American States Water Company (AWR) reported first-quarter 2013 earnings of 69 cents per share, outpacing the year-ago figure of 53 cents by 30.2%. The results were 19 cents or 38% higher than the Zacks Consensus Estimate of 50 cents.
Earnings during the quarter benefited from strong performance from the Water segment, which grew by 82.1%. Soft results from Electric and Contracted Services segments marginally offset the uptrend.
First-quarter revenues of $110.5 million were up 3.4% from $106.9 million in the year-ago quarter and also surpassed the Zacks Consensus Estimate of $107.0 million by 3.3%.
The top-line results benefited from the favorable water rate case at AWR’s subsidiary, Golden State Water Company (“GSWC”). The new approval will result in an additional $10 million of revenues in 2013.
Highlights of the Release
Total operating expenses in the reported quarter decreased 1.2% to $82.6 million, mainly due to a fall in other operating expenses by 26.6%.
Operating income in the reported quarter was $27.9 million, up 19.2% from the year-ago quarter.
Interest expenses decreased 4.8% to $5.8 million from $6.1 million in the first quarter of 2012.
Other Company Releases
American Water Works Company Inc. (AWK) reported first-quarter earnings per share of 32 cents, lagging the Zacks Consensus Estimate of 34 cents by 5.9%.
Aqua America, Inc. (WTR) announced first-quarter 2013 operating earnings of 29 cents per share, 7.4% above the Zacks Consensus Estimate of 27 cents.
Connecticut Water Service, Inc. (CTWS) reported first-quarter earnings per share of 24 cents, beating the Zacks Consensus Estimate by a penny.
American States Water Company once again surpassed our quarterly estimates, making it five quarters in a row. Cost control and favorable rate decision boosted the results of the company.
Consistent investment to develop and maintain its infrastructure will enable American States Water Company to serve its customer better providing them with safe and reliable drinking water.
Based in San Dimas, California, American States Water Company was founded in 1929. The company caters to customers in the United States and distributes water, electricity and other allied services. The market capital of this company is $1.05 billion and it has 728 employees. American States Water Company currently has a Zacks Rank #2 (Buy).
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