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American States Water (AWR) Q2 Earnings & Sales Beat Estimates
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American States Water Company (AWR - Free Report) reported second-quarter 2023 operating earnings per share (EPS) of 83 cents, which beat the Zacks Consensus Estimate of 79 cents by 5.1%. The bottom line increased 29.7% from the year-ago quarter’s 64 cents.
Total Revenues
Operating revenues came in at $157.4 million, beating the Zacks Consensus Estimate of $128 million by 23%. The top line increased 28.4% from $122.6 million in the prior-year period.
American States Water Company Price, Consensus and EPS Surprise
Operating expenses for the quarter were $98.5 million, up 11.5% from the year-ago quarter’s $88.3 million. This can be attributed to higher administrative and general expenses.
Operating income totaled $58.9 million, up 71.8% from $34.3 million recorded in the corresponding period of 2022.
Interest expenses were $10.7 million, up 70% year over year. Interest income totaled $1.8 million, up 312.6% from the prior-year quarter’s level.
Segmental Details
Earnings from the Water segment amounted to 73 cents per share, up 69.8% from 43 cents a year ago. This was due to second-year rate increases related to the quarter.
Earnings from the Electric segment were recorded at 3 cents per share, which declined 25% from the year-ago quarter’s reading.
The same from the Contracted Services segment came in at 12 cents per share, up 20% from 10 cents in the year-ago quarter. This was due to an increase in construction activity and an increase in management fee revenues resulting from the resolution of various economic price adjustments.
Financial Update
As of Jun 30, 2023, AWR’s cash and cash equivalents totaled $1 million compared with $5.9 million as of Dec 31, 2022.
As of Jun 30, 2023, the company’s long-term debt was $576.4 million compared with $446.5 million as of Dec 31, 2022.
Cash provided by operating activities for the six months ended Jun 30, 2023 totaled $17.8 million compared with $56.9 million in the corresponding period of 2022.
California Water Service Group (CWT - Free Report) recorded second-quarter 2023 adjusted earnings of 17 cents per share, which missed the Zacks Consensus Estimate of 91 cents by 81.3%.
The consensus estimate for 2023 EPS stands at $1.85, indicating a year-over-year increase of 4.5%.
SJW Group (SJW - Free Report) reported second-quarter 2023 operating earnings of 58 cents per share, which were in line with the Zacks Consensus Estimate.
The consensus estimate for 2023 EPS stands at $2.47, indicating a year-over-year increase of 2.1%. The company delivered an average four-quarter earnings surprise of 20.97%.
American Water Works (AWK - Free Report) reported second-quarter 2023 adjusted earnings of $1.44 per share, beating the Zacks Consensus Estimate of $1.27 per share by 13.4%.
The consensus mark for 2023 earnings stands at $4.78 per share, implying a year-over-year improvement of 6%. The company delivered an average earnings surprise of 7.07% for the last four quarters.
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American States Water (AWR) Q2 Earnings & Sales Beat Estimates
American States Water Company (AWR - Free Report) reported second-quarter 2023 operating earnings per share (EPS) of 83 cents, which beat the Zacks Consensus Estimate of 79 cents by 5.1%. The bottom line increased 29.7% from the year-ago quarter’s 64 cents.
Total Revenues
Operating revenues came in at $157.4 million, beating the Zacks Consensus Estimate of $128 million by 23%. The top line increased 28.4% from $122.6 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 were $98.5 million, up 11.5% from the year-ago quarter’s $88.3 million. This can be attributed to higher administrative and general expenses.
Operating income totaled $58.9 million, up 71.8% from $34.3 million recorded in the corresponding period of 2022.
Interest expenses were $10.7 million, up 70% year over year. Interest income totaled $1.8 million, up 312.6% from the prior-year quarter’s level.
Segmental Details
Earnings from the Water segment amounted to 73 cents per share, up 69.8% from 43 cents a year ago. This was due to second-year rate increases related to the quarter.
Earnings from the Electric segment were recorded at 3 cents per share, which declined 25% from the year-ago quarter’s reading.
The same from the Contracted Services segment came in at 12 cents per share, up 20% from 10 cents in the year-ago quarter. This was due to an increase in construction activity and an increase in management fee revenues resulting from the resolution of various economic price adjustments.
Financial Update
As of Jun 30, 2023, AWR’s cash and cash equivalents totaled $1 million compared with $5.9 million as of Dec 31, 2022.
As of Jun 30, 2023, the company’s long-term debt was $576.4 million compared with $446.5 million as of Dec 31, 2022.
Cash provided by operating activities for the six months ended Jun 30, 2023 totaled $17.8 million compared with $56.9 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
California Water Service Group (CWT - Free Report) recorded second-quarter 2023 adjusted earnings of 17 cents per share, which missed the Zacks Consensus Estimate of 91 cents by 81.3%.
The consensus estimate for 2023 EPS stands at $1.85, indicating a year-over-year increase of 4.5%.
SJW Group (SJW - Free Report) reported second-quarter 2023 operating earnings of 58 cents per share, which were in line with the Zacks Consensus Estimate.
The consensus estimate for 2023 EPS stands at $2.47, indicating a year-over-year increase of 2.1%. The company delivered an average four-quarter earnings surprise of 20.97%.
American Water Works (AWK - Free Report) reported second-quarter 2023 adjusted earnings of $1.44 per share, beating the Zacks Consensus Estimate of $1.27 per share by 13.4%.
The consensus mark for 2023 earnings stands at $4.78 per share, implying a year-over-year improvement of 6%. The company delivered an average earnings surprise of 7.07% for the last four quarters.