American States Water Company AWR reported second-quarter 2019 operating earnings of 64 cents per share, which surpassed the Zacks Consensus Estimate of 52 cents by 23%. The bottom line surged 45.4% from 44 cents registered in the year-ago quarter. Earnings during the quarter benefited from the new rates introduced in the service territories of Golden State Water Company.
Operating revenues amounted to $124.6 million, which outpaced the Zacks Consensus Estimate of $112 million by 11.3%. The top line also jumped 16.6% from $106.9 million in the prior-year quarter. The upside can be primarily attributed to higher revenues in the Contracted services and Water segments.
In the quarter under review, American States Water’s total operating expenses were $85.2 million, up 4.8% year over year.
Operating income was $39.4 million, up 53.9%.
Interest expenses were $6.3 million, up 3.3%. Also, interest income totaled $0.9 million, up 50%.
American States Water Company Price, Consensus and EPS Surprise
American States Water Company price-consensus-eps-surprise-chart | American States Water Company Quote
At the Water segment, earnings were 51 cents, up from 35 cents in the prior-year quarter.
Earnings in the Electric segment came in at 1 cent, down from 2 cents.
At the Contracted Services segment, earnings totaled 12 cents, which rallied 100% from the year-ago quarter.
As of Jun 30, 2019, American States Water’s cash and cash equivalents were $1.5 million compared with $7.1 million as of Dec 31, 2018.
As of Jun 30, 2019, the company’s long-term debts were $281 million, in line with the debt as of Dec 31, 2018.
Recent Utility Releases
California Water Service Group CWT reported second-quarter 2019 earnings of 35 cents per share, which missed the Zacks Consensus Estimate of 37 cents by 5.4%.
American Water Works Company AWK posted second-quarter 2019 earnings of 94 cents per share, in line with the Zacks Consensus Estimate.
Middlesex Water MSEX came out with quarterly earnings of 49 cents per share, lagging the Zacks Consensus Estimate of 55 cents per share by 10.91%.
American States Water carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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