American States Water Expects 3Q Profit Decline

0

Shares of American States Water Co. fell more than 6 percent early Friday after the water utility said it expects third-quarter earnings to fall due to lower consumption and higher costs at a California subsidiary.

The San Dimas company, which plans to report earnings on Nov. 6, expects adjusted earnings per share for the period to be 5 cents to 11 cents lower than the 47 cents per share earned in the same period a year ago.

The company said it’s seeing lower water consumption by customers and higher operating expenses at its Golden State Water unit.

Analysts polled by Thomson Reuters were expecting on average earnings of 60 cents per share on revenue of $86.8 million

Shares were down $1.97, or 6.4 percent, to $28.71 in morning trading on the New York Stock Exchanges.

No posts to display