American States Water's (AWR) Q2 Earnings Beat Estimates
Zacks Investment Research | Aug 06, 2019 07:55AM ET
American States Water Company (NYSE: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.
Total Revenues
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.
Operational Update
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%.
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