
As of Mar 31, 2023, AWR’s cash and cash equivalents totaled $2.1 million compared with $5.9 million as of Dec 31, 2022.
As of Mar 31, 2023, the company’s long-term debt amounted to $576.4 million compared with $446.5 million as of Dec 31, 2022.
Cash provided by operating activities for the first quarter totaled $6.9 million compared with $38 million in the corresponding period of 2022.
Global Water Resources, Inc. (GWRS - Free Report) reported first-quarter 2023 operating EPS of 3 cents, which beat the Zacks Consensus Estimate of 2 cents by 50%.
GWRS’ long-term (three to five years) earnings growth rate is currently pinned at 15%. The consensus estimate for 2023 EPS stands at 31 cents, indicating year-over-year growth of 29.2%.
SJW Group (SJW - Free Report) reported first-quarter 2023 operating earnings of 37 cents per share, which outdid the Zacks Consensus Estimate of 24 cents by 54.2%.
The consensus estimate for 2023 EPS stands at $2.47, indicating a year-over-year increase of 2.1%. The company delivered an average earnings surprise of 11.6% in the last four quarters.
The York Water Company (YORW - Free Report) reported first-quarter 2023 adjusted earnings of 26 cents per share, which was on par with the Zacks Consensus Estimate.
The consensus mark for 2023 earnings stands at $1.51 per share, implying a year-over-year improvement of 7.9%. The company delivered an average earnings surprise of 5.13% in the last four quarters.
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American States Water (AWR) Q1 Earnings in Line With Estimates
American States Water Company (AWR - Free Report) reported first-quarter 2023 operating earnings per share (EPS) of 54 cents, which was on par with the Zacks Consensus Estimate. The bottom line increased 31.7% from the year-ago quarter’s 41 cents.
Total Revenues
Operating revenues came in at $161.4 million. The top line increased 48.6% from $108.6 million in the prior-year period.
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
Operating expenses for the quarter amounted to $110.3 million, up nearly 31% from the year-ago quarter’s $84.2 million. This can be attributed to higher operational, administrative and general expenses.
Operating income totaled $51.2 million, up 110% from $24.4 million recorded in the corresponding period of 2022.
Interest expenses were $9.5 million, up 69.6% year over year. Interest income totaled $1.9 million, up 559% from the prior-year quarter’s level.
Segmental Details
Earnings from the Water segment amounted to 38 cents per share, up 65.2% from 23 cents a year ago. This was due to an estimated second-year rate increase for 2023 that was effective as of Jan 1, 2023.
Earnings from the Electric segment were recorded at 6 cents per share, which declined 14.3% from the year-ago quarter’s reading.
The same from the Contracted Services segment came in at 15 cents per share, up 87.5% from that recorded in the year-ago quarter. This was due to an increase in management fee revenues resulting from an increase in construction activity and the resolution of various economic price adjustments.
Financial Update
As of Mar 31, 2023, AWR’s cash and cash equivalents totaled $2.1 million compared with $5.9 million as of Dec 31, 2022.
As of Mar 31, 2023, the company’s long-term debt amounted to $576.4 million compared with $446.5 million as of Dec 31, 2022.
Cash provided by operating activities for the first quarter totaled $6.9 million compared with $38 million in the corresponding period of 2022.
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 Releases
Global Water Resources, Inc. (GWRS - Free Report) reported first-quarter 2023 operating EPS of 3 cents, which beat the Zacks Consensus Estimate of 2 cents by 50%.
GWRS’ long-term (three to five years) earnings growth rate is currently pinned at 15%. The consensus estimate for 2023 EPS stands at 31 cents, indicating year-over-year growth of 29.2%.
SJW Group (SJW - Free Report) reported first-quarter 2023 operating earnings of 37 cents per share, which outdid the Zacks Consensus Estimate of 24 cents by 54.2%.
The consensus estimate for 2023 EPS stands at $2.47, indicating a year-over-year increase of 2.1%. The company delivered an average earnings surprise of 11.6% in the last four quarters.
The York Water Company (YORW - Free Report) reported first-quarter 2023 adjusted earnings of 26 cents per share, which was on par with the Zacks Consensus Estimate.
The consensus mark for 2023 earnings stands at $1.51 per share, implying a year-over-year improvement of 7.9%. The company delivered an average earnings surprise of 5.13% in the last four quarters.