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American States Water (AWR) Earnings Meet Estimates in Q4
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American States Water Company (AWR - Free Report) reported fourth-quarter 2016 earnings of 30 cents per share, in line with the Zacks Consensus Estimate. However, reported earnings were a penny lower from the year-ago figure of 31 cents. The year-over-year decline was primarily due to lower contribution from the Water segment.
Full-year 2016 earnings of $1.62 per share were 1.2% lower than the Zacks Consensus Estimate of $1.64. However, the earnings exceeded the 2015 figure by 1.3%. Full-year earnings improved primarily on the back of better contribution of the Electric segment.
Revenues
American States Water’s operating revenues in the quarter were $106.8 million, which lagged the Zacks Consensus Estimate of $109 million by 2.01%. Further, revenues decreased nearly 3.0% year over year.
Full-year 2016 total revenue was $436.1 million, down 4.9% from $458.6 million reported in 2015. Additionally, total revenue was 3.3% lower than the Zacks Consensus Estimate of $451.0 million.
American States Water Company Price, Consensus and EPS Surprise
In the quarter under review, American States Water’s total operating expenses were $84.7 million, down 4.0% year over year. Interest expenses were $5.1 million, up 4.1%.
Operating income in the reported quarter was $22.1 million, up marginally from $21.9 million reported in the year-ago quarter.
Net income was $11.2 million, down 3.5% from the prior-year quarter.
Segment Details
The Water segment’s earnings during the quarter came in at 13 cents, down 31.6% year over year. Earnings for the fourth quarter reflect the retroactive impact of new water rates on American States Water’s subsidiary, Golden State Water Company, in the first nine months of 2016, which reduced the earnings by 8 cents in the reported quarter.
The Electric segment’s earnings during the quarter amounted to 4 cents, up 33.3% year over year.
The Contracted Services segment’s earnings improved 44.4% year over year to 13 cents.
Financial Update
As of Dec 31, 2016, American States Water’s cash and cash equivalents were $0.03 million compared with $0.8 million as of Dec 31, 2015.
As of Dec 31, 2016, long-term debts were $320.9 million, flat with the year-ago levels.
Net cash from operating activities in 2016 was $96.9 million, up from $95.1 million in the year-ago period.
Peer Releases
Aqua America Inc. reported fourth-quarter 2016 earnings per share of 28 cents, which lagged the Zacks Consensus Estimate of 29 cents by 3.4%.
American Water Works (AWK - Free Report) reported fourth-quarter 2016 earnings per share of 57 cents, which surpassed the Zacks Consensus Estimate by a penny.
Upcoming Peer Releases
Global Water Resource Inc. (GWRS - Free Report) is scheduled to release fourth-quarter earnings on Feb 27. The Zacks Consensus Estimate for the quarter is pegged at 2 cents.
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American States Water (AWR) Earnings Meet Estimates in Q4
American States Water Company (AWR - Free Report) reported fourth-quarter 2016 earnings of 30 cents per share, in line with the Zacks Consensus Estimate. However, reported earnings were a penny lower from the year-ago figure of 31 cents. The year-over-year decline was primarily due to lower contribution from the Water segment.
Full-year 2016 earnings of $1.62 per share were 1.2% lower than the Zacks Consensus Estimate of $1.64. However, the earnings exceeded the 2015 figure by 1.3%. Full-year earnings improved primarily on the back of better contribution of the Electric segment.
Revenues
American States Water’s operating revenues in the quarter were $106.8 million, which lagged the Zacks Consensus Estimate of $109 million by 2.01%. Further, revenues decreased nearly 3.0% year over year.
Full-year 2016 total revenue was $436.1 million, down 4.9% from $458.6 million reported in 2015. Additionally, total revenue was 3.3% lower than the Zacks Consensus Estimate of $451.0 million.
American States Water Company Price, Consensus and EPS Surprise
American States Water Company Price, Consensus and EPS Surprise | American States Water Company Quote
Operational Update
In the quarter under review, American States Water’s total operating expenses were $84.7 million, down 4.0% year over year. Interest expenses were $5.1 million, up 4.1%.
Operating income in the reported quarter was $22.1 million, up marginally from $21.9 million reported in the year-ago quarter.
Net income was $11.2 million, down 3.5% from the prior-year quarter.
Segment Details
The Water segment’s earnings during the quarter came in at 13 cents, down 31.6% year over year. Earnings for the fourth quarter reflect the retroactive impact of new water rates on American States Water’s subsidiary, Golden State Water Company, in the first nine months of 2016, which reduced the earnings by 8 cents in the reported quarter.
The Electric segment’s earnings during the quarter amounted to 4 cents, up 33.3% year over year.
The Contracted Services segment’s earnings improved 44.4% year over year to 13 cents.
Financial Update
As of Dec 31, 2016, American States Water’s cash and cash equivalents were $0.03 million compared with $0.8 million as of Dec 31, 2015.
As of Dec 31, 2016, long-term debts were $320.9 million, flat with the year-ago levels.
Net cash from operating activities in 2016 was $96.9 million, up from $95.1 million in the year-ago period.
Peer Releases
Aqua America Inc. reported fourth-quarter 2016 earnings per share of 28 cents, which lagged the Zacks Consensus Estimate of 29 cents by 3.4%.
American Water Works (AWK - Free Report) reported fourth-quarter 2016 earnings per share of 57 cents, which surpassed the Zacks Consensus Estimate by a penny.
Upcoming Peer Releases
Global Water Resource Inc. (GWRS - Free Report) is scheduled to release fourth-quarter earnings on Feb 27. The Zacks Consensus Estimate for the quarter is pegged at 2 cents.
Zacks Rank
American States Water currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>