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American States Water (AWR) Q3 Earnings Beat, Sales Up Y/Y
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American States Water Company (AWR - Free Report) reported third-quarter 2023 operating earnings per share (EPS) of 85 cents, which beat the Zacks Consensus Estimate of 82 cents by 3.7%. The bottom line increased 16.4% from the year-ago quarter’s 73 cents.
Total Revenues
Operating revenues came in at $151.7 million, missing the Zacks Consensus Estimate of $152 million by 0.2%. The top line increased 12.4% from $135 million in the prior-year period.
American States Water Company Price, Consensus and EPS Surprise
Operating expenses in the quarter were $99.9 million, up 5.6% from the year-ago quarter’s $94.6 million. This can be attributed to higher water and power purchases and higher maintenance expenses.
Operating income totaled $51.8 million, up 28.5% from $40.3 million recorded in the corresponding period of 2022.
Interest expenses were $11.7 million, up 60.3% year over year. Interest income totaled $2.1 million, up 228.6%.
Segmental Details
Earnings from the Water segment amounted to 72 cents per share, up 33.3% from 54 cents a year ago. This year-over-year improvement was due to rate increases.
Earnings from the Electric segment were recorded at 4 cents per share, which was flat year over year.
The same from the Contracted Services segment came in at 12 cents per share, which was consistent with the year-ago quarter’s figure.
The loss from AWR (Parent) was 2 cents per share, wider than a loss of 1 cent a year ago.
Financial Update
As of Sep 30, 2023, AWR’s cash and cash equivalents totaled $8.6 million compared with $5.9 million as of Dec 31, 2022.
As of Sep 30, 2023, the company’s long-term debt was $575.4 million compared with $446.5 million as of Dec 31, 2022.
Cash provided by operating activities for the nine months ended Sep 30, 2023, totaled $56.5 million compared with $89.9 million in the corresponding period of 2022.
California Water Service Group (CWT - Free Report) recorded a third-quarter 2023 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 54 cents by 11.1%.
The consensus estimate for 2023 EPS stands at $1.91, indicating a year-over-year increase of 7.9%. The same for 2023 sales stands at $849.44 million, indicating a year-over-year increase of 0.4%.
American Water Works (AWK - Free Report) posted third-quarter 2023 operating earnings per share of $1.66, which surpassed the Zacks Consensus Estimate of $1.55 by 7.1%.
The consensus mark for 2023 earnings stands at $4.81 per share, implying a year-over-year improvement of 6.7%. The company delivered an average earnings surprise of 6.50% for the last four quarters.
Essential Utilities Inc. (WTRG - Free Report) reports third-quarter 2023 operating earnings per share (EPS) of 30 cents, which surpassed the Zacks Consensus Estimate by a penny.
The consensus estimate for 2023 EPS stands at $1.86, indicating a year-over-year increase of 5.1%. The company delivered an average four-quarter earnings surprise of 2.03%.
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American States Water (AWR) Q3 Earnings Beat, Sales Up Y/Y
American States Water Company (AWR - Free Report) reported third-quarter 2023 operating earnings per share (EPS) of 85 cents, which beat the Zacks Consensus Estimate of 82 cents by 3.7%. The bottom line increased 16.4% from the year-ago quarter’s 73 cents.
Total Revenues
Operating revenues came in at $151.7 million, missing the Zacks Consensus Estimate of $152 million by 0.2%. The top line increased 12.4% from $135 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 in the quarter were $99.9 million, up 5.6% from the year-ago quarter’s $94.6 million. This can be attributed to higher water and power purchases and higher maintenance expenses.
Operating income totaled $51.8 million, up 28.5% from $40.3 million recorded in the corresponding period of 2022.
Interest expenses were $11.7 million, up 60.3% year over year. Interest income totaled $2.1 million, up 228.6%.
Segmental Details
Earnings from the Water segment amounted to 72 cents per share, up 33.3% from 54 cents a year ago. This year-over-year improvement was due to rate increases.
Earnings from the Electric segment were recorded at 4 cents per share, which was flat year over year.
The same from the Contracted Services segment came in at 12 cents per share, which was consistent with the year-ago quarter’s figure.
The loss from AWR (Parent) was 2 cents per share, wider than a loss of 1 cent a year ago.
Financial Update
As of Sep 30, 2023, AWR’s cash and cash equivalents totaled $8.6 million compared with $5.9 million as of Dec 31, 2022.
As of Sep 30, 2023, the company’s long-term debt was $575.4 million compared with $446.5 million as of Dec 31, 2022.
Cash provided by operating activities for the nine months ended Sep 30, 2023, totaled $56.5 million compared with $89.9 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 a third-quarter 2023 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 54 cents by 11.1%.
The consensus estimate for 2023 EPS stands at $1.91, indicating a year-over-year increase of 7.9%. The same for 2023 sales stands at $849.44 million, indicating a year-over-year increase of 0.4%.
American Water Works (AWK - Free Report) posted third-quarter 2023 operating earnings per share of $1.66, which surpassed the Zacks Consensus Estimate of $1.55 by 7.1%.
The consensus mark for 2023 earnings stands at $4.81 per share, implying a year-over-year improvement of 6.7%. The company delivered an average earnings surprise of 6.50% for the last four quarters.
Essential Utilities Inc. (WTRG - Free Report) reports third-quarter 2023 operating earnings per share (EPS) of 30 cents, which surpassed the Zacks Consensus Estimate by a penny.
The consensus estimate for 2023 EPS stands at $1.86, indicating a year-over-year increase of 5.1%. The company delivered an average four-quarter earnings surprise of 2.03%.