American States Posts Q1 Declines

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American States Water Co. posted a dip in first quarter profit but still beat Wall Street’s expectations on revenues, sending shares up 3 percent.


American States posted net income for the quarter of ending March 31 of $5.3 million (30 cents per share), a 24 percent slip from $7 million (40 cents) in the same period a year earlier missing Wall Street’s expectations of 33 cents per share.


Revenue for the San Dimas-based utility company slipped 5 percent to $68.9 million but still came in a little ahead of analysts’ predictions of $68.7 million.


The company said revenues fell due to an 8.1 percent drop in water consumption during the period, which would have had a greater effect on results were it not for increased water rates approved by the California Public Utilities Commission, effective Jan. 1, the company said.


Shares were up 3.3 percent to $35.12 in early trading Monday.

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