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American Water Works Company, Inc. reports developments tied to its regulated water and wastewater utility operations across the United States. The company provides drinking water and wastewater services to about 14 million people through regulated operations in 14 states and on 18 military installations, with operating subsidiaries including California American Water, Pennsylvania American Water, Maryland American Water, Virginia American Water, Illinois American Water, Iowa American Water and Tennessee American Water.
News for AWK commonly covers annual water quality and Consumer Confidence Reports, state-level service updates, infrastructure investment, public utility rate proceedings, drinking water standards, community programs and subsidiary activity in local service territories. Updates also reference the company’s long operating history and its role in regulated water and wastewater service delivery.
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American Water Works Company reported first-quarter 2023 earnings of $0.91 per share, up from $0.87 in 2022. The company reaffirmed its 2023 earnings guidance range of $4.72 to $4.82 and long-term growth targets of 7-9% for EPS and dividends from 2023 to 2027. In Q1, American Water invested $538 million as part of its $2.9 billion capital plan for the year. Notably, the company issued 12,650,000 shares on March 3 for net proceeds of approximately $1.7 billion. They also announced the acquisition of wastewater assets in Pennsylvania and Illinois for $104 million and $83 million, respectively. The CEO expressed confidence in the company’s growth trajectory based on infrastructure investments and successful acquisitions.
American Water Works Company (NYSE: AWK) has declared a quarterly cash dividend of $0.7075 per share, marking an 8.0% increase. This reflects the company's commitment to delivering shareholder value through sustainable dividend growth.
The anticipated dividend will be paid on June 1, 2023, to shareholders of record as of May 9, 2023. American Water aims to maintain a long-term dividend growth rate of 7-9% and a payout ratio of 55-60% of earnings.
With a compound annual growth rate of 9.7% in dividends over the past five years, American Water continues to demonstrate financial strength and strategic success.
The Virginia State Corporation Commission has approved a settlement for Virginia American Water regarding a rate adjustment following a November 2021 request. This change reflects an overall rate increase of approximately $10.75 million to support $137.6 million in infrastructure improvements, including upgrades to aging pipes and water treatment plants. Customers in various service areas will see changes in their monthly bills, with Alexandria customers experiencing a $2.54 decrease, while Hopewell customers will see a $0.71 increase. The new rates are retroactive to May 1, 2022, and Virginia American Water emphasizes its commitment to providing affordable and reliable service.
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California American Water is organizing an open house for its Ventura District customers on April 20 at the Palm Garden Hotel in Thousand Oaks, CA. The event will take place from 6:00 p.m. to 7:30 p.m. Customers can interact with company representatives from various departments, ask questions, and learn about recent investments and rate case applications pending before the California Public Utilities Commission.
Furthermore, attendees will receive information on conservation programs and can collect free conservation kits containing water-saving devices. The open house aims to facilitate community engagement and education regarding water services.
Illinois American Water is launching a webinar series focused on water conservation, starting with "Water Conservation at Home" on April 17 at noon. Sponsored in partnership with the University of Illinois Extension, this initiative aims to educate Illinois residents about effective water use and conservation techniques. Participants can register for the webinar through the provided link. Future sessions will cover various conservation topics, including summer outdoor water use and preventing microplastic pollution. Illinois American Water, a subsidiary of American Water (NYSE: AWK), serves approximately 1.3 million people in Illinois, addressing both water supply and wastewater services.
Illinois American Water, a subsidiary of American Water (NYSE: AWK), has reached an agreement to acquire the wastewater treatment assets of the City of Granite City. Approved by the City Council on April 5, this deal will add approximately 26,000 new customer connections, including 10,500 direct and 15,500 indirect customers. The acquisition, if approved by the Illinois Commerce Commission (ICC) by early 2024, would mark the largest wastewater purchase by Illinois American Water. Mayor Mike Parkinson emphasized that the sale is in the best interest of the community and will preserve jobs while allowing the city to invest in other vital needs. Illinois American Water has been serving Granite City for over 125 years and previously acquired the local wastewater collection system in 2020.
American Water Works Company (NYSE: AWK) plans to release its 2023 Q1 financial results post-market on April 26, 2023. A conference call will be held on April 27, 2023, at 9 a.m. EDT, featuring CEO Susan Hardwick, COO Cheryl Norton, and CFO John Griffith. The call will include a Q&A session for investors and analysts. An audio webcast will be accessible on the Investor Relations website, with presentation slides available beforehand. A replay will be provided for a year. American Water, established in 1886, is the largest U.S. publicly traded water and wastewater utility, serving over 14 million people across 24 states, employing about 6,500 professionals.