Welcome to our dedicated page for Amer States Wtr news (Ticker: AWR), a resource for investors and traders seeking the latest updates and insights on Amer States Wtr stock.
American States Water Company reports utility and contracted-services developments for a California-based water and utilities holding company. Its recurring news covers Golden State Water Company water operations regulated by the California Public Utilities Commission, Bear Valley Electric Service electric operations, and American States Utility Services contracts for water services at U.S. military installations.
Company updates commonly address quarterly earnings, customer rate decisions, cost-of-capital matters, capital investment programs, construction activity in the contracted-services business, and regular common-share dividends. Water services to residential and commercial customers are the company’s largest revenue source.
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American States Water Company (NYSE:AWR) announced on April 13, 2023 that its subsidiary, Golden State Water Company (GSWC), received a proposed decision from the California Public Utilities Commission (CPUC) regarding new water rates for 2022-2024. The final decision is anticipated in Q2 2023, with retroactive rates effective from January 1, 2022. This will notably impact 2023 first quarter results. The approved settlement allows GSWC to invest $404.8 million in infrastructure improvements for safe water services. It also includes provisions for potential revenue increases in 2023 and 2024, subject to inflation adjustments. Additionally, GSWC's requests for medical insurance and general liability cost balancing accounts were approved, but the consolidation of two customer service areas was denied. A conference call to discuss the results is scheduled for May 11, 2023.
American States Water Company (NYSE:AWR) reported a decrease in fourth quarter 2022 diluted earnings per share (EPS) to $0.50, down $0.05 from $0.55 in Q4 2021. Full year 2022 EPS fell by $0.44 to $2.11 compared to $2.55 in 2021. The decline is attributed to 2021 water rates still in effect due to delays from the California Public Utilities Commission. Had new rates been approved, EPS could have been $0.38 higher. Additionally, lower investment gains impacted earnings, reflecting a loss of $5.2 million in 2022 versus gains of $4.3 million in 2021, resulting in an effective tax rate drop that slightly benefited net earnings.
American States Water Company (NYSE:AWR) announced its plans to release the financial results for the fourth quarter and full year ending December 31, 2022, after market close on March 1, 2023. A conference call will be held at 2:00 p.m. Eastern Time on March 2, 2023, hosted by CEO Robert Sprowls and CFO Eva Tang, where they will discuss the results and answer questions. The call can be accessed live via www.aswater.com and will be archived for replay from March 2 at 5:00 p.m. through March 9, 2023. American States Water has a long-standing history of paying dividends, maintaining a record of increases for 68 consecutive years.
American States Water Company (NYSE:AWR) has appointed Thomas A. Eichelberger as a director effective February 8, 2023. This appointment fills a vacancy left by Sarah J. Anderson's resignation. Eichelberger, a former Audit Partner at Deloitte & Touche LLP, brings over 37 years of public accounting experience, particularly with utility companies. He will stand for election at the 2023 annual meeting. Eichelberger holds degrees from Georgia Institute of Technology and the University of Notre Dame, and is a certified public accountant in Georgia and Florida. American States Water has a long history of dividend payments, having increased them annually for 68 years.
On February 7, 2023, the Board of Directors of org value="NYSE:AWR"American States Water Company (NYSE:AWR) declared a quarterly dividend of $0.3975 per share, marking the 347th consecutive dividend payment. The company has a 68-year track record of increasing annual dividends, placing it among an elite group on the New York Stock Exchange. American States Water Company has achieved a 9.2% compound annual growth rate in dividends from 2012 to 2022, with a long-term goal of over 7%. The dividend is set to be paid on March 1, 2023, to shareholders recorded by February 21, 2023.
American States Water Company (NYSE:AWR) reported a decrease in third quarter consolidated diluted earnings per share (EPS) of $0.07, totaling $0.69, compared to $0.76 in 2021. This decline is attributed to $1.3 million in investment losses, equating to $0.03 per share. Additionally, water revenues were based on outdated 2021 rates pending approval from the CPUC. If approved, new rates retroactive to January 1, 2022, would result in an estimated revenue increase of $8.7 million. Adjusted EPS for the quarter would have been $0.82, reflecting a 7.9% increase year-over-year.