Monday, water and electric utility company American States Water Co. (AWR) reported a decline in first-quarter profit. Last year, there had been an unrealized gain on purchased power contracts present last year. However, on an adjusted basis, earnings increased from previous-year period.
The San Dimas, California-based company posted a first-quarter net income of $4.9 million or $0.28 per share, compared to $5.3 million or $0.30 per share in the same period a year ago.
Adjusted earnings for the quarter increased to $0.28 per share, from $0.20 per share in the previous year.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share. Analysts' estimates typically exclude special items.
Results for the year-ago quarter included an unrealized gain on purchased power contracts that increased pretax income by $2.8 million or $0.10 per share.
Operating revenues for the first quarter increased to $79.6 million from $68.9 million last year.
Water revenues for the first quarter increased 9% to $56.8 million over last year. The increase was mainly due to rate increases approved by the California Public Utilities Commission, effective January 1, 2009.
Electric revenues declined 1.9% to $8.6 million from same quarter a year ago, largely due to a decrease in electric usage.
Contracted services revenues increased to 76% to $14.2 million from the earlier year, primarily due to an increase in construction revenues.
AWR is currently trading at $34.12, up $0.24 or 0.71% on a volume of 23K shares.
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