American States Water Company Announces Third Quarter 2024 Results
American States Water Company (NYSE: AWR) reported Q3 2024 earnings of $0.95 per share, up from $0.85 in Q3 2023. The increase was primarily driven by the water utility segment, which contributed a $0.12 per share gain. The company's regulated utilities secured settlement agreements for water and electric rate cases, authorizing nearly $650 million in capital investments. The contracted services business is projected to contribute $0.54-$0.57 per share for full-year 2024 and has secured $54 million in new construction projects. AWR increased its quarterly dividend by 8.3%, marking the 70th consecutive year of dividend increases.
American States Water Company (NYSE: AWR) ha riportato utili per il terzo trimestre 2024 di $0,95 per azione, rispetto a $0,85 del terzo trimestre 2023. L'aumento è stato principalmente guidato dal segmento dei servizi idrici, che ha contribuito con un guadagno di $0,12 per azione. Le utility regolamentate dell'azienda hanno ottenuto accordi di risoluzione per le questioni tariffarie dell'acqua e dell'elettricità, autorizzando quasi $650 milioni in investimenti di capitale. Si prevede che il settore dei servizi contrattati contribuirà con $0,54-$0,57 per azione per l'intero anno 2024 e ha garantito $54 milioni in nuovi progetti di costruzione. AWR ha aumentato il suo dividendo trimestrale dell'8,3%, segnando il 70° anno consecutivo di aumenti del dividendo.
American States Water Company (NYSE: AWR) reportó ganancias del tercer trimestre de 2024 de $0.95 por acción, un aumento respecto a $0.85 en el tercer trimestre de 2023. El incremento fue impulsado principalmente por el segmento de servicios de agua, que contribuyó con una ganancia de $0.12 por acción. Las utilities reguladas de la empresa aseguraron acuerdos de resolución para casos de tarifas de agua y electricidad, autorizando casi $650 millones en inversiones de capital. Se proyecta que el negocio de servicios contratados contribuya con $0.54-$0.57 por acción para el año completo de 2024 y ha asegurado $54 millones en nuevos proyectos de construcción. AWR aumentó su dividendo trimestral en un 8.3%, marcando el 70º año consecutivo de aumentos en el dividendo.
American States Water Company (NYSE: AWR)는 2024년 3분기 주당 $0.95의 수익을 보고했으며, 이는 2023년 3분기의 $0.85에서 증가한 수치입니다. 이 증가는 주로 상수도 서비스 부문에 의해 이끌어졌으며, 주당 $0.12의 이익을 기여했습니다. 회사의 규제된 유틸리티는 상수도 및 전기 요금 사건에 대한 합의 계약을 확보하여 거의 $650 million의 자본 투자 승인을 받았습니다. 계약 서비스 사업은 2024년 전체 연도에 대해 주당 $0.54-$0.57의 기여가 예상되며, $54 million의 신규 건설 프로젝트를 확보했습니다. AWR은 분기 배당금을 8.3% 인상했으며, 이는 70년 연속 배당금 인상의 기록입니다.
American States Water Company (NYSE: AWR) a rapporté des bénéfices pour le troisième trimestre 2024 de 0,95 $ par action, en hausse par rapport à 0,85 $ au troisième trimestre 2023. Cette augmentation a été principalement entraînée par le segment des services d'eau, qui a contribué avec un gain de 0,12 $ par action. Les entreprises de services réglés de la société ont sécurisé des accords de règlement pour les cas de tarifs d'eau et d'électricité, autorisant près de 650 millions de dollars d'investissements en capital. On prévoit que l'activité de services contractés contribuera entre 0,54 $ et 0,57 $ par action pour l'exercice 2024 et a sécurisé 54 millions de dollars pour de nouveaux projets de construction. AWR a augmenté son dividende trimestriel de 8,3%, marquant la 70e année consécutive d'augmentation de dividende.
American States Water Company (NYSE: AWR) hat im dritten Quartal 2024 einen Gewinn von $0,95 pro Aktie gemeldet, ein Anstieg von $0,85 im dritten Quartal 2023. Der Anstieg wurde hauptsächlich durch den Wasserversorgungsbereich getrieben, der einen Gewinn von $0,12 pro Aktie beisteuerte. Die regulierten Versorgungsunternehmen des Unternehmens sicherten Vergleichsabkommen für Wasser- und Elektrizitätstarife und genehmigten nahezu $650 Millionen an Investitionen. Das Geschäft mit Verträgen und Dienstleistungen wird voraussichtlich $0,54-$0,57 pro Aktie für das Gesamtjahr 2024 beitragen und hat $54 Millionen für neue Bauprojekte gesichert. AWR erhöhte seine quartalsweise Dividende um 8,3%, was das 70. Jahr in Folge von Dividendenerhöhungen markiert.
- Q3 2024 EPS increased to $0.95 from $0.85 in Q3 2023, representing a 11.8% growth
- Secured regulatory approval for $650 million in capital investments
- Contracted services secured $54 million in new construction projects
- 8.3% increase in quarterly dividend
- Water segment earnings increased by $0.12 per share
- Electric segment earnings decreased by $0.02 per share
- Higher interest expenses due to increased borrowing levels and rates
- Dilutive effects from equity issuance under ATM offering program
Insights
The Q3 2024 results show solid performance with
- Water segment delivered strong growth with
$0.84 EPS, up$0.12 YoY - Settlement agreements authorize nearly
$650 million in capital investments - Record high capital expenditure guidance of
$210-230 million for 2024 - Dividend increased by
8.3% , marking 70th consecutive year of increases
The regulatory settlements and capital investment authorizations provide clear visibility for future growth. The company's consistent dividend growth and regulated utility model offer defensive characteristics, while the contracted services segment provides diversification with
The settlement agreements represent significant infrastructure modernization opportunities. The electric segment's
-
Third quarter 2024 recorded earnings were
per share compared to third quarter 2023 recorded earnings of$0.95 per share, a$0.85 per share increase$0.10
-
AWR’s regulated utilities reach settlement agreements in connection with both the water and electric general rate cases that combined authorize nearly
in capital investments over the rate cycles$650 million
-
AWR’s contracted services business is expected to contribute
to$0.54 per share for the full 2024 year$0.57
-
The contracted services business has been awarded
in new construction projects through year-to-date September 2024 to be completed during 2024 through 2027$54 million
-
Quarterly dividend increased
8.3% beginning with payment made on September 3- This marks the 70th consecutive year that AWR has increased annual dividends to shareholders
Third Quarter 2024 Results
The table below sets forth a comparison of the third quarter 2024 diluted earnings per share contribution recorded by business segment and for the parent company with amounts recorded during the same period in 2023.
|
|
Diluted Earnings per Share |
||||||||||
|
|
Three Months Ended |
|
|
||||||||
|
|
9/30/2024 |
|
9/30/2023 |
|
CHANGE |
||||||
Water |
|
$ |
0.84 |
|
|
$ |
0.72 |
|
|
$ |
0.12 |
|
Electric |
|
|
0.02 |
|
|
|
0.04 |
|
|
|
(0.02 |
) |
Contracted services |
|
|
0.11 |
|
|
|
0.12 |
|
|
|
(0.01 |
) |
AWR (parent) |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
— |
|
Consolidated diluted earnings per share, as recorded (GAAP) |
|
|
0.95 |
|
|
|
0.85 |
|
|
|
0.10 |
|
Note: Certain amounts in the table above may not foot or crossfoot due to rounding. |
Water Segment:
For the three months ended September 30, 2024, recorded diluted earnings from the water utility segment were
-
An increase in water operating revenues of approximately
that was largely a result of the third-year rate increases approved by the California Public Utilities Commission (“CPUC”) that went into effect on January 1, 2024, and an overall increase in the authorized rate of return on rate base in 2024 compared to the same period in 2023 due to triggering the Water Cost of Capital Mechanism, which increased the return on equity from$7.8 million 9.36% to10.06% effective January 1, 2024. -
An increase in water supply costs of
, which consist of purchased water, purchased power for pumping, groundwater production assessments and changes in the water supply cost balancing accounts. The increase in water supply costs is primarily related to an increase in customer water usage, wholesale water prices and water production costs. Actual water supply costs are tracked against adopted costs in the revenue requirement, and passed through to customers on a dollar-for-dollar basis by way of the CPUC-approved water supply cost balancing accounts. The increase in water supply costs results in a corresponding increase in water operating revenues and has no material impact on the water segment’s profitability.$1.4 million -
An overall increase in operating expenses of
(excluding supply costs) due primarily to increases in (i) overall labor costs and other employee-related benefits, (ii) operation-related costs resulting from higher conservation spending, (iii) administrative and general expenses resulting largely from higher outside-services costs including related to the pending general rate case application and other regulatory filings, and higher insurance-related costs, and (iv) depreciation and amortization expenses as well as property taxes, both of which are impacted by the increasing capital expenditures and are reflected and recovered in customer rates. These increases were partially offset by a decrease in maintenance expenses due to timing.$2.8 million -
An increase in interest expense (net of interest income) of
resulting primarily from an overall increase in interest rates, as well as an increase in total borrowing levels to support, among other things, the capital expenditure program at GSWC, and a decrease in interest income earned on regulatory assets bearing interest at the current 90-day commercial paper rate due to a decrease in the level of regulatory assets recorded.$1.6 million - Changes in certain flowed-through income taxes and permanent items included in GSWC’s income tax expense for the three months ended September 30, 2024 as compared to the same period in 2023 that favorably impacted the water segment’s earnings. As a regulated utility, GSWC treats certain temporary differences as being flowed-through in computing its income tax expense consistent with the income tax method used in its CPUC-jurisdiction rate making. Changes in the magnitude of flowed-through items either increase or decrease tax expense, thereby affecting diluted earnings per share.
-
A decrease in earnings of approximately
per share due to the dilutive effects from the issuance of equity under AWR’s at-the-market (“ATM”) offering program. Under the ATM offering program, AWR may offer and sell its Common Shares, with an aggregate gross offering price of up to$0.01 , from time to time at its sole discretion. Through September 30, 2024, AWR has sold 791,097 Common Shares through this ATM offering program.$200 million
Electric Segment:
Diluted earnings from the electric utility segment decreased
On August 30, 2022, BVES filed a general rate case application with the CPUC to determine new electric rates for the years 2023 through 2026, which is still pending finalization. On November 1, 2024, BVES, the Public Advocates Office at the CPUC and the other intervenor in the proceeding filed a joint motion to adopt a settlement agreement between the parties resolving all issues in connection with the general rate case. When a decision is issued in the electric general rate case, new rates are expected to be retroactive to January 1, 2023 and cumulative adjustments will be recorded at that time.
Contracted Services Segment:
Diluted earnings from the contracted services segment were consistent for the quarter when compared to 2023 with a decrease of
AWR (Parent):
Diluted losses from AWR (parent) were consistent for the three months ended September 30, 2024 when compared to the same period in 2023.
Year-to-Date (“YTD”) 2024 Results
-
per share decrease in recorded YTD 2024 consolidated diluted EPS compared to YTD 2023, or$0.40 per share increase as adjusted$0.11 -
YTD 2023 recorded results reflect the impact of retroactive rates of
per share related to the full year of 2022 due to receiving a final decision in the water utility general rate case.$0.38 -
YTD 2023 recorded results also reflect a favorable variance of
per share resulting from the reversal of revenues subject to refund previously recorded in 2022 following the receipt of a final decision in the cost of capital proceeding in June 2023.$0.13
-
YTD 2023 recorded results reflect the impact of retroactive rates of
-
Company-funded capital expenditures for 2024 by the two regulated utility subsidiaries are expected to be between
and$210 million , a record high$230 million
The table below sets forth a comparison of the diluted earnings per share contribution by business segment and for the parent company as recorded and as adjusted during the year-to-date September 30, 2024 and 2023.
|
|
Diluted Earnings per Share |
||||||||||
|
|
Nine Months Ended |
|
|
||||||||
|
|
9/30/2024 |
|
9/30/2023 |
|
CHANGE |
||||||
Water |
|
$ |
1.99 |
|
|
$ |
2.36 |
|
|
$ |
(0.37 |
) |
Electric |
|
|
0.07 |
|
|
|
0.14 |
|
|
|
(0.07 |
) |
Contracted services |
|
|
0.44 |
|
|
|
0.38 |
|
|
|
0.06 |
|
AWR (parent) |
|
|
(0.07 |
) |
|
|
(0.06 |
) |
|
|
(0.01 |
) |
Consolidated diluted earnings per share, as recorded (GAAP) |
|
$ |
2.42 |
|
|
$ |
2.82 |
|
|
$ |
(0.40 |
) |
Adjustments to GAAP measure: |
|
|
|
|
|
|
||||||
Impact of retroactive rates related to the full year of 2022 from the final decision in the water general rate case* |
|
|
— |
|
|
|
(0.38 |
) |
|
|
0.38 |
|
Impact related to the final cost of capital decision* |
|
|
— |
|
|
|
(0.13 |
) |
|
|
0.13 |
|
Consolidated diluted earnings per share, as adjusted (Non-GAAP)* |
|
$ |
2.42 |
|
|
$ |
2.31 |
|
|
$ |
0.11 |
|
Water diluted earnings per share, as adjusted (Non-GAAP)* |
|
$ |
1.99 |
|
|
$ |
1.85 |
|
|
$ |
0.14 |
|
Note: Certain amounts in the table above may not foot or crossfoot due to rounding. |
* |
All adjustments to 2023’s recorded diluted earnings per share relate to the water segment. The water segment’s adjusted earnings for 2023 exclude both the impact of the final decision in the water general rate case that included retroactive rates related to the full year of 2022, and the impact of reversing previously recorded estimated 2022 revenues subject to refund as a result of the final cost of capital decision issued in June 2023 that made all adjustments to rates prospective. Both adjustments are shown separately in the table above. |
As noted in the table above, consolidated diluted earnings for the nine months ended September 30, 2024 were
Excluding the two items discussed above, there was an adjusted increase of
The decrease in diluted earnings per share at the electric utility segment was largely due to not having new rates while awaiting the processing of the pending electric general rate case that will set new rates for 2023 – 2026. The increase in diluted earnings per share at the contracted services segment was largely due to an increase in management fee revenue resulting from the finalization of various economic price adjustments and the commencement of operations of the water and wastewater systems at Joint Base Cape Cod and Naval Air Station Patuxent River, partially offset by higher overall operating expenses (excluding construction expenses) and interest costs as compared to the same period of 2023. The contracted services segment is projected to contribute
For more details on the YTD results, please refer to the company’s Form 10-Q filed with the Securities and Exchange Commission.
Regulatory Matters
On November 1, 2024, BVES, the Public Advocates Office at the CPUC and the other intervenor in the proceeding filed a joint motion to adopt a settlement agreement between the parties resolving all issues in connection with the pending general rate case that will determine new electric rates for the years 2023 through 2026. Among other things, the settlement agreement, if approved by the CPUC, (i) settles and adopts the revenue requirements for each of the four years 2023 through 2026, (ii) authorizes BVES to invest approximately
Excluding the additional revenues from the advice letter capital projects discussed above, under the terms of the settlement agreement (i) BVES’s adopted operating revenues less electric supply costs for 2023 are projected to increase by approximately
Due to the delay in finalizing the electric general rate case, electric revenues billed to customers for 2023 and through September 30, 2024 have been based on 2022 adopted rates, and will remain in effect until finalization of the pending general rate case proceeding. BVES has been authorized to establish a general rate case memorandum account that will make the new rates retroactive to January 1, 2023 and, therefore, when a final decision is issued by the CPUC, cumulative adjustments will be recorded at that time to reflect the full impact of retroactive rates. The CPUC has extended the statutory deadline of this proceeding to January 31, 2025. Therefore, a decision on the electric general rate case is scheduled to be issued by the first quarter of 2025.
Dividends
On October 29, 2024, AWR’s Board of Directors approved a fourth quarter dividend of
Non-GAAP Financial Measures
This press release includes a discussion on AWR’s operations in terms of diluted earnings per share by business segment, which is each business segment’s earnings divided by the company’s weighted average number of diluted common shares. The impact of retroactive rates related to the full year of 2022 recorded during the nine months ended September 30, 2023 resulting from the final decision on the water general rate case approved in June 2023, and the impact from the reversal of revenues subject to refund due to a change in estimates recorded during the nine months ended September 30, 2023 following the receipt of a final cost of capital decision in June 2023 have been excluded in this analysis when communicating AWR’s consolidated and water segment results for the nine months ended September 30, 2024 and 2023 to help facilitate comparisons of AWR’s performance from period to period. All of these measures are derived from consolidated financial information but are not presented in our financial statements that are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in
The company uses earnings per share by business segment as an important measure in evaluating its operating results and believes this measure is a useful internal benchmark in evaluating the performance of its operating segments. The company reviews this measurement regularly and compares it to historical periods and to the operating budget. The company has provided the computations and reconciliations of diluted earnings per share from the measure of operating income by business segment to AWR’s consolidated fully diluted earnings per share in this press release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can often be identified by words such as “anticipate,” “estimate,” “expect,” “intend,” “may,” “should” and similar phrases and expressions, and variations or negatives of these words. They are not guarantees or assurances of any outcomes, financial results, levels of activity, performance or achievements, and readers are cautioned not to place undue reliance upon them. The forward-looking statements are subject to a number of estimates and assumptions, and known and unknown risks, uncertainties and other factors, including those described in greater detail in the Company’s filings with the SEC, particularly those described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are encouraged to review the Company’s filings with the SEC for a more complete discussion of risks and other factors that could affect any forward looking statements. The statements made herein speak only as of the date of this press release and except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement.
Conference Call
Robert Sprowls, president and chief executive officer, and Eva Tang, senior vice president and chief financial officer, will host a conference call to discuss these results at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time) on Thursday, November 7. There will be a question and answer session as part of the call. Interested parties can listen to the live conference call and view accompanying slides on the internet at www.aswater.com. The call will be archived on the website and available for replay beginning November 7, 2024 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) through November 14, 2024.
About American States Water Company
American States Water Company is the parent of Golden State Water Company, Bear Valley Electric Service, Inc. and American States Utility Services, Inc., serving over one million people in ten states. Through its water utility subsidiary, Golden State Water Company, the company provides water service to approximately 264,600 customer connections located within more than 80 communities in Northern, Coastal and
American States Water Company |
|||||
Consolidated |
|||||
|
|
|
|
||
|
Comparative Condensed Balance Sheets (Unaudited) |
||||
(in thousands) |
September 30, 2024 |
|
December 31, 2023 |
||
Assets |
|
|
|
||
Net Property, Plant and Equipment |
$ |
2,040,589 |
|
$ |
1,892,280 |
Goodwill |
|
1,116 |
|
|
1,116 |
Other Property and Investments |
|
48,103 |
|
|
42,932 |
Current Assets |
|
222,360 |
|
|
205,978 |
Other Assets |
|
108,456 |
|
|
103,816 |
Total Assets |
$ |
2,420,624 |
|
$ |
2,246,122 |
Capitalization and Liabilities |
|
|
|
||
Capitalization |
$ |
1,519,713 |
|
$ |
1,351,664 |
Current Liabilities |
|
321,432 |
|
|
166,623 |
Other Credits |
|
579,479 |
|
|
727,835 |
Total Capitalization and Liabilities |
$ |
2,420,624 |
|
$ |
2,246,122 |
|
Condensed Statements of Income (Unaudited) |
||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||
(in thousands, except per share amounts) |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
|
||||||||
Water |
$ |
124,043 |
|
$ |
116,231 |
|
|
$ |
324,732 |
|
$ |
345,851 |
|
Electric |
|
9,040 |
|
|
8,956 |
|
|
|
29,948 |
|
|
30,688 |
|
Contracted services |
|
28,699 |
|
|
26,509 |
|
|
|
97,681 |
|
|
93,980 |
|
Total operating revenues |
|
161,782 |
|
|
151,696 |
|
|
|
452,361 |
|
|
470,519 |
|
|
|
|
|
|
|
||||||||
Operating Expenses |
|
|
|
|
|
||||||||
Water purchased |
|
24,059 |
|
|
23,216 |
|
|
|
55,788 |
|
|
55,590 |
|
Power purchased for pumping |
|
4,996 |
|
|
4,291 |
|
|
|
11,349 |
|
|
9,514 |
|
Groundwater production assessment |
|
6,971 |
|
|
5,990 |
|
|
|
17,643 |
|
|
15,188 |
|
Power purchased for resale |
|
2,467 |
|
|
2,383 |
|
|
|
8,302 |
|
|
9,838 |
|
Supply cost balancing accounts |
|
(381 |
) |
|
723 |
|
|
|
2,447 |
|
|
15,126 |
|
Other operation |
|
11,021 |
|
|
10,429 |
|
|
|
31,377 |
|
|
30,261 |
|
Administrative and general |
|
24,200 |
|
|
20,982 |
|
|
|
73,034 |
|
|
66,032 |
|
Depreciation and amortization |
|
10,849 |
|
|
10,184 |
|
|
|
32,341 |
|
|
31,645 |
|
Maintenance |
|
3,719 |
|
|
4,097 |
|
|
|
10,479 |
|
|
11,026 |
|
Property and other taxes |
|
7,063 |
|
|
6,034 |
|
|
|
20,162 |
|
|
17,884 |
|
ASUS construction |
|
11,750 |
|
|
11,616 |
|
|
|
43,649 |
|
|
46,554 |
|
Total operating expenses |
|
106,714 |
|
|
99,945 |
|
|
|
306,571 |
|
|
308,658 |
|
|
|
|
|
|
|
||||||||
Operating income |
|
55,068 |
|
|
51,751 |
|
|
|
145,790 |
|
|
161,861 |
|
|
|
|
|
|
|
||||||||
Other Income and Expenses |
|
|
|
|
|
||||||||
Interest expense |
|
(13,225 |
) |
|
(11,691 |
) |
|
|
(39,217 |
) |
|
(31,900 |
) |
Interest income |
|
1,739 |
|
|
2,125 |
|
|
|
5,902 |
|
|
5,792 |
|
Other, net |
|
2,308 |
|
|
(1,073 |
) |
|
|
6,169 |
|
|
2,243 |
|
Total other income and (expenses), net |
|
(9,178 |
) |
|
(10,639 |
) |
|
|
(27,146 |
) |
|
(23,865 |
) |
|
|
|
|
|
|
||||||||
Income Before Income Tax Expense |
|
45,890 |
|
|
41,112 |
|
|
|
118,644 |
|
|
137,996 |
|
Income tax expense |
|
10,056 |
|
|
9,547 |
|
|
|
27,811 |
|
|
33,503 |
|
Net Income |
$ |
35,834 |
|
$ |
31,565 |
|
|
$ |
90,833 |
|
$ |
104,493 |
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding |
|
37,564 |
|
|
36,977 |
|
|
|
37,302 |
|
|
36,974 |
|
Basic earnings per Common Share |
$ |
0.95 |
|
$ |
0.85 |
|
|
$ |
2.43 |
|
$ |
2.82 |
|
|
|
|
|
|
|
||||||||
Weighted average diluted shares |
|
37,683 |
|
|
37,071 |
|
|
|
37,409 |
|
|
37,064 |
|
Fully diluted earnings per Common Share |
$ |
0.95 |
|
$ |
0.85 |
|
|
$ |
2.42 |
|
$ |
2.82 |
|
|
|
|
|
|
|
||||||||
Dividends paid per Common Share |
$ |
0.4655 |
|
$ |
0.4300 |
|
|
$ |
1.3255 |
|
$ |
1.2250 |
|
Computation and Reconciliation of Non-GAAP Financial Measure (Unaudited)
Below are the computation and reconciliation of diluted earnings per share from the measure of operating income by business segment to AWR’s consolidated fully diluted earnings per share for the three and nine months ended September 30, 2024 and 2023.
|
Water |
|
Electric |
|
Contracted Services |
|
AWR (Parent) |
|
Consolidated (GAAP) |
|||||||||||||||||||||||
In 000's except per share amounts |
Q3 2024 |
|
Q3 2023 |
|
Q3 2024 |
|
Q3 2023 |
|
Q3 2024 |
|
Q3 2023 |
|
Q3 2024 |
|
Q3 2023 |
|
Q3 2024 |
|
Q3 2023 |
|||||||||||||
Operating income (loss) |
$ |
46,846 |
|
$ |
43,243 |
|
$ |
2,042 |
|
$ |
2,049 |
|
|
$ |
6,182 |
|
$ |
6,204 |
|
$ |
(2 |
) |
|
$ |
255 |
|
|
$ |
55,068 |
|
$ |
51,751 |
Other (income) and expenses, net |
|
6,052 |
|
|
7,820 |
|
|
1,325 |
|
|
754 |
|
|
|
436 |
|
|
428 |
|
|
1,365 |
|
|
|
1,637 |
|
|
|
9,178 |
|
|
10,639 |
Income tax expense (benefit) |
|
9,228 |
|
|
8,830 |
|
|
135 |
|
|
(154 |
) |
|
|
1,425 |
|
|
1,430 |
|
|
(732 |
) |
|
|
(559 |
) |
|
|
10,056 |
|
|
9,547 |
Net income (loss) |
$ |
31,566 |
|
$ |
26,593 |
|
$ |
582 |
|
$ |
1,449 |
|
|
$ |
4,321 |
|
$ |
4,346 |
|
$ |
(635 |
) |
|
$ |
(823 |
) |
|
$ |
35,834 |
|
$ |
31,565 |
Weighted Average Number of Diluted Shares |
|
37,683 |
|
|
37,071 |
|
|
37,683 |
|
|
37,071 |
|
|
|
37,683 |
|
|
37,071 |
|
|
37,683 |
|
|
|
37,071 |
|
|
|
37,683 |
|
|
37,071 |
Diluted earnings (loss) per share |
$ |
0.84 |
|
$ |
0.72 |
|
$ |
0.02 |
|
$ |
0.04 |
|
|
$ |
0.11 |
|
$ |
0.12 |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.95 |
|
$ |
0.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
||||||||||||||||||||||||||||||||
|
Water |
|
Electric |
|
Contracted Services |
|
AWR (Parent) |
|
Consolidated (GAAP) |
|||||||||||||||||||||||
In 000's except per share amounts |
YTD 2024 |
|
YTD 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
YTD 2024 |
|
YTD 2023 |
|||||||||||||
Operating income (loss) |
$ |
116,578 |
|
$ |
134,006 |
|
$ |
6,416 |
|
$ |
7,783 |
|
|
$ |
22,801 |
|
$ |
19,854 |
|
$ |
(5 |
) |
|
$ |
218 |
|
|
$ |
145,790 |
|
$ |
161,861 |
Other (income) and expenses, net |
|
18,484 |
|
|
16,743 |
|
|
3,094 |
|
|
1,959 |
|
|
|
1,148 |
|
|
1,042 |
|
|
4,420 |
|
|
|
4,121 |
|
|
|
27,146 |
|
|
23,865 |
Income tax expense (benefit) |
|
23,539 |
|
|
29,674 |
|
|
656 |
|
|
794 |
|
|
|
5,307 |
|
|
4,621 |
|
|
(1,691 |
) |
|
|
(1,586 |
) |
|
|
27,811 |
|
|
33,503 |
Net income (loss) |
$ |
74,555 |
|
$ |
87,589 |
|
$ |
2,666 |
|
$ |
5,030 |
|
|
$ |
16,346 |
|
$ |
14,191 |
|
$ |
(2,734 |
) |
|
$ |
(2,317 |
) |
|
$ |
90,833 |
|
$ |
104,493 |
Weighted Average Number of Diluted Shares |
|
37,409 |
|
|
37,064 |
|
|
37,409 |
|
|
37,064 |
|
|
|
37,409 |
|
|
37,064 |
|
|
37,409 |
|
|
|
37,064 |
|
|
|
37,409 |
|
|
37,064 |
Diluted earnings (loss) per share |
$ |
1.99 |
|
$ |
2.36 |
|
$ |
0.07 |
|
$ |
0.14 |
|
|
$ |
0.44 |
|
$ |
0.38 |
|
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
$ |
2.42 |
|
$ |
2.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Note: Certain amounts in the tables above may not foot or crossfoot due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105297204/en/
Eva G. Tang
Senior Vice President-Finance, Chief Financial Officer,
Corporate Secretary and Treasurer
Telephone: (909) 394-3600, ext. 707
Source: American States Water Company
FAQ
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