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American States Water (AWR) Q2 Earnings & Sales Top Estimates
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American States Water Company (AWR - Free Report) reported second-quarter 2024 operating earnings per share (EPS) of 85 cents, which beat the Zacks Consensus Estimate of 84 cents by 1.2%.
Total Revenues
Operating revenues came in at $155.3 million, which outpaced the Zacks Consensus Estimate of $138 million by 12.6%. However, the top line declined 1.3% from $157.4 million reported in the prior-year period.
American States Water Company Price, Consensus and EPS Surprise
Operating expenses in the quarter totaled $103.6 million, up 5.2% from the year-ago quarter’s level of $98.5 million. This was due to higher water purchased for pumping expenses, administrative and general costs, and other operation costs.
Operating income totaled $51.7 million, down 12.2% from $58.9 million recorded in the corresponding period of 2023.
Interest expenses amounted to $13.1 million, up 22.5% year over year. Interest income totaled $2.1 million, up 16.1% year over year.
Segmental Details
Earnings from the Water segment came in at 67 cents per share, down 26.4% from 91 cents a year ago.
EPS from the Electric segment was 1 cent, down 2 cents from the year-ago quarter’s level.
EPS from the Contracted Services segment was 19 cents, up 58.3% year over year.
The loss from AWR (Parent) was 2 cents per share, in line with the year-ago quarter’s loss.
Financial Update
As of Jun 30, AWR’s cash and cash equivalents totaled $3.6 million compared with $14.1 million as of Dec 31, 2023.
As of Jun 30, the company’s long-term debt was $640 million compared with $575.6 million as of Dec 31, 2023.
In the first six months of 2024, cash provided by operating activities totaled $70.5 million compared with $17.8 million in the year-ago period.
American Water Works Company (AWK - Free Report) posted second-quarter 2024 operating EPS of $1.42, which lagged the Zacks Consensus Estimate of $1.47 by 3.4%.
AWK’s long-term (three-to-five years) earnings growth rate is 8%. The company delivered an average earnings surprise of 1.1% in the past four quarters.
California Water Service Group (CWT - Free Report) recorded second-quarter 2024 adjusted earnings of 70 cents per share, which surpassed the Zacks Consensus Estimate of 39 cents by 79.5%.
The Zacks Consensus Estimate for 2024 EPS reflects year-over-year growth of 257.1%. The company delivered an average earnings surprise of 125.4% in the past four quarters.
Essential Utilities Inc. (WTRG - Free Report) delivered second-quarter 2024 operating EPS of 28 cents, which lagged the Zacks Consensus Estimate of 30 cents by 6.7%.
WTRG’s long-term earnings growth rate is 5.75%. The Zacks Consensus Estimate for 2024 EPS reflects year-over-year growth of 5.9%.
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American States Water (AWR) Q2 Earnings & Sales Top Estimates
American States Water Company (AWR - Free Report) reported second-quarter 2024 operating earnings per share (EPS) of 85 cents, which beat the Zacks Consensus Estimate of 84 cents by 1.2%.
Total Revenues
Operating revenues came in at $155.3 million, which outpaced the Zacks Consensus Estimate of $138 million by 12.6%. However, the top line declined 1.3% from $157.4 million reported in the prior-year period.
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 totaled $103.6 million, up 5.2% from the year-ago quarter’s level of $98.5 million. This was due to higher water purchased for pumping expenses, administrative and general costs, and other operation costs.
Operating income totaled $51.7 million, down 12.2% from $58.9 million recorded in the corresponding period of 2023.
Interest expenses amounted to $13.1 million, up 22.5% year over year. Interest income totaled $2.1 million, up 16.1% year over year.
Segmental Details
Earnings from the Water segment came in at 67 cents per share, down 26.4% from 91 cents a year ago.
EPS from the Electric segment was 1 cent, down 2 cents from the year-ago quarter’s level.
EPS from the Contracted Services segment was 19 cents, up 58.3% year over year.
The loss from AWR (Parent) was 2 cents per share, in line with the year-ago quarter’s loss.
Financial Update
As of Jun 30, AWR’s cash and cash equivalents totaled $3.6 million compared with $14.1 million as of Dec 31, 2023.
As of Jun 30, the company’s long-term debt was $640 million compared with $575.6 million as of Dec 31, 2023.
In the first six months of 2024, cash provided by operating activities totaled $70.5 million compared with $17.8 million in the year-ago period.
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 second-quarter 2024 operating EPS of $1.42, which lagged the Zacks Consensus Estimate of $1.47 by 3.4%.
AWK’s long-term (three-to-five years) earnings growth rate is 8%. The company delivered an average earnings surprise of 1.1% in the past four quarters.
California Water Service Group (CWT - Free Report) recorded second-quarter 2024 adjusted earnings of 70 cents per share, which surpassed the Zacks Consensus Estimate of 39 cents by 79.5%.
The Zacks Consensus Estimate for 2024 EPS reflects year-over-year growth of 257.1%. The company delivered an average earnings surprise of 125.4% in the past four quarters.
Essential Utilities Inc. (WTRG - Free Report) delivered second-quarter 2024 operating EPS of 28 cents, which lagged the Zacks Consensus Estimate of 30 cents by 6.7%.
WTRG’s long-term earnings growth rate is 5.75%. The Zacks Consensus Estimate for 2024 EPS reflects year-over-year growth of 5.9%.