American States Water Q3 Profit Surges

11/4/2009 4:27 PM ET

(RTTNews) - Wednesday, American States Water Co. (AWR: News ) reported a higher profit for third quarter on a rise in the revenue from last year.

The San Dimas, California-based company's third quarter net income surged to $9.7 million or $0.52 per share from $4.55 million or $0.26 per share in the prior year period. Adjusted earnings per share were $0.52, compared to $0.39 in the year ago quarter.

Total revenue for the quarter grew to $101.5 million from $85.26 million in the comparable quarter last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share on revenues of $93.58 million for the quarter. Analysts' estimates typically exclude one-time items.

Segment-wise, American states' water revenue went up to $78.29 million from $69.36 million, revenue of electric segment was $6.56 million compared to $6.74 million and contracted services revenue was $16.64 million, up from $9.15 million last year.

The dollar water margin for the quarter increased by $4.7 million, or $0.15 per share, primarily due to higher water revenues.

Operating income for the quarter increased to $22.45 million from $13.14 million in the year ago period.

For the nine months ended, net income was $26.12 million or $1.45 per share, up from $19.13 million or $1.10 per share in the prior year. Year-to-date revenue increased to $274.66 million from $234.51 million last year.

AWR last traded at $32.84, down $0.58 or 1.74% on a volume of 0.06 million shares on the NYSE.