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Aqua America's (WTR) Q3 Earnings & Revenues Beat Estimates
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Aqua America, Inc. reported third-quarter 2019 earnings per share of 48 cents, which surpassed the Zacks Consensus Estimate of 43 cents by 11.63%.
The bottom line improved 9.1% from the year-ago quarter’s figure of 44 cents.
Total Revenues
Quarterly revenues amounted to $243.6 million, which beat the Zacks Consensus Estimate of $236 million by 3.2%. Moreover, the top line increased 7.7% year over year. The uptick can be attributed to rates as well as customer growth from acquisitions and organic growth.
Aqua America, Inc. Price, Consensus and EPS Surprise
During the third quarter, operations and maintenance expenses increased nearly 19.5% year over year to $82 million.
The company incurred interest expenses of $32.6 million, up 28.3% from the prior-year quarter’s level.
Year-to-date rate increase in 2019 will boost annual revenues of the company by $59.8 million. The pending rate case, when approved, is expected to increase revenues by $63,000.
Financial Highlights
Current assets were $2,178.9 million as of Sep 30, 2019 compared with $147.2 million on Dec 31, 2018.
Long-term debt was $2,898.3 million as of Sep 30, 2019, higher than $2,398.5 million on Dec 31, 2018.
During the first nine months of 2019, the company invested $401.6 million to strengthen its infrastructure systems.
Guidance
Aqua America maintained its 2019 adjusted net earnings guidance in the range of $1.45-$1.50 per share.
It expects customer base to expand 2-3% in 2019. The company plans to invest $550 million toward infrastructure development of service communities during the year. This is part of its investment plan of nearly $1.4 billion through 2021.
American Water Works Company (AWK - Free Report) posted third-quarter 2019 earnings of $1.33 per share, beating the Zacks Consensus Estimate of $1.29 by 3.1%.
American States Water Company (AWR - Free Report) reported third-quarter 2019 operating earnings of 69 cents per share, which lagged the Zacks Consensus Estimate of 72 cents by 4.17%.
Middlesex Water (MSEX - Free Report) came out with third-quarter 2019 earnings of 66 cents per share, missing the Zacks Consensus Estimate of 72 cents by 8.33%.
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Aqua America's (WTR) Q3 Earnings & Revenues Beat Estimates
Aqua America, Inc. reported third-quarter 2019 earnings per share of 48 cents, which surpassed the Zacks Consensus Estimate of 43 cents by 11.63%.
The bottom line improved 9.1% from the year-ago quarter’s figure of 44 cents.
Total Revenues
Quarterly revenues amounted to $243.6 million, which beat the Zacks Consensus Estimate of $236 million by 3.2%. Moreover, the top line increased 7.7% year over year. The uptick can be attributed to rates as well as customer growth from acquisitions and organic growth.
Aqua America, Inc. Price, Consensus and EPS Surprise
Aqua America, Inc. price-consensus-eps-surprise-chart | Aqua America, Inc. Quote
Highlights of the Release
During the third quarter, operations and maintenance expenses increased nearly 19.5% year over year to $82 million.
The company incurred interest expenses of $32.6 million, up 28.3% from the prior-year quarter’s level.
Year-to-date rate increase in 2019 will boost annual revenues of the company by $59.8 million. The pending rate case, when approved, is expected to increase revenues by $63,000.
Financial Highlights
Current assets were $2,178.9 million as of Sep 30, 2019 compared with $147.2 million on Dec 31, 2018.
Long-term debt was $2,898.3 million as of Sep 30, 2019, higher than $2,398.5 million on Dec 31, 2018.
During the first nine months of 2019, the company invested $401.6 million to strengthen its infrastructure systems.
Guidance
Aqua America maintained its 2019 adjusted net earnings guidance in the range of $1.45-$1.50 per share.
It expects customer base to expand 2-3% in 2019. The company plans to invest $550 million toward infrastructure development of service communities during the year. This is part of its investment plan of nearly $1.4 billion through 2021.
Zacks Rank
Currently, Aqua America carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Water Utility Releases
American Water Works Company (AWK - Free Report) posted third-quarter 2019 earnings of $1.33 per share, beating the Zacks Consensus Estimate of $1.29 by 3.1%.
American States Water Company (AWR - Free Report) reported third-quarter 2019 operating earnings of 69 cents per share, which lagged the Zacks Consensus Estimate of 72 cents by 4.17%.
Middlesex Water (MSEX - Free Report) came out with third-quarter 2019 earnings of 66 cents per share, missing the Zacks Consensus Estimate of 72 cents by 8.33%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>