American States Water (AWR) FY2023 results: revenue $596 million, up 21.2% on the year

American States Water Co. (AWR) reported revenue of $596 million for fiscal 2023, the year ended 31 December 2023, up 21.2% on the year before. Net income was $125 million, up 59.3%, and diluted earnings per share $3.36. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$596 million

+21.2% on the year

FY2016FY2023

Operating margin

33.0%

25.8% a year earlier

FY2016FY2023

Net income

$125 million

+59.3% on the year

FY2016FY2023

Diluted EPS

$3.36

+59.2% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	596	492	499	+21.2%
Cost of revenue	57.9	53.2	56.9	+8.9%
Gross profit	538	438	442	+22.7%
Gross margin	90.3%	89.2%	88.6%
Operating income	197	127	141	+55.4%
Operating margin	33.0%	25.8%	28.3%
Interest expense	42.8	27.0	22.8	+58.2%
Pre-tax income	167	102	125	+63.2%
Income tax	41.6	23.7	30.4	+75.8%
Effective tax rate	25.0%	23.2%	24.4%
Net income	125	78.4	94.3	+59.3%
Net margin	21.0%	15.9%	18.9%
Diluted EPS	$3.36	$2.11	$2.55	+59.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	67.7	118	116	-42.5%
Capital expenditure	189	166	145	+13.4%
Free cash flow	-121	-48.4	-28.9
Free cash flow margin	-20.3%	-9.9%	-5.8%
Cash from investing	-189	-167	-145
Cash from financing	129	50.3	-2.3	+156.6%
Depreciation and amortisation	42.4	41.3	39.6	+2.6%
Share-based compensation	3.3	2.6	2.6	+28.3%
Dividends paid	61.2	56.4	51.7	+8.6%
Dividend per share	$1.66	$1.52	$1.40	+8.5%
Diluted shares, weighted	37m	37m	37m	+0.1%
Shares outstanding at period end	37m	37m	37m	+0.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	776	710	686	+9.4%
Debt	909	724	618	+25.5%
Operating lease liabilities	6.6	8.1	8.9	-18.2%
Other liabilities	554	592	588	-6.5%
Total liabilities and equity	2,246	2,034	1,901	+10.4%
Fixed assets	1,892	1,754	1,626	+7.9%
Goodwill	1.1	1.1	1.1	0.0%
Intangible assets	5.1	5.1	4.0	-1.1%
Cash and equivalents	14.1	6.0	5.0	+134.7%
Receivables	34.2	26.2	34.4	+30.7%
Other assets	299	242	230	+23.6%
Total assets	2,246	2,034	1,901	+10.4%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.