H2O America (HTO) Q4 FY2023 earnings: revenue $171 million, unchanged on the year

H2O America (HTO) reported revenue of $171 million for Q4 FY2023, the quarter ended 31 December 2023, unchanged on the same quarter a year earlier. Net income was $19 million, down 43.4% on the year, and diluted earnings per share $0.59. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$171 millionunchanged

Net income$19 milliondown 43.4%

Diluted EPS$0.59

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	171	205	n/a	n/a
Operating income	36.5	56.6	n/a	n/a
Operating margin	21.3%	27.6%	n/a
Interest expense	17.2	16.7	n/a	n/a
Pre-tax income	20.8	40.8	n/a	n/a
Income tax	1.8	4.6	n/a	n/a
Effective tax rate	8.8%	11.2%	n/a
Net income	18.9	36.2	n/a	n/a
Net margin	11.1%	17.7%	n/a
Diluted EPS	$0.59	$1.13	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	31.5	61.9	n/a	n/a
Cash from investing	-80.5	-116	n/a	n/a
Cash from financing	37.7	50.0	n/a	n/a
Depreciation and amortisation	27.6	27.0	n/a	n/a
Share-based compensation	1.1	1.2	n/a	n/a
Dividends paid	12.1	12.1	n/a	n/a
Dividend per share	n/a	$0.38	n/a	n/a
Diluted shares, weighted	32m	32m	n/a	n/a
Shares outstanding at period end	32m	32m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,233	1,220	n/a	n/a
Debt	1,583	1,577	n/a	n/a
Other liabilities	1,528	1,046	n/a	n/a
Total liabilities and equity	4,345	3,843	n/a	n/a
Goodwill	640	640	n/a	n/a
Intangible assets	15.1	n/a	n/a	n/a
Cash and equivalents	9.7	21.1	n/a	n/a
Receivables	67.9	70.4	n/a	n/a
Other assets	3,612	3,112	n/a	n/a
Total assets	4,345	3,843	n/a	n/a

Questions

What was H2O America's revenue in Q4 FY2023?

H2O America (HTO) reported revenue of $171 million for Q4 FY2023, the quarter ended 31 December 2023, unchanged on the same quarter a year earlier.

How much did H2O America earn in Q4 FY2023?

Net income for Q4 FY2023 was $19 million, down 43.4% on the year, and diluted earnings per share $0.59.

When did H2O America report Q4 FY2023 results?

H2O America filed its 10-K for the year that ended with the quarter on 23 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026 †
Revenue	205	171	149	176	225	198	168	198	241	194	183	210
Operating income	56.6	36.5	27.9	40.6	58.4	43.7	35.9	43.9	64.6	33.1	37.4	42.8
Operating margin	28%	21%	19%	23%	26%	22%	21%	22%	27%	17%	20%	20%
Interest expense	16.7	17.2	17.6	18.3	17.5	18.0	18.3	18.1	17.9	18.3	18.8	18.0
Pre-tax income	40.8	20.8	13.9	24.4	40.6	24.0	20.0	29.3	50.9	14.6	22.4	30.6
Tax rate	11%	9%	16%	15%	5%	5%	17%	16%	11%	-11%	15%	13%
Net income	36.2	18.9	11.7	20.7	38.7	22.9	16.6	24.7	45.1	16.2	19.0	26.6
Net margin	18%	11%	8%	12%	17%	12%	10%	12%	19%	8%	10%	13%
Diluted EPS	$1.13	$0.59	$0.36	$0.64	$1.17	$0.68	$0.49	$0.71	$1.27	$0.45	$0.49	$0.62
Operating cash flow	61.9	31.5	51.2	49.3	53.5	41.5	43.2	60.8	77.3	63.5	43.7	60.7
Dividends paid	12.1	12.1	12.8	12.9	13.1	13.3	14.1	14.6	14.9	15.0	15.9	18.4
Shares outstanding	32m	32m	32m	33m	33m	34m	34m	35m	36m	36m	42m	42m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0000766829-24-000023: the filing on EDGAR. All of H2O America's filings: EDGAR company page.

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