Welcome to our dedicated page for American States Water Company news (Ticker: AWR), a resource for investors and traders seeking the latest updates and insights on American States Water Company stock.
American States Water Company (AWR) is a distinguished utility services provider based in California. As the parent company of both Golden State Water Company (GSWC) and American States Utility Services, Inc. (ASUS), AWR plays a pivotal role in delivering essential utilities to communities across the state and beyond. GSWC offers water services to approximately 258,000 customers spread over 75 communities in 10 counties across Northern, Coastal, and Southern California. Additionally, Bear Valley Electric Services (BVES), a division of GSWC, supplies electricity to around 24,000 customers in the Big Bear area of San Bernardino County.
Through American States Utility Services, Inc. (ASUS), AWR extends its expertise to water and wastewater system management on military bases across the United States. These services are rendered under long-term 50-year privatization contracts with the U.S. government, emphasizing the company's dedication to reliable and sustainable utility management.
Founded with a commitment to reliability, AWR has consistently paid dividends to shareholders annually since 1931, showcasing a robust financial foundation. The company's operations are organized into three main segments: water, electric, and contracted services. The majority of revenue is generated from water services provided to both commercial and residential customers.
Golden State Water operates under the regulation of the California Public Utilities Commission, ensuring compliance and quality in their service delivery. Meanwhile, American States Utility Services continues to fulfill its contracts with the U.S. government, providing essential services to various military installations.
For investors and stakeholders looking for the latest updates and relevant information on AWR’s performance, current projects, and financial health, this page serves as a comprehensive resource. Stay informed with the latest news and developments about American States Water Company.
American States Water Company (NYSE:AWR) reported Q2 2024 earnings of $0.85 per share, compared to $1.04 in Q2 2023. Adjusted earnings for Q2 2023 were $0.86 per share, excluding a $0.18 per share reversal of previously recorded revenues. Key highlights include:
1. AWR's water utility reached a settlement agreement for new water rates for 2025-2027, authorizing $573.1 million in capital investment.
2. Quarterly dividend increased by 8.3%, marking the 70th consecutive year of dividend increases.
3. Contracted services subsidiary began operations at two new military bases in April 2024.
4. Water segment earnings decreased, while contracted services segment earnings increased.
5. Full-year 2024 guidance for contracted services segment is $0.50 to $0.54 per share.
American States Water Company (NYSE:AWR) has announced an 8.3% increase in its quarterly cash dividend to $0.4655 per share, up from $0.4300. This raises the annualized dividend rate to $1.862 per share. The company has paid dividends for 353 consecutive quarters and increased them annually for 70 consecutive years. Over the past five years, AWR's quarterly dividend has grown at a compound annual growth rate (CAGR) of 8.8%. The company aims to maintain a long-term dividend CAGR of over 7%. This increase reflects the Board's confidence in AWR's financial strength and sustainable earnings growth potential.
American States Water Company (NYSE:AWR) announced a settlement agreement in its water utility general rate case. The agreement, filed on July 12, 2024, between Golden State Water Company (GSWC) and the Public Advocates Office, resolves most issues related to the 2025 annual revenue requirement. Key points include:
1. Authorization for GSWC to invest $573.1 million in capital infrastructure over 2025-2027.
2. Projected increase of $23 million in adopted operating revenues less water supply costs (RLWSC) for 2025.
3. Potential additional revenue increases of $20 million each for 2026 and 2027.
4. Approval of $58.2 million in advice letter capital investments.
Two unresolved issues remain regarding sales forecast and supply mix. The CPUC is expected to issue a decision by the end of 2024, with new rates effective January 1, 2025.
American States Water Company (NYSE: AWR) will release its second quarter financial results for the period ended June 30, 2024, after market close on August 6, 2024.
President and CEO Robert Sprowls, along with CFO Eva Tang, will host a conference call to discuss the results on August 7, 2024, at 2:00 p.m. Eastern Time. The call will include a Q&A session and can be accessed live via the company's website. An archived replay will be available from August 7 at 5:00 p.m. Eastern Time until August 14, 2024.
American States Water Company (NYSE: AWR) announced that the California Supreme Court has vacated a prior decision by the California Public Utilities Commission (CPUC) to end the Water Revenue Adjustment Mechanism (WRAM). The WRAM, in place since 2008, decouples water utilities' revenue from water consumption, promoting conservation through tiered pricing. This mechanism and the tiered rates resulted in a 41.6% reduction in water use per customer by 2023 compared to 2007. AWR had contested the CPUC's 2020 decision along with other water utilities, leading to the favorable ruling. The decision sustains financial stability for AWR, aiding in infrastructure investment and dividend growth.
American States Water Company reported a decrease in earnings per share for the first quarter of 2024 compared to the same period in 2023. The company announced diluted earnings per share of $0.62 for Q1 2024, down from $0.93 in Q1 2023. The decrease was attributed to various factors, including the impact of the water general rate case and estimated revenues subject to refund. AWR's water segment experienced a decrease in diluted earnings, while the electric and contracted services segments also saw declines. The company's parent entity, AWR, reported an increase in losses for Q1 2024. AWR's quarterly dividend rate has been growing steadily, with a compound annual growth rate of 9.4% over the last five years.
American States Water Company (NYSE:AWR) announced a $0.43 per share quarterly dividend, marking the 352nd consecutive dividend payment. Shareholders have seen an increase in their dividend for 69 consecutive years, with a compound annual growth rate of over 7%. The quarterly dividend rate has grown at a 9.4% compound annual growth rate over the last five years.
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