American States Water pany(US:AWR)2025-05-07 20:33Financial Performance - Total operating revenues for Q1 2025 reached $148,013,000, a 9.5% increase from $135,251,000 in Q1 2024[26] - Net income for Q1 2025 was $26,844,000, compared to $23,135,000 in Q1 2024, reflecting a 16.7% year-over-year growth[26] - Basic earnings per common share increased to $0.70 in Q1 2025 from $0.62 in Q1 2024, representing a 12.9% increase[26] - Operating income for Q1 2025 was $45,546,000, up from $38,974,000 in Q1 2024, reflecting a 16.0% increase[26] - Net income for the three months ended March 31, 2025, was $26,844,000, an increase of 16.7% compared to $23,135,000 for the same period in 2024[31] - Total operating revenues for the first quarter of 2025 reached $102,003,000, up 13.0% from $90,265,000 in the first quarter of 2024[39] - Operating income increased to $34,796,000 in Q1 2025, representing a 19.0% rise from $29,167,000 in Q1 2024[39] - Segment net income for the three months ended March 31, 2025, was $27.7 million, compared to $24.3 million for the same period in 2024, indicating an increase of about 10.0%[108][110] - For the three months ended March 31, 2025, consolidated diluted earnings per share increased to $0.70, up from $0.62 in the same period in 2024, representing a growth of 12.9%[131] Assets and Liabilities - Total assets as of March 31, 2025, were $2,545,453,000, up from $2,500,209,000 at the end of 2024, indicating a 1.8% growth[22] - Common shareholders' equity increased to $956,407,000 as of March 31, 2025, compared to $920,051,000 at the end of 2024, a rise of 3.9%[25] - Long-term debt rose to $690,208,000 as of March 31, 2025, from $640,382,000 at the end of 2024, marking a 7.8% increase[25] - Total current liabilities increased to $294,296,000 as of March 31, 2025, compared to $285,525,000 at the end of 2024, a rise of 3.0%[25] - Cash and cash equivalents decreased to $21,229,000 as of March 31, 2025, from $26,661,000 at the end of 2024, a decline of 20.4%[22] Cash Flow and Investments - Cash flows from operating activities provided $36,866,000 in Q1 2025, up from $30,992,000 in Q1 2024, reflecting a growth of 19.1%[44] - Capital expenditures for the three months ended March 31, 2025, were $67,565,000, compared to $47,550,000 in the same period of 2024, indicating a 42.1% increase[31] - AWR's net cash used in investing activities was $67.4 million for Q1 2025, compared to $47.4 million in Q1 2024, mainly related to capital expenditures at regulated utilities[187] - GSWC's net cash used in investing activities was $57.7 million for Q1 2025, compared to $41.1 million in Q1 2024, reflecting spending under infrastructure investment plans[196] Revenue Sources - For the three months ended March 31, 2025, total water revenues were $102.0 million, an increase of 13% from $90.3 million in the same period of 2024[60] - Total electric revenues for the same period were $15.0 million, up 23% from $12.2 million in 2024[60] - Contracted services revenues from contracts with customers were $31.0 million, a decrease of 5% from $32.8 million in the prior year[60] Regulatory and Compliance - GSWC's new rates for 2025 were implemented retroactively to January 1, 2025, following a CPUC decision on January 30, 2025[69] - The new Monterey-style WRAM and ICBA for supply costs became effective on January 1, 2025, replacing the previous WRAM and MCBA mechanisms[72] - GSWC's regulatory asset and accrued liability for the estimated remaining cleanup costs is $1.3 million, which is expected to be approved in the rate base by the CPUC[102] - The CPUC approved BVES's recovery of incremental wildfire mitigation costs incurred prior to 2023, which were not included in customer rates before the final decision[211] Dividends and Shareholder Returns - The company paid dividends of $0.4655 per common share in Q1 2025, compared to $0.4300 in Q1 2024, a 8.8% increase[26] - AWR paid quarterly dividends of approximately $17.8 million, or $0.4655 per share, in Q1 2025, compared to $15.9 million, or $0.4300 per share, in Q1 2024[84] Debt and Financing - AWR raised $25.8 million through the ATM offering program in Q1 2025, compared to $16.2 million in Q1 2024, marking a 59.5% increase in proceeds[53] - As of March 31, 2025, AWR's outstanding borrowings under its credit facilities were $106.0 million, while GSWC's were $143.0 million[177] - GSWC expects to issue up to $750.0 million of new long-term debt and equity securities in Q2 2025 to facilitate the pay-off of outstanding borrowings[54] Operational Metrics - Water consumption increased by 12.0% in Q1 2025 compared to the same period in 2024, influenced by lower seasonal precipitation[142] - The contracted services segment is expected to contribute between $0.59 and $0.63 per share for the full year 2025[136] Environmental and Regulatory Assets - BVES had approximately $14.8 million in regulatory assets related to wildfire mitigation plans as of March 31, 2025[76] - GSWC and BVES had $59.6 million of net regulatory assets, including $153.6 million of regulatory assets and $94.0 million of regulatory liabilities[66] Interest and Tax Expenses - Interest expense for the three months ended March 31, 2025, was $10.8 million, compared to $11.1 million in the same period of 2024, indicating a decrease of approximately 2.7%[108][110] - Consolidated income tax expense increased by $1,066,000 or 14.4% to $8,462,000 for the three months ended March 31, 2025, compared to $7,396,000 in 2024[170]