ST. LOUIS--(BUSINESS WIRE)--Missouri American Water announces the launch of the American Water Charitable Foundation 2024 Water and Environment Grant Program. “This program focuses on helping local organizations carry out meaningful, sustainable initiatives that can ultimately benefit our watersheds,” said Rich Svindland, president of Missouri American Water. “We encourage schools, environmental organizations and civic groups located in our service territories throughout the state to apply for a water-re ...

CAMDEN, N.J.--(BUSINESS WIRE)--American Water (NYSE: AWK), the largest regulated water and wastewater utility company in the U.S., announced today that it has been ranked number 1 in the utilities industry on Forbes America's Best Large Employers 2024 list. The ranking is based on an independent survey of employees. "American Water is honored to receive recognition on Forbes America's Best Large Employers 2024 list," said M. Susan Hardwick, President and Chief Executive Officer, American Water. "We are e ...

American Water Works (AWK -1.16%), the largest publicly traded U.S. water and wastewater utility, reported robust fourth-quarter 2023 results on Wednesday after the closing bell. Shares gained 3.1% on Thursday, though they declined 1.2% on Friday. Thursday's upward move was likely in part attributable to the company easily exceeding Wall Street's revenue and earnings estimates. But a good chunk of Thursday's gain and all of Friday's drop were probably due to overall market dynamics, as major indexes rose on ...

GREENWOOD, Ind.--(BUSINESS WIRE)--The Indiana Utility Regulatory Commission (IURC) yesterday issued an order approving base rate adjustments on a statewide basis for Indiana American Water following a comprehensive 11-month review process. The company’s rate adjustment request, which was filed on March 31, 2023, was driven primarily by approximately $875 million in water and wastewater investments since the last approved rate adjustment, to be made through April 2025, as well as increases in the cost of ...

Financial Data and Key Metrics Changes - The company reported earnings of $4.90 per share for 2023, an increase of $0.39 per share compared to 2022, and $0.32 per share on a weather-normalized basis [25][5] - Increased revenues were driven by general rate cases completed in late 2022 and early 2023, reflecting significant investments in systems [25] - Operating costs increased due to higher pension expenses of about $0.13 per share and increased chemical costs of about $0.11 per share [26] Business Line Data and Key Metrics Changes - The company closed on acquisitions totaling $77 million across eight states in 2023, with 25 transactions under agreement totaling $589 million and 88,000 customer connections [28] - Rate-based growth is expected to drive earnings growth, with a long-term target of 8% to 9% [13] Market Data and Key Metrics Changes - The company has $390 million in annualized new revenues and rates since January 2023, with $670 million of total annualized revenue requests pending [17] - The regulatory environment in Pennsylvania is undergoing changes, which may impact the timing of acquisitions [29] Company Strategy and Development Direction - The company aims for 7% to 9% EPS and dividend growth, supported by significant investments in infrastructure and acquisitions [8][9] - The focus remains on customer affordability and operating efficiency, with ongoing strategies around rate design and technology [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing plans for 2024 and beyond, highlighting strong performance amid challenging macroeconomic conditions [7][10] - The company continues to receive support from state and federal levels for infrastructure improvements [10][11] Other Important Information - The company is actively involved in addressing regulatory challenges related to PFAS and lead service lines, with significant investments planned [21][22] - The five-year capital plan includes $1 billion for PFAS and approximately $500 million for lead service line replacements [21] Q&A Session Summary Question: M&A appetite and geographic aversions - Management emphasized the need for confidence in regulatory environments and growth potential before pursuing M&A opportunities [38][39] Question: CapEx upside related to lead and copper rule - Management indicated it is too early to provide guidance on impacts to the overall plan, noting the longer timeline for compliance compared to PFAS [40][41] Question: Update on Pennsylvania rate case - Management confirmed the case is proceeding as planned, focusing on investment recovery without significant policy changes [48][50] Question: Regulatory outcomes in Illinois - Management stated that the Illinois case is on schedule and focused on investment, with no significant issues anticipated [54][55] Question: Fair market value changes - Management believes the commission process is the best path to resolve fair market value issues, with ongoing discussions expected [86][87]

MECHANICSBURG, Pa.--(BUSINESS WIRE)--Pennsylvania American Water is delighted to announce the launch of the American Water Charitable Foundation 2024 Water and Environment Grant Program. To streamline the grant experience for its community partners, the Foundation has combined Pennsylvania American Water’s former Environmental Grant Program with its Water and Environment Grant Program. This strategic integration will strengthen the Foundation’s charitable focus and impact across American Water’s footprint. ...

Wall Street started 2024 on a high, with the Dow and S&P 500 hitting fresh highs. However, the rally came to a sudden halt on Feb 12 as fresh inflation data dented investors’ confidence and dimmed hopes of a rate cut in March.The Labor Department reported that inflation rose more than expected in January and remained stubbornly high.The consumer price index (CPI) jumped 0.3% in January on a month-over-month basis, higher than the consensus estimate of 0.2%. On a year-over-year basis, CPI increased 3.1% in J ...

Core Insights - American Water Works Company (AWK) reported fourth-quarter 2023 operating earnings per share (EPS) of 88 cents, exceeding the Zacks Consensus Estimate of 84 cents by 4.8% and improving 8.6% from the previous year's earnings of 81 cents [1] - The company's total revenues for 2023 reached $4.2 billion, an increase of 11.7% from $3.8 billion in 2022, with quarterly revenues of $1.03 billion surpassing estimates by 7.6% [2] - AWK's 2024 EPS guidance has been raised to a range of $5.20-$5.30, indicating a positive outlook for future earnings growth [6] Financial Performance - The total operating expenses for Q4 2023 were $733 million, up 9.4% from $670 million in the same quarter last year, primarily due to increased operating and maintenance expenses [4] - Operating income for Q4 2023 was $299 million, reflecting a 14.6% increase from $261 million year-over-year, outperforming projections [4] - Cash flow from operating activities in 2023 was $1.87 billion, compared to $1.1 billion in the previous year [5] Segment Analysis - Revenues from regulated businesses in 2023 were $3.9 billion, up 11.8% year-over-year, driven by completed rate cases and infrastructure investments [3] - Other revenues for 2023 amounted to $314 million, an increase from $287 million in 2022 [3] Strategic Developments - The company has completed 23 acquisitions in eight states, adding 18,100 customers, with 25 pending acquisitions expected to add another 88,130 customers [4] - AWK has been authorized for additional annualized revenues of $359 million from rate increases and $31 million from infrastructure charges effective since the end of 2023 [4] Investment Outlook - The company plans to invest nearly $3.1 billion in 2024 and anticipates investments of $16-$17 billion and $34-$38 billion in the periods 2024-2028 and 2024-2033, respectively [6] - AWK maintains a long-term earnings and dividend growth target of 7-9% [6]

American Water Works (AWK) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.84 per share. This compares to earnings of $0.81 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.76%. A quarter ago, it was expected that this water utility would post earnings of $1.55 per share when it actually produced earnings of $1.66, delivering a surprise of 7.10%.Over the last four quarters, the ...

CAMDEN, N.J.--(BUSINESS WIRE)--American Water Works Company, Inc. (NYSE: AWK) today reported earnings of $0.88 per share for the fourth quarter 2023 compared to $0.81 per share in 2022, and full year earnings in 2023 of $4.90 per share compared to $4.51 per share in 2022. “American Water once again successfully executed on its strategies and achieved on-plan earnings growth in 2023. We invested a record $2.7 billion in regulated operations, led by infrastructure renewal, and the completion of 23 acquisit ...