American States Water’s Quarter Beats ExpectationsMonday, May 7, 2012
American States Water Co. reported first quarter revenue and profit that beat Wall Street forecasts.
The San Dimas operator of water and electric utilities on Monday reported net income of $10.1 million (53 cents a share), compared with $7.6 million (40 cents) in the same period a year earlier. Revenue rose 13 percent to nearly $107 million.
Analysts surveyed by Thomson Reuters on average expected the company to earn 39 a share on revenue of $98.8 million
American States is the parent of Golden State Water Company, which serves 75 communities around California, and American States Utility Services, which distributes electricity in the state’s Big Bear recreational area.
Shares closed up 99 cents, or 2.8 percent, to $38.79 on the New York Stock Exchange.