Core Insights - American States Water Company reported basic and fully diluted earnings per share of $1.06 for Q3 2025, an increase of $0.11 from $0.95 in Q3 2024, driven by higher construction activities and increased earnings in contracted services, water, and electric segments [1] Financial Performance - Earnings per share for Q3 2025: $1.06 - Earnings per share for Q3 2024: $0.95 - Increase in earnings per share: $0.11 [1]

Core Insights - Essential Utilities Inc. reported third-quarter 2025 operating earnings per share (EPS) of 33 cents, exceeding the Zacks Consensus Estimate of 27 cents by 22.2% and reflecting a 32% year-over-year increase driven by rate increases across both business segments [1][8] - Operating revenues reached $476.97 million, slightly missing the Zacks Consensus Estimate by 0.06%, but showing a 9.6% year-over-year growth primarily due to increased rates [2][8] - The company announced a merger with American Water Works Company, creating a leading regulated U.S. water and wastewater utility with a pro forma market capitalization of approximately $40 billion [7][8] Revenue and Segment Performance - The regulated water segment generated revenues of $364.1 million, an 8.8% increase from $334.5 million in the third quarter of 2024, driven by higher water and wastewater rates [3] - The regulated natural gas segment reported revenues of $108.5 million, marking a 12.1% increase from $96.7 million in the same quarter last year, also primarily due to increased rates [3] Financial Highlights - Operating income totaled $169.8 million, up 9.5% year over year, while operation and maintenance expenses rose 6.0% to $153.1 million due to increased employee-related costs and other operational expenses [4] - Interest expenses increased by 7.0% to $82.3 million from $76.8 million in the prior-year quarter [5] - Current assets amounted to $433.6 million as of September 30, 2025, down from $485.9 million as of December 31, 2024, while long-term debt rose to $7.69 billion [9] Future Outlook and Guidance - The company reaffirmed its 2025 EPS guidance in the range of $2.07-$2.11, with a long-term annual earnings growth forecast of 5-7% through 2027 [10] - Essential Utilities plans to invest $1.4-$1.5 billion in infrastructure in 2025 and approximately $7.8 billion from 2025 through 2029 to enhance water and natural gas systems [11]

Financial Data and Key Metrics Changes - Northwest Natural Holdings reported a loss of $0.73 per share for Q3 2025, relatively unchanged from a loss of $0.71 per share in Q3 2024 [18] - Adjusted earnings per share increased to $1.52 year-to-date in 2025, compared to $0.88 for the same period in 2024, reflecting strong earnings across all business segments [20] Business Line Data and Key Metrics Changes - The gas utility segment's earnings per share improved slightly, while Sea Energy contributed an additional $0.04 of earnings per share for Q3 2025 compared to the same period last year [18] - The water segment's earnings per share increased by $0.04, driven by new rates at the largest water utility in Arizona and additional revenues from ICH Utilities [19] Market Data and Key Metrics Changes - The combined utility customer growth rate was 10.9% for the 12 months ended September 30, 2025, primarily due to gas utility acquisitions in Texas [6] - Northwest Natural Water's customer base grew at a rate of 4.1%, including three small acquisitions, with organic growth at 2.4% [13] Company Strategy and Development Direction - The company is focused on expanding its customer base, investing in systems, and achieving operational excellence through cost efficiency [5] - A robust long-term capital plan is in place, reaffirming a long-term earnings growth rate of 4%-6% [6] - The company is prioritizing organic growth while also looking for tuck-in acquisition opportunities, particularly in fragmented markets like Texas [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing against the 2025 plan and achieving results above the midpoint of the adjusted earnings range of $2.75 to $2.95 per share [6][20] - The company is well-positioned to meet regional energy needs through investments in long-duration assets like the Mist storage facility [11] Other Important Information - The board approved a dividend increase, marking the 70th consecutive year of annual dividend increases [6] - The company has liquidity of approximately $437 million as of September 30, 2025, with no material debt maturities in 2025 [21][22] Q&A Session Summary Question: Lower equity requirement for 2025 - Management indicated that the lower equity requirement is due to better cash flow generation and reassessment of capital structure throughout the year [24] Question: Additional tuck-in opportunities in Texas - Management noted that while tuck-in opportunities exist, the focus is currently on organic growth, particularly in Texas, Arizona, and Idaho [25] Question: Change in rate case timing in Oregon - Management mentioned that the Oregon commission is exploring multi-year planning, which could be beneficial for future rate cases [27][28] Question: Status of hydrogen pilot projects - Management confirmed that hydrogen blending tests have been successful, but broader hydrogen production projects are uncertain due to funding reallocations [29][30]

Financial Performance - Adjusted EPS for YTD Q3 2025 was $1.52, compared to $0.88 for the same period in the prior year[15, 24] - The company expects results to be above the midpoint of the 2025 adjusted EPS range of $2.75 - $2.95[15, 33] - NWN Gas Utility EPS increased by $0.58 YTD, primarily due to new rates in Oregon[28] - SiEnergy Gas Utility EPS increased by $0.20 YTD, reflecting the first year of results after acquisitions[28] - NWN Water Utility EPS increased by $0.14 YTD, mainly due to new rates in Arizona and earnings from acquired utilities[28] Growth and Investment - Over $330 million was invested in gas and water systems in the first nine months of 2025[15] - Over 95,000 gas and water utility connections were added in the last 12 months, representing a combined growth rate of 10.9%[15] - The company reaffirmed a long-term EPS growth target of 4% - 6% from the midpoint of the 2025 adjusted EPS guidance range[15, 33] Strategic Initiatives - The Oregon general rate case resulted in a $20.7 million revenue requirement increase and a 9.5% ROE[16] - A multi-year general rate case request in Washington provides a total $42.4 million revenue requirement increase over three years and a 10.2% ROE starting in year 2[16]

Financial Data and Key Metrics Changes - The company reported GAAP earnings per share of $0.33, a 32% increase year-over-year [5] - Revenues increased by 9.6%, from $435.3 million to $477 million, driven primarily by rate increases [14][15] - The company expects to achieve GAAP earnings per share above the guidance range of $2.07-$2.11 due to non-recurring benefits [6][21] Business Line Data and Key Metrics Changes - Both water and natural gas businesses performed well, contributing to the overall growth [5] - Water business revenue increased by approximately $27.9 million, while natural gas revenue increased by $6.3 million [15] - The natural gas division has successfully installed over 60,000 Intellis gas meters, exceeding its 2025 goal [9] Market Data and Key Metrics Changes - The combined entity from the merger with American Water will serve over 5 million connections across 17 states [3] - The company is well-positioned in a fragmented water industry, with 85% being municipal [4] - The company is actively pursuing opportunities in states like Pennsylvania, Ohio, Indiana, and Virginia, which are attractive for data center development [12] Company Strategy and Development Direction - The merger with American Water is seen as a transformational opportunity to create a leading water and wastewater utility [3] - The company aims to achieve a compounded annual growth rate of 8% for its combined utility rate base, with water expected to grow at 6% and natural gas at 11% [21][22] - The company is committed to infrastructure investments, targeting approximately $1.4 billion for 2025 [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver consistent growth despite economic fluctuations [21] - The company is focused on addressing infrastructure investment needs, particularly in aging water and wastewater systems [4] - Management highlighted the importance of sustainability and responsible business practices as foundational to the company's operations [8] Other Important Information - The company has made a $26 million investment in a data center project in Greene County, Pennsylvania, which includes plans for an 18 million-gallon-per-day water treatment plant [10][11] - The company is in discussions with data center developers representing over 5 gigawatts of power demand [12] - The company has adjusted its expectation for 2025 equity raises from $315 million to $350 million, largely due to the data center project [22] Summary of Q&A Session - No questions were taken during this earnings call, and the company will return to its normal Q&A process for the year-end call in February 2026 [24]

Core Insights - Pure Cycle Corporation will release its financial results for the year ended August 31, 2025, on November 12, 2025, followed by an earnings presentation on November 13, 2025 [1][2] Company Overview - Pure Cycle operates as an innovative and vertically integrated wholesale water and wastewater service provider, with three distinct business segments that complement each other [3] - The company launched its land development segment in 2017, focusing on developing master-planned communities where it provides water and wastewater services [3] - In 2021, Pure Cycle introduced a rental business for single-family homes at Sky Ranch, which generates long-term recurring revenues and supports its land development operations [3]

Core Insights - Select Water Solutions, Inc. reported a revenue of $322.24 million for the quarter ended September 2025, reflecting a year-over-year decline of 13.2% and an EPS of $0.03 compared to $0.15 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $306.17 million, resulting in a surprise of +5.25%, while the EPS met the consensus estimate [1] Revenue Breakdown - Revenue from Chemical Technologies was $76.56 million, surpassing the average estimate of $64.36 million by four analysts, marking a year-over-year increase of +38.4% [4] - Revenue from Water Services was $166.88 million, slightly above the average estimate of $161.68 million, but showed a year-over-year decline of -28.7% [4] - Revenue from Water Infrastructure was $78.81 million, slightly below the estimated $79.92 million, representing a -3.9% change compared to the previous year [4] Profit Metrics - Gross Profit before D&A for Water Services was $30.08 million, compared to the average estimate of $31.44 million [4] - Gross Profit before D&A for Chemical Technologies was $15.21 million, exceeding the average estimate of $10.54 million [4] - Gross Profit before D&A for Water Infrastructure was $41.84 million, below the average estimate of $43.46 million [4] Stock Performance - Shares of Select Water Solutions, Inc. have returned +9.6% over the past month, outperforming the Zacks S&P 500 composite's +2.1% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - Select Water Solutions reported a revenue of $322 million for Q3 2025, a decrease from $364.2 million in Q2 2025 and $371.3 million in Q3 2024 [9] - The company achieved a cash flow from operating activities of $72 million during the same quarter [1] - The Chemical Technologies segment saw a revenue increase of 13% and gross profit growth of 34% compared to Q2 2025 [1][16] - New long-term contracts in Water Infrastructure were announced, covering approximately 65,000 acres, enhancing the company's service capabilities in the Permian Basin [1][25] Financial Performance - Revenue for Q3 2025 was $322.2 million, down from $364.2 million in Q2 2025 and $371.3 million in Q3 2024 [9] - Net income for Q3 2025 was $2.3 million, compared to $11.7 million in Q2 2025 and $18.8 million in Q3 2024 [9] - Gross profit was $43.6 million in Q3 2025, down from $57.8 million in Q2 2025 and $62.4 million in Q3 2024, with a gross margin of 13.5% [10] - Adjusted EBITDA for Q3 2025 was $59.5 million, a decrease from $72.6 million in Q2 2025 and $72.8 million in Q3 2024 [12] Segment Performance - The Water Infrastructure segment generated revenues of $78.8 million in Q3 2025, down from $80.9 million in Q2 2025 and $82.0 million in Q3 2024, with a gross margin before D&A of 53.1% [14] - The Water Services segment reported revenues of $166.9 million in Q3 2025, a significant decrease from $215.7 million in Q2 2025 and $234.0 million in Q3 2024, with a gross margin before D&A of 18.0% [15] - The Chemical Technologies segment achieved revenues of $76.6 million in Q3 2025, up from $67.7 million in Q2 2025 and $55.3 million in Q3 2024, with a gross margin before D&A of 19.9% [16] Strategic Developments - The company signed multiple long-term contracts for water gathering, recycling, and disposal in the Permian Basin, with a total capital expenditure of approximately $25 million expected for these projects [25] - A 12-year agreement was executed for water recycling and disposal in the Northern Delaware Basin, adding approximately 60,000 acres under dedication [4][27] - Select Water Solutions is expanding its infrastructure in the Midland Basin, integrating new contracts into existing facilities to enhance service capabilities [5][26] Cash Flow and Capital Expenditures - Cash flow from operations for Q3 2025 was $71.7 million, compared to $82.6 million in Q2 2025 and $51.9 million in Q3 2024 [17] - Net capital expenditures for Q3 2025 were $91.1 million, with free cash flow reported at ($19.4) million [18] - The company is increasing its 2025 net capital expenditures guidance to a range of $250 million to $275 million [7] Balance Sheet and Liquidity - Total cash and cash equivalents decreased to $17.8 million as of September 30, 2025, down from $51.2 million as of June 30, 2025 [21] - Total liquidity was reported at $175.5 million as of September 30, 2025, compared to $279.3 million as of June 30, 2025 [24] - The company had $250 million in borrowings outstanding under its sustainability-linked credit facility as of September 30, 2025 [22]

Financial Data and Key Metrics Changes - The company reported adjusted net income of $0.4 million and adjusted earnings of $0.03 per share for Q3 2025, an increase of $0.01 per share compared to Q3 2024 [4][11] - For the first nine months of 2025, adjusted net income was $33.5 million, or $2.03 per share, an increase of $1.4 million, or $0.03 per share, compared to the same period in 2024 [4][11] - The ratio of funds from operations to debt was approximately 17% as of September 30, 2025, indicating a strong balance sheet [5][18] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for the nine months ended September 30, 2025, was $86.4 million, an increase of $4.7 million, or 5.8%, compared to the same period in 2024, driven by higher distribution rates and customer growth [11][12] - Gas adjusted gross margin for the same period was $134.7 million, an increase of $19.1 million, or approximately 16.5%, attributed to higher distribution rates, customer growth, and colder winter weather [12][13] - The company added approximately 9,400 new gas customers, including about 8,800 from the acquisition of Bangor Natural Gas [12][13] Market Data and Key Metrics Changes - The company expects the acquisitions to accelerate rate-based growth to approximately 10% annually through 2029, supporting earnings growth in the upper half of the guidance range [8][19] - The New Hampshire Public Utilities Commission approved the acquisition of Aquarion on October 7, 2025, with further approvals expected in Connecticut, Massachusetts, and Maine [7][6] Company Strategy and Development Direction - The company is focused on sustainable growth and has successfully integrated Bangor Natural Gas and completed the acquisition of Maine Natural Gas [21] - The company plans to file a base rate case for Maine Natural Gas in mid-2027, following the successful integration of Bangor Natural Gas [6][5] - The company aims to reduce direct greenhouse gas emissions by 50% by 2030 and achieve net zero by 2050, highlighting its commitment to sustainability [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of their strategic priorities and the ability to provide strong shareholder returns for many years [21] - The company reaffirmed its 2025 earnings guidance range of $3.01-$3.17 per share, with a midpoint of $3.09 per share on an adjusted earnings basis [19] Other Important Information - The company completed a $72 million equity offering to strengthen its balance sheet and improve credit metrics [5][18] - Capital spending for the year is consistent with expectations, with a five-year capital plan totaling approximately $1.1 billion, which is 19% higher than the prior plan [19] Q&A Session Summary Question: Clarification on rate base figures - The difference between the $1.2 billion rate base and the $1.4 billion forecast reflects additional rate base for the acquired companies, including Maine Natural Gas, Bangor Natural Gas, and Aquarion [24][25] - The change in capital expenditures versus rate base increase is due to the timing of when capital projects are closed and placed into service [25] Question: Inclusion of future M&A in rate base - The $1.4 billion rate base includes additional base rates for all three companies being acquired, indicating implications for future M&As [26]

Core Insights - California American Water has initiated the construction of a new water treatment facility in Madera County, which represents a significant investment aimed at enhancing water service quality and system reliability for customers in the Goldside system [1] Company Developments - The new treatment facility is designed to improve water quality and ensure compliance with health and safety standards without any interruption to service [1]