American States Water Q3 Earnings Miss Estimates, Revenues Rise Y/Y

Core Viewpoint - American States Water Company (AWR) reported third-quarter 2024 operating earnings per share (EPS) of 95 cents, which was below the Zacks Consensus Estimate of 99 cents by 4% [1] Financial Performance - Total operating revenues reached $161.8 million, exceeding the Zacks Consensus Estimate of $161 million by 0.5% and increasing by 6.6% from $151.7 million in the prior-year period [2] - Operating expenses totaled $106.7 million, up 6.8% from $99.9 million in the same quarter last year, driven by higher water purchased for pumping, administrative costs, and other operational expenses [3] - Operating income was $55.1 million, reflecting a 6.4% increase from $51.8 million in the corresponding period of 2023 [3] - Interest expenses were $13.2 million, up 13.1% year over year, while interest income decreased to $1.7 million, down 18.2% year over year [3] Segment Performance - Earnings from the Water segment were 84 cents per share, a 16.7% increase from 72 cents a year ago [4] - EPS from the Electric segment was 2 cents, down by 2 cents from the previous year [4] - EPS from the Contracted Services segment was 11 cents, down 8.3% year over year [4] - The loss from AWR (Parent) remained at 2 cents per share, consistent with the loss from the year-ago quarter [4] Financial Position - As of September 30, AWR's cash and cash equivalents were $16.5 million, an increase from $14.1 million as of December 31, 2023 [5] - Long-term debt stood at $640.2 million, up from $575.6 million as of December 31, 2023 [5] - Cash provided by operating activities for the first nine months of 2024 totaled $134.2 million, compared to $56.5 million in the same period last year [5] Market Position - American States Water currently holds a Zacks Rank 3 (Hold) [6]