American States Water (AWR) Q2 Earnings Match Estimates
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
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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