3M (MMM 0.62%), American States Water Company (AWR -0.13%), and Coca-Cola (KO 2.21%) may not have much in common as companies. But as investments, all three companies are Dividend Kings that have paid and raised their payouts for at least 60 years -- making them some of the longest-tenured members of the group.However, all three stocks have also lost value over the last year, while the S&P 500 is up 22.7%. A single-digit dividend yield isn't going to be that appealing if a stock is underperforming by that m ...

[Financial Highlights](index=1&type=section&id=American%20States%20Water%20Company%20Announces%20Fourth%20Quarter%20and%20Full%20Year%202023%20Results) The company reported strong 2023 earnings growth, record capital spending, and a continued increase in dividends [Fourth Quarter and Full Year 2023 Highlights](index=1&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Highlights) The company reported higher Q4 and full-year 2023 EPS, achieved record capital expenditures, and increased its quarterly dividend - Consolidated diluted EPS for Q4 2023 increased by **10%** (or **$0.05 per share**) compared to Q4 2022[1](index=1&type=chunk)[2](index=2&type=chunk) - Full-year 2023 reported consolidated diluted EPS increased by **$1.25 per share** compared to 2022[1](index=1&type=chunk) - Regulated utilities spent a record **$175.7 million** in company-funded capital expenditures in 2023 and filed a new general rate case outlining a **$611.4 million** investment plan for 2025-2027[1](index=1&type=chunk) - The quarterly dividend was increased by **8.2%** during 2023, and has grown at a compound annual growth rate (CAGR) of **9.4%** over the last five years[2](index=2&type=chunk) [Fourth Quarter 2023 Performance Analysis](index=2&type=section&id=Fourth%20Quarter%202023%20Results) This section details the fourth-quarter 2023 financial performance across the company's various operating segments [Consolidated Results - Q4 2023](index=2&type=section&id=Consolidated%20Results%20-%20Q4%202023) Consolidated diluted EPS for Q4 2023 rose to $0.55, an adjusted increase of $0.02 per share over the prior year Q4 2023 Diluted EPS by Segment (GAAP vs. Non-GAAP) | Segment | Q4 2023 Diluted EPS | Q4 2022 Diluted EPS (GAAP) | Q4 2022 Diluted EPS (Adjusted) | Change (vs Adjusted) | | :--- | :--- | :--- | :--- | :--- | | Water | $0.41 | $0.28 | $0.31 | +$0.10 | | Electric | $0.07 | $0.08 | $0.08 | -$0.01 | | Contracted services | $0.12 | $0.17 | $0.17 | -$0.05 | | AWR (parent) | ($0.04) | ($0.03) | ($0.03) | -$0.01 | | **Consolidated** | **$0.55** | **$0.50** | **$0.53** | **+$0.02** | [Water Segment - Q4 2023](index=2&type=section&id=Water%20Segment%20-%20Q4%202023) The Water segment's EPS grew due to rate increases, partially offset by higher operating and interest expenses - Water operating revenues increased by approximately **$11.0 million**, largely due to second-year rate increases effective July 31, 2023[7](index=7&type=chunk) - Operating expenses (excluding supply costs) rose by **$700,000** due to higher labor, water treatment, and administrative costs[9](index=9&type=chunk)[10](index=10&type=chunk) - Net interest expense increased by **$1.4 million** resulting from higher interest rates and increased borrowing levels to support capital expenditure programs[11](index=11&type=chunk) [Electric Segment - Q4 2023](index=3&type=section&id=Electric%20Segment%20-%20Q4%202023) The Electric segment's EPS declined slightly due to increased costs while awaiting a new rate case decision - The decrease in EPS was mainly due to rising operating expenses and interest costs without new rates in place for 2023[14](index=14&type=chunk) - New rates, when a decision is issued in the electric general rate case, are expected to be retroactive to January 1, 2023[14](index=14&type=chunk) [Contracted Services Segment - Q4 2023](index=3&type=section&id=Contracted%20Services%20Segment%20-%20Q4%202023) The Contracted Services segment's EPS decreased due to the timing of construction activities - The EPS decrease was largely due to a reduction in construction activity resulting from timing differences of when work was performed[15](index=15&type=chunk) - The decline was partly offset by higher management fee revenues resulting from the resolution of various economic price adjustments[15](index=15&type=chunk) [AWR (Parent) - Q4 2023](index=3&type=section&id=AWR%20(Parent)%20-%20Q4%202023) The parent company's net loss per share increased primarily due to higher interest expense and state taxes - The increased loss per share was primarily due to higher interest expense on borrowings and the effect of changes in state unitary taxes[16](index=16&type=chunk) [Full Year 2023 Performance Analysis](index=4&type=section&id=Full%20Year%202023%20Results) This section analyzes the full-year 2023 financial results, highlighting significant growth driven by regulatory outcomes [Consolidated Results - Full Year 2023](index=4&type=section&id=Consolidated%20Results%20-%20Full%20Year%202023) Full-year 2023 reported EPS rose to $3.36, a $1.25 increase driven by retroactive rates and investment gains Full Year 2023 Diluted EPS by Segment (GAAP) | Segment | 2023 Diluted EPS | 2022 Diluted EPS | Change | | :--- | :--- | :--- | :--- | | Water | $2.77 | $1.45 | +$1.32 | | Electric | $0.20 | $0.24 | -$0.04 | | Contracted services | $0.50 | $0.46 | +$0.04 | | AWR (parent) | ($0.10) | ($0.04) | -$0.06 | | **Consolidated** | **$3.36** | **$2.11** | **+$1.25** | - Full-year results included a **$0.38 per share impact** from retroactive rates for 2022 due to the final decision in the water general rate case[17](index=17&type=chunk)[21](index=21&type=chunk) - A net favorable variance of **$0.26 per share** resulted from the reversal of revenues subject to refund related to the cost of capital proceeding[17](index=17&type=chunk)[21](index=21&type=chunk) - A net favorable variance of **$0.20 per share** came from gains on investments held to fund a retirement plan, compared to losses in 2022[17](index=17&type=chunk)[21](index=21&type=chunk) [Segment Performance - Full Year 2023](index=4&type=section&id=Segment%20Performance%20-%20Full%20Year%202023) The Water segment's significant EPS growth from a favorable rate case decision drove the company's overall 2023 performance - The Water segment's performance was significantly boosted by a CPUC final decision in June 2023, which determined new water rates for 2022–2024, retroactive to January 1, 2022[23](index=23&type=chunk) - As of December 31, 2023, an aggregate cumulative balance of **$52.8 million** in CPUC-approved general rate case memorandum accounts was recognized as regulatory assets and water revenues[23](index=23&type=chunk) - The Electric segment's EPS declined from **$0.24 in 2022 to $0.20 in 2023**, while the Contracted Services segment's EPS grew from **$0.46 to $0.50**[19](index=19&type=chunk) [Corporate and Regulatory Updates](index=5&type=section&id=Corporate%20and%20Regulatory%20Updates) This section covers key updates on regulatory decisions, dividend policy, and the company's strong credit ratings [Regulatory Matters](index=5&type=section&id=Regulatory%20Matters) The company secured a higher return on equity and a deferral for its next cost of capital application - GSWC's adopted return on equity increased to **9.36%** effective July 31, 2023, and was further increased to **10.06%** effective January 1, 2024, due to WCCM adjustments[25](index=25&type=chunk) - GSWC, along with other Class A water utilities, received CPUC approval to defer the filing of their next cost of capital applications by one year to May 1, 2025[26](index=26&type=chunk) - GSWC's current authorized rate of return on rate base of **7.93%** will continue in effect through December 31, 2025[26](index=26&type=chunk) [Dividends](index=5&type=section&id=Dividends) The company declared a Q1 2024 dividend, marking 69 consecutive years of increases with a strong growth target - A first-quarter 2024 dividend of **$0.43 per share** was approved by the Board of Directors[27](index=27&type=chunk) - The company has increased dividends each calendar year for **69 consecutive years**, placing it in an exclusive group of NYSE companies[27](index=27&type=chunk) - The quarterly dividend rate has grown at a 5-year CAGR of **9.4%**, and the company's policy is to achieve a CAGR of more than **7%** long-term[27](index=27&type=chunk) [Credit Ratings](index=5&type=section&id=Credit%20Ratings) The company and its subsidiary maintain strong, stable investment-grade credit ratings from S&P and Moody's - AWR maintains a credit rating of **'A Stable'** with S&P[28](index=28&type=chunk) - GSWC maintains an **'A+ Stable'** rating with S&P and an **'A2 Stable'** rating with Moody's Investors Service[28](index=28&type=chunk) [Financial Statements and Reconciliations](index=7&type=section&id=Financial%20Statements%20and%20Reconciliations) This section presents condensed financial statements and reconciles GAAP to non-GAAP measures by business segment [Consolidated Comparative Condensed Balance Sheets](index=7&type=section&id=Consolidated%20Comparative%20Condensed%20Balance%20Sheets) Total assets and capitalization grew in 2023, driven by increased investment in property, plant, and equipment Condensed Balance Sheet Data (in thousands) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Net Property, Plant and Equipment | $1,892,280 | $1,753,766 | | **Total Assets** | **$2,246,122** | **$2,034,374** | | Capitalization | $1,351,664 | $1,156,096 | | Current Liabilities | $166,623 | $396,522 | | **Total Capitalization and Liabilities** | **$2,246,122** | **$2,034,374** | [Condensed Statements of Income](index=7&type=section&id=Condensed%20Statements%20of%20Income) Full-year 2023 operating revenues and net income showed significant growth compared to the prior year Key Income Statement Data (in thousands) | Metric | Full Year 2023 | Full Year 2022 | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $595,699 | $491,528 | $125,180 | $125,367 | | Operating income | $196,740 | $126,636 | $34,879 | $27,614 | | **Net Income** | **$124,921** | **$78,396** | **$20,428** | **$18,629** | Earnings Per Share | Metric | Full Year 2023 | Full Year 2022 | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | :--- | :--- | | Basic EPS | $3.37 | $2.12 | $0.55 | $0.50 | | Fully diluted EPS | $3.36 | $2.11 | $0.55 | $0.50 | [Computation and Reconciliation of Non-GAAP Financial Measure](index=8&type=section&id=Computation%20and%20Reconciliation%20of%20Non-GAAP%20Financial%20Measure) This section provides a detailed breakdown of net income and EPS by segment for Q4 and the full year 2023 vs 2022 Q4 2023 Net Income by Segment (in thousands) | Segment | Q4 2023 Net Income (Loss) | Q4 2022 Net Income (Loss) | | :--- | :--- | :--- | | Water | $15,119 | $10,390 | | Electric | $2,449 | $2,979 | | Contracted Services | $4,405 | $6,377 | | AWR (Parent) | ($1,545) | ($1,117) | | **Consolidated** | **$20,428** | **$18,629** | Full Year 2023 Net Income by Segment (in thousands) | Segment | Full Year 2023 Net Income (Loss) | Full Year 2022 Net Income (Loss) | | :--- | :--- | :--- | | Water | $102,708 | $53,770 | | Electric | $7,479 | $8,876 | | Contracted Services | $18,596 | $17,246 | | AWR (Parent) | ($3,862) | ($1,496) | | **Consolidated** | **$124,921** | **$78,396** |

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to | --- | --- | --- | --- | --- | --- | |-------------------------------|----------------------------------------------------------------------------------------------|-------- ...

Core Viewpoint - American States Water (AWR) is expected to report its fourth-quarter 2023 earnings on February 21, with a positive earnings surprise of 3.66% in the previous quarter [1] Factors at Play - Ongoing investments to strengthen operations and the implementation of new rates in service territories are likely to benefit AWR's fourth-quarter earnings [2] - High interest rates may have increased overall borrowing costs, potentially offsetting some positive impacts on earnings [2] Expectations - The Zacks Consensus estimate for AWR's earnings is $0.53 per share, indicating a year-over-year increase of 6% [3] - The Zacks Consensus estimate for fourth-quarter sales is $132 million, suggesting a 5.29% increase from the same period last year [3] Quantitative Model Predictions - The current model does not predict a definitive earnings beat for AWR, as it has an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [4] Stocks to Consider - Dominion Energy (D) is expected to report an earnings beat with an Earnings ESP of +0.63% and a Zacks Rank of 3 [5] - Sempra Energy (SRE) is also likely to achieve an earnings beat, with an Earnings ESP of +1.18% and a Zacks Rank of 3 [5] - Southwest Gas (SWX) is anticipated to report an earnings beat, having an Earnings ESP of +1.45% and a Zacks Rank of 3 [5]

olando_o/iStock via Getty Images As a proponent of an income compounding approach to dividend investing, I am often challenged with comparisons to a more traditional dividend growth strategy that focuses on dividend growth and total return. The concept of total return in the context of DGI (dividend growth investing) means price appreciation from an initial investment along with dividend income that grows year after year. The income compounder approach that I utilize to grow my dividend income stream focuse ...

SAN DIMAS, Calif.--(BUSINESS WIRE)--American States Water Company (NYSE:AWR) announced today that the company intends to release its fourth quarter and full year ended December 31, 2023 financial results after the market closes on Wednesday, February 21, 2024. Robert Sprowls, president and chief executive officer, and Eva Tang, senior vice president and chief financial officer, will host a conference call to discuss these results at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time) on Thursday, February 22. ...

American States Water Co (NYSE:AWR) Q3 2023 Earnings Conference Call November 7, 2023 2:00 PM ET Company Participants Robert Sprowls - CEO, President & Director Eva Tang - SVP, Finance, CFO, Corporate Secretary & Treasurer Conference Call Participants Jonathan Reeder - Wells Fargo Securities Operator Ladies and gentlemen, thank you for standing by. Welcome to the American States Water Company conference call discussing the company's third quarter 2023 results. This call is being recorded. If you'd like to l ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission file number 001-14431 American States Water Company | --- | --- | --- | |------------------------------------------------------------------------------|-- ...

American States Water Company (NYSE:AWR) Q2 2023 Results Conference Call August 8, 2023 2:00 PM ET Company Participants Bob Sprowls - President and Chief Executive Officer Eva Tang - Senior Vice President of Finance and Chief Financial Officer Conference Call Participants Angie Storozynski - Seaport Global Jonathan Reeder - Wells Fargo Operator Ladies and gentlemen, thank you for standing by. Welcome to the American States Water Company Conference Call discussing the company's Second Quarter 2023 Results. T ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission file number 001-14431 American States Water Company (Exact Name of Registrant as Specified in Its Charter) California (State or Other Jurisdiction of Incorpora ...