Seeking AlphaCodex · 实盘不做把握 3/10
北京时间·🕒 发布 04:23:21时区推断·⟳ 抓取 04:25:11·⚡ 决策 07-28 04:26:17 +1m06s·91.8 天前
H2O America 二季度非 GAAP EPS 小幅超预期但收入低于预期
本次财报是例行披露，非 GAAP EPS 仅超预期 0.02 美元，收入低于预期 290 万美元，新增预期差很弱。
📄 原文Seeking Alpha↗ 原文
H2O Non-GAAP EPS of $0.72 beats by $0.02, revenue of $210.5M misses by $2.9M
Year-to-Date Operating Results Net income prepared in accordance with GAAP for the six months ended June 30, 2026 was $…
不做 H2O America（HTO.US）
例行财报快讯方向混合，EPS 仅小幅 beat、收入 miss，且无上调指引或市值级新增催化，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-27 · 扩散 medium · price-in 风险 medium ↗
关键理由
- 本次财报是例行披露，非 GAAP EPS 仅超预期 0.02 美元，收入低于预期 290 万美元，新增预期差很弱。
- 上半年收入同比增长主要来自水务费率上调，经营利润增长又被增发摊薄抵消，短线方向不清晰。
- 没有披露上调全年指引、重大订单、监管批准或资本回报等可形成短周期重定价的增量。
主要风险
- 若公司电话会披露超预期费率案进展或全年指引上修，后续可能需要重新评估。
- 当前仅凭简短业绩快讯无法量化足够的正向或负向交易 edge。
原文全文
展开原文 · 1,639 字
Year-to-Date Operating Results
Net income prepared in accordance with GAAP for the six months ended June 30, 2026 was $45.6 million, an 11% increase compared to $41.2 million in the same period of 2025. GAAP diluted EPS for the six months of $1.12 decreased versus $1.20 in the same period last year.
H2O America's adjusted net income (non-GAAP) for the six months ended June 30, 2026 was $50.1 million, an increase of 17% compared to $42.9 million in the same period last year. Adjusted diluted EPS (non-GAAP) for the first six months of 2026 of $1.23 slightly decreased versus $1.25 in the same period last year.
For both GAAP and adjusted results, while our underlying net income grew during the 2026 period, this was more than offset by the higher share count as a result of leveraging our ATM program throughout 2025 and our common stock issuance in early March of 2026. A full reconciliation of GAAP net income to adjusted net income for the six months ended June 30, 2026 is included in the tables at the end of this news release.
Operating revenue for the first six months of 2026 was $393.8 million compared to $365.9 million for the same period last year, an 8% increase. The increase was driven primarily by rate increases of $26.4 million, primarily in California, Connecticut, and Texas, as well as higher customer usage of $2.0 million. This was partially offset by a decrease of $1.6 million due to regulatory mechanism adjustments.
Operating expenses for the first six months of 2026 were $313.6 million, up 10% compared to $286.1 million for the same period last year. This change in operating expenses primarily reflects:
Net income prepared in accordance with GAAP for the six months ended June 30, 2026 was $45.6 million, an 11% increase compared to $41.2 million in the same period of 2025. GAAP diluted EPS for the six months of $1.12 decreased versus $1.20 in the same period last year.
H2O America's adjusted net income (non-GAAP) for the six months ended June 30, 2026 was $50.1 million, an increase of 17% compared to $42.9 million in the same period last year. Adjusted diluted EPS (non-GAAP) for the first six months of 2026 of $1.23 slightly decreased versus $1.25 in the same period last year.
For both GAAP and adjusted results, while our underlying net income grew during the 2026 period, this was more than offset by the higher share count as a result of leveraging our ATM program throughout 2025 and our common stock issuance in early March of 2026. A full reconciliation of GAAP net income to adjusted net income for the six months ended June 30, 2026 is included in the tables at the end of this news release.
Operating revenue for the first six months of 2026 was $393.8 million compared to $365.9 million for the same period last year, an 8% increase. The increase was driven primarily by rate increases of $26.4 million, primarily in California, Connecticut, and Texas, as well as higher customer usage of $2.0 million. This was partially offset by a decrease of $1.6 million due to regulatory mechanism adjustments.
Operating expenses for the first six months of 2026 were $313.6 million, up 10% compared to $286.1 million for the same period last year. This change in operating expenses primarily reflects:
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