We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
American States Water (AWR) Q3 Earnings Lag, Revenues Rise Y/Y
Read MoreHide Full Article
American States Water Company (AWR - Free Report) reported third-quarter 2021 operating earnings of 76 cents per share, which missed the Zacks Consensus Estimate of 77 cents by 1.3%. The bottom line, however, improved 5.6% from the year-ago quarter’s earnings of 72 cents per share.
Total Revenues
Operating revenues of $136.8 million missed the Zacks Consensus Estimate of $140 million by 2.3%. However, the top line improved 2.3% from $133.7 million in the prior-year quarter.
American States Water Company Price, Consensus and EPS Surprise
In the quarter under review, American States Water’s total operating expenses were $94 million, up 0.1% year over year. This can primarily be attributed to an increase in water purchased, power purchased for pumping and power purchased for resale expenses.
Operating income was $42.8 million, up 7.5% year over year.
Interest expenses were $5.6 million, down 9.9% year over year. Interest income was $0.3 million, up 5.4% from the prior-year quarter’s level.
Segment Details
Earnings in the Water segment were 62 cents per share, up from 57 cents in the prior-year quarter. This upside was mainly driven by a higher water gross margin, resulting from new rates authorized by the California Public Utilities Commission (CPUC).
Earnings in the Electric segment of 4 cents per share were on par with the year-ago quarter’s reading as higher electric’s operating revenues were offset by increased operating expenses.
Earnings in the Contracted Services segment were 11 cents per share, up from 10 cents in the year-ago quarter owing to a decline in the overall operating expenses.
Financial Update
As of Sep 30, 2021, American States Water’s cash and cash equivalents were $7.1 million compared with $36.7 million as of Dec 31, 2020.
As of Sep 30, 2021, the company’s long-term debt was $412.1 million, down from $440.3 million as of Dec 31, 2020.
California Water Service (CWT - Free Report) recorded third-quarter 2021 earnings of $1.20 per share, outperforming the Zacks Consensus Estimate of 79 cents by 51.9%.
Middlesex Water (MSEX - Free Report) posted third-quarter 2021 earnings of 65 cents per share, missing the Zacks Consensus Estimate of 78 cents.
Essential Utilities (WTRG - Free Report) recorded third-quarter 2021 earnings of 19 cents per share, missing the Zacks Consensus Estimate of 22 cents.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
American States Water (AWR) Q3 Earnings Lag, Revenues Rise Y/Y
American States Water Company (AWR - Free Report) reported third-quarter 2021 operating earnings of 76 cents per share, which missed the Zacks Consensus Estimate of 77 cents by 1.3%. The bottom line, however, improved 5.6% from the year-ago quarter’s earnings of 72 cents per share.
Total Revenues
Operating revenues of $136.8 million missed the Zacks Consensus Estimate of $140 million by 2.3%. However, the top line improved 2.3% from $133.7 million in the prior-year quarter.
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
In the quarter under review, American States Water’s total operating expenses were $94 million, up 0.1% year over year. This can primarily be attributed to an increase in water purchased, power purchased for pumping and power purchased for resale expenses.
Operating income was $42.8 million, up 7.5% year over year.
Interest expenses were $5.6 million, down 9.9% year over year. Interest income was $0.3 million, up 5.4% from the prior-year quarter’s level.
Segment Details
Earnings in the Water segment were 62 cents per share, up from 57 cents in the prior-year quarter. This upside was mainly driven by a higher water gross margin, resulting from new rates authorized by the California Public Utilities Commission (CPUC).
Earnings in the Electric segment of 4 cents per share were on par with the year-ago quarter’s reading as higher electric’s operating revenues were offset by increased operating expenses.
Earnings in the Contracted Services segment were 11 cents per share, up from 10 cents in the year-ago quarter owing to a decline in the overall operating expenses.
Financial Update
As of Sep 30, 2021, American States Water’s cash and cash equivalents were $7.1 million compared with $36.7 million as of Dec 31, 2020.
As of Sep 30, 2021, the company’s long-term debt was $412.1 million, down from $440.3 million as of Dec 31, 2020.
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.
Peer Releases
California Water Service (CWT - Free Report) recorded third-quarter 2021 earnings of $1.20 per share, outperforming the Zacks Consensus Estimate of 79 cents by 51.9%.
Middlesex Water (MSEX - Free Report) posted third-quarter 2021 earnings of 65 cents per share, missing the Zacks Consensus Estimate of 78 cents.
Essential Utilities (WTRG - Free Report) recorded third-quarter 2021 earnings of 19 cents per share, missing the Zacks Consensus Estimate of 22 cents.