American States Water Co. on Monday said that its second quarter profit jumped 78 percent as the water and electric utility sold a unit and saw revenues rise for its remaining businesses.
The San Dimas parent of Golden State Water Company and American States Utility Services Inc. reported second-quarter net income of $15.96 million (85 cents per share), compared with $8.98 million (48 cents) in the same period a year earlier. Results were boosted by completion of the sale of Chaparral City Water Co., which added 12 cents per share to profit.
Adjusted for one-time items, net income from continuing operations rose to more than $12.7 million (68 cents), compared with nearly $8.9 million (47 cents) a year earlier. Operating revenue rose 15 percent nearly $110 million.
Analysts surveyed by Thomson Reuters on average expected the company to report adjusted per-share profit of 57 cents on operating revenue of nearly $106 million.
Shares were down 22 cents, or less than 1 percent, to $33.16 in midday trading on the New York Stock Exchange.
