American States Water Company AWR reported second-quarter 2020 operating earnings of 69 cents per share, which matched the Zacks Consensus Estimate. Meanwhile, the bottom line improved 7.8% from 64 cents in the year-ago quarter.
Operating revenues of $121.3 million beat the Zacks Consensus Estimate of $119 million by 1.7%. However, the top line dipped 2.7% from $124.6 million in the prior-year quarter. Total revenues decreased primarily due to lower revenues in Water and Contracted services segments.
American States Water Company Price, Consensus and EPS Surprise
American States Water Company price-consensus-eps-surprise-chart | American States Water Company Quote
In the quarter under review, American States Water’s total operating expenses were $85.6 million, up 0.4% year over year.
Operating income was $35.7 million, down 9.4% year over year.
Interest expenses were $5.3 million, down 15.3% year over year. Also, interest income was $0.5 million, down from $0.9 million in the prior-year quarter.
Earnings in the Water segment were 54 cents, up from 51 cents in the prior-year quarter.
Earnings in the Electric segment of 3 cents were up from a cent in the year-ago quarter.
Earnings in the Contracted Services segment were 12 cents, on par with the year-ago quarter’s figure.
As of Jun 30, 2020, American States Water’s cash and cash equivalents were $6.5 million compared with $1.3 million as of Dec 31, 2019.
As of Jun 30, 2020, the company’s long-term debts were $280.9 million, flat with the figure as of Dec 31, 2019.
The company declared a 9.8% hike in its quarterly dividend to 33.5 cents per share, payable Sep 1 to its shareholders of record on Aug 17. The company’s current policy is to see a dividend CAGR of more than 7% in the long term.
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.
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