American States Water Company (AWR - Free Report) delivered second-quarter 2018 earnings of 44 cents per share, missing the Zacks Consensus Estimate of 48 cents by 8.3%. Further, the figure declined 29.1% year over year.
The year-over-year decline in earnings was due to fall in construction revenues from its Contracted Services segment.
The company’s operating revenues of $106.9 million missed the Zacks Consensus Estimate of $116 million by 7.8%. Overall revenues dipped 5.6% year over year. The downside was primarily caused by lower revenues generated by the Water and Contracted services segment.
In the quarter under review, American States Water’s total operating expenses were $81.3 million, up 14.2% year over year.
Interest expenses were $6.1 million, up 3.4% year over year. Interest income totaled $0.63 million, up 2.6% year over year.
The Water segment’s earnings were 35 cents, flat year over year.
The Electric segment generated earnings of 2 cents, flat year over year.
Earnings from the Contracted Services segment were 6 cents, down from 12 cents in the year-ago period.
As of Jun 30, 2018, American States Water’s cash and cash equivalents were $5.57 million compared with $0.21 million on Dec 31, 2017.
As of Jun 30, 2018, the company’s long-term debt was $281.1 million compared with $321 million on Dec 31, 2017.
Net cash provided by operating activities in the first six months of 2018 was $65.1 million, down from $75.5 million in the year-ago period.
Other Water Supply Utilities’ Release
Here are some other players from the water utility space that have reported second-quarter earnings:
American Water Works Co. (AWK - Free Report) beat the Zacks Consensus Estimate by 2.3%, SJW Group (SJW - Free Report) reported in-line earnings, while California Water Service Group Holding (CWT - Free Report) missed the same by 20.6%.
American States Water Company currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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