Thursday, water and electric utility company American States Water Co. (AWR), reported a higher second-quarter profit, helped by an increase in operating revenues, reflecting strong growth in company's Water and Contracted services division.
The San Dimas, California-based company reported net income for the second quarter of $11.50 million or $0.64 per share, compared to $9.28 million or $0.53 per share in the year-ago quarter.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.45 per share for the quarter. Analysts' estimates typically excludes special items.
Operating revenues for the quarter increased to $93.55 million from $80.31 million in the prior-year quarter.
Segment wise, Water revenues for the second quarter increased 13.4% over last year, mainly due to higher customer rates approved by the CPUC effective January 1, which added about $2.4 million of water revenues.
Electric revenues from GSWC's Bear Valley Electric division decreased by 5.2% to $5.9 million from $6.2 million for the second quarter of 2008, due primarily to a decrease in electric usage.
Total operating expenses for the quarter, increased to $69.0 million from $60.7 million recorded for the same period in 2008. Expenses for the quarter included an increase of $3.0 million in water supply costs, an unrealized gain of $1.7 million on purchased power contracts in the year ago quarter, higher operating and administrative and general expenses, and lower required and emergency maintenance activities on GSWC's wells, water supply and distribution facilities.
For the six-month period, American States' net income totaled $16.43 million or $0.92 per share, up from $14.59 million or $0.84 per share in the same period last year.
Operating revenues for the first half of fiscal 2009 rose to $173.16 million from $149.26 million in the similar quarter of 2008.
AWR is currently trading at $34.76, down $1.13 3.15% on a volume of 67,397 shares.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.