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American States Water (AWR) Q1 Earnings & Sales Beat Estimates
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American States Water Company (AWR - Free Report) reported first-quarter 2024 operating earnings per share (EPS) of 62 cents, which beat the Zacks Consensus Estimate of 59 cents by 5.1%.
Total Revenues
Operating revenues came in at $135.2 million, surpassing the Zacks Consensus Estimate of $119 million by 13.7%. However, the top line declined 16% from $161 million reported in the prior year.
American States Water Company Price, Consensus and EPS Surprise
Operating expenses in the quarter were $96.3 million, down 12.7% from the year-ago quarter’s $110.3 million. Lower water purchased expenses and purchased power expenses, along with other reasons lowered total operating expenses.
Operating income totaled $38.9 million, down 24% from $51.2 million in the corresponding period of 2023.
Interest expenses were $12.8 million, up 35.8% year over year. Interest income totaled $2.1 million, up 11% year over year.
During the quarter, the company successfully started its operation of the water and wastewater systems at two military bases.
Segmental Details
Earnings from the Water segment amounted to 48 cents per share, down 35.1% from 74 cents a year ago.
Earnings from the Electric segment were 5 cents per share, which was a penny down from the year-ago quarter. The decline was primarily due to lack of new rates in the reported quarter.
The same from the Contracted Services segment came in at 13 cents per share, down 13.3% year over year. The decline was due to an increase in operating expenses and difference in timing of construction activity performed in 2024.
The loss from AWR (Parent) was 3 cents per share, wider than a loss of 2 cents a year ago.
Financial Update
As of Mar 31, AWR’s cash and cash equivalents totaled $17 million compared with $14.1 million as of Dec 31, 2023.
As of Mar 31, the company’s long-term debt was $575.3 million compared with $575.5 million as of Dec 31, 2023.
In the first-quarter of 2024, cash provided by operating activities totaled $45.8 million compared with $6.9 million in the first-quarter of 2023.
American Water Works Company (AWK - Free Report) posted first-quarter 2024 operating EPS of 95 cents, which lagged the Zacks Consensus Estimate of 99 cents by 4.1%. However, the bottom line improved 4.4% from the year-ago quarter's earnings of 91 cents.
Long-term (three-to-five years) earnings growth rate of AWK is currently pegged at 8%. The company delivered an average four-quarter earnings surprise of 5.3%.
California Water Service Group (CWT - Free Report) recorded first-quarter 2024 adjusted EPS of $1.21, which surpassed the Zacks Consensus Estimate of 21 cents by 476.2%. The company reported a loss of 40 cents per share in the year-ago quarter.
The company delivered an average four-quarter earnings surprise of 85.2%. The Zacks Consensus Estimate for 2024 EPS is pinned at $2.86, which reflects an increase of 2.7.1% in the past 60 days.
Essential Utilities Inc. (WTRG - Free Report) delivered first-quarter 2024 operating EPS of 73 cents, which lagged the Zacks Consensus Estimate of 76 cents by 3.9%. The bottom line beat the year-ago quarter’s earnings of 72 cents by a penny.
Long-term earnings growth rate of WTRG is currently pegged at 5.8%. The company delivered an average earnings surprise of 0.4% in its last four reported quarters.
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American States Water (AWR) Q1 Earnings & Sales Beat Estimates
American States Water Company (AWR - Free Report) reported first-quarter 2024 operating earnings per share (EPS) of 62 cents, which beat the Zacks Consensus Estimate of 59 cents by 5.1%.
Total Revenues
Operating revenues came in at $135.2 million, surpassing the Zacks Consensus Estimate of $119 million by 13.7%. However, the top line declined 16% from $161 million reported in the prior year.
American States Water Company Price, Consensus and EPS Surprise
American States Water Company price-consensus-eps-surprise-chart | American States Water Company Quote
Highlights of the Release
Operating expenses in the quarter were $96.3 million, down 12.7% from the year-ago quarter’s $110.3 million. Lower water purchased expenses and purchased power expenses, along with other reasons lowered total operating expenses.
Operating income totaled $38.9 million, down 24% from $51.2 million in the corresponding period of 2023.
Interest expenses were $12.8 million, up 35.8% year over year. Interest income totaled $2.1 million, up 11% year over year.
During the quarter, the company successfully started its operation of the water and wastewater systems at two military bases.
Segmental Details
Earnings from the Water segment amounted to 48 cents per share, down 35.1% from 74 cents a year ago.
Earnings from the Electric segment were 5 cents per share, which was a penny down from the year-ago quarter. The decline was primarily due to lack of new rates in the reported quarter.
The same from the Contracted Services segment came in at 13 cents per share, down 13.3% year over year. The decline was due to an increase in operating expenses and difference in timing of construction activity performed in 2024.
The loss from AWR (Parent) was 3 cents per share, wider than a loss of 2 cents a year ago.
Financial Update
As of Mar 31, AWR’s cash and cash equivalents totaled $17 million compared with $14.1 million as of Dec 31, 2023.
As of Mar 31, the company’s long-term debt was $575.3 million compared with $575.5 million as of Dec 31, 2023.
In the first-quarter of 2024, cash provided by operating activities totaled $45.8 million compared with $6.9 million in the first-quarter of 2023.
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
American Water Works Company (AWK - Free Report) posted first-quarter 2024 operating EPS of 95 cents, which lagged the Zacks Consensus Estimate of 99 cents by 4.1%. However, the bottom line improved 4.4% from the year-ago quarter's earnings of 91 cents.
Long-term (three-to-five years) earnings growth rate of AWK is currently pegged at 8%. The company delivered an average four-quarter earnings surprise of 5.3%.
California Water Service Group (CWT - Free Report) recorded first-quarter 2024 adjusted EPS of $1.21, which surpassed the Zacks Consensus Estimate of 21 cents by 476.2%. The company reported a loss of 40 cents per share in the year-ago quarter.
The company delivered an average four-quarter earnings surprise of 85.2%. The Zacks Consensus Estimate for 2024 EPS is pinned at $2.86, which reflects an increase of 2.7.1% in the past 60 days.
Essential Utilities Inc. (WTRG - Free Report) delivered first-quarter 2024 operating EPS of 73 cents, which lagged the Zacks Consensus Estimate of 76 cents by 3.9%. The bottom line beat the year-ago quarter’s earnings of 72 cents by a penny.
Long-term earnings growth rate of WTRG is currently pegged at 5.8%. The company delivered an average earnings surprise of 0.4% in its last four reported quarters.