Aqua America's (WTR) Q3 Earnings & Revenues Beat Estimates

Aqua America, Inc. price-consensus-eps-surprise-chart | Aqua America, Inc. Quote

Highlights of the Release

During the third quarter, operations and maintenance expenses increased nearly 19.5% year over year to $82 million.

The company incurred interest expenses of $32.6 million, up 28.3% from the prior-year quarter’s level.

Year-to-date rate increase in 2019 will boost annual revenues of the company by $59.8 million. The pending rate case, when approved, is expected to increase revenues by $63,000.

Financial Highlights

Current assets were $2,178.9 million as of Sep 30, 2019 compared with $147.2 million on Dec 31, 2018.

Long-term debt was $2,898.3 million as of Sep 30, 2019, higher than $2,398.5 million on Dec 31, 2018.

During the first nine months of 2019, the company invested $401.6 million to strengthen its infrastructure systems.

Guidance

Aqua America maintained its 2019 adjusted net earnings guidance in the range of $1.45-$1.50 per share.

It expects customer base to expand 2-3% in 2019. The company plans to invest $550 million toward infrastructure development of service communities during the year. This is part of its investment plan of nearly $1.4 billion through 2021.

Zacks Rank

Currently, Aqua America carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Water Utility Releases

American Water Works Company (NYSE:AWK) posted third-quarter 2019 earnings of $1.33 per share, beating the Zacks Consensus Estimate of $1.29 by 3.1%.

American States Water Company (NYSE:AWR) reported third-quarter 2019 operating earnings of 69 cents per share, which lagged the Zacks Consensus Estimate of 72 cents by 4.17%.

Middlesex Water (NASDAQ:MSEX) came out with third-quarter 2019 earnings of 66 cents per share, missing the Zacks Consensus Estimate of 72 cents by 8.33%.

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