American Wtr Wks Co Inc - AWK STOCK NEWS

American Water (NYSE: AWK) reported strong 2024 financial results with earnings of $5.39 per share, up from $4.90 in 2023. The company delivered an 8.1% dividend growth and invested $3.3 billion in capital improvements, including $417 million for regulated acquisitions.

Key achievements include adding nearly 90,000 customer connections (69,500 through acquisitions) and securing approximately $389 million in authorized additional annualized revenues from rate cases. The company affirmed its 2025 EPS guidance range of $5.65-$5.75 and long-term EPS and dividend growth targets of 7-9%.

In a leadership transition, CEO M. Susan Hardwick will retire on May 14, 2025, to be succeeded by current President John Griffith. Under Hardwick's leadership, the company expanded its ten-year capital plan to $42 billion and completed over 100 acquisitions across 12 regulated states.

American Water (NYSE: AWK), the largest regulated water and wastewater utility company in the U.S., has announced the continuation of its partnership with Scholarship America® for its 2025 scholarship program. The initiative will distribute $100,000 in awards to students within American Water's national footprint who are pursuing non-medical STEM or business-related degrees at accredited four-year colleges.

Since 2023, the company has awarded 20 scholarships, which are renewable for up to three additional years or until recipients earn their bachelor's degrees. The program will continue through 2026, with total awards exceeding $1 million.

California American Water has completed a $560,000 water storage tank rehabilitation project in Monterey. The project focused on upgrading the 80,000-gallon Aguajito Tank with several critical improvements to enhance its long-term performance and reliability.

The comprehensive rehabilitation included interior and exterior coating to prevent corrosion and leaks, installation of new ladder and handrails for safer maintenance access, and piping modifications to meet current standards with seismic improvements. Additional maintenance work covered repairs to anchor bolts, foundation, manholes, and roof vents, followed by thorough cleaning and disinfection.

Project Manager Jenna Engelken emphasized their efficient approach to minimize service disruption while implementing necessary infrastructure improvements. The company maintains a proactive maintenance schedule to combat the effects of harsh summer heat and salty ocean winds on their tanks.

American Water (NYSE: AWK), the largest regulated water and wastewater utility company in the U.S., has announced multiple payment options and services for customers to pay their water bills. The company offers five main payment methods: Auto Pay through MyWater portal, online payment at amwater.com/billpay ($1.95 transaction fee may apply for both), mail-in payment, 24/7 phone payment, and in-person payment at authorized locations.

Additional services include Budget Billing for predictable monthly payments, Paperless Billing with 36-month bill history access, Preferred Due Date adjustment options, and Third-Party Notification for delegated bill management.

American Water (NYSE: AWK) has announced key leadership appointments in its Communications and External Affairs team. Denise Venuti Free has been promoted to Vice President of External Communications, where she will lead the company's communications strategy. She joined American Water in 2009 and previously served as Senior Director of Communications and External Affairs for New Jersey American Water.

Michael Chirico has been appointed Director of Legislative and External Affairs, bringing experience from the U.S. Chamber of Commerce and various federal institutions. He will focus on strengthening strategic third-party relationships and enhancing American Water's voice with policymakers.

Megan Hannah has been named Director of External Communications, tasked with developing stakeholder education strategies. She previously served as Senior Manager of Government and External Affairs at West Virginia American Water for over a decade.

California American Water has completed a $4.5 million water main replacement project in its Bellflower system. The project included replacing 8,510 linear feet of aging 4 and 6-inch asbestos cement water main with new 8-inch ductile iron pipes, installing new service pipes for 170 customers, upgrading 13 fire hydrants, and replacing 39 gate valves.

The company acquired Bellflower's municipal water system in 2022 and has since made several upgrades to serve approximately 1,800 homes and businesses. The infrastructure improvements aim to make the system more durable, less prone to corrosion, and reduce service disruptions, ensuring increased reliability for customers.

California American Water, a subsidiary of American Water, has completed the $1.6 million acquisition of West San Martin Water Works, adding approximately 325 new water connections to its existing base of 40,000 connections in the Monterey Peninsula region. The acquisition, approved by the CPUC in January 2025, will commence service in February 2025.

The consolidation aims to provide rate stability and resources for capital improvements while leveraging California American Water's industry expertise. The transition will be seamless for customers, requiring no action from their end. A community workshop is scheduled for February 8, 2025, at the Wings of History Museum in San Martin to introduce company representatives to new customers.

Pennsylvania American Water warns that approximately 20,200 customers risk losing their H2O Help to Others Bill Discount Program benefits due to incomplete income and household size verification records. The program, which provided $14 million in bill discounts to 34,300 customers in 2024, offers significant monthly savings ranging from $17.66 to $64.99 on water bills and $40.53 to $93.12 on wastewater bills.

The company offers discounts of 30-90% on service fees and 20-80% on volumetric charges for water customers, and 37-85% on total charges for wastewater customers with household incomes up to 200% of the Federal Poverty Income Guidelines. Customers have 10 days to respond when notified before being removed from the program. Verification can be completed through Dollar Energy Fund, the program administrator.

Illinois American Water has completed construction of a new $2.7 million water tank in Sidney, Champaign County. The new facility, featuring both Village of Sidney and Illinois American Water logos, holds 150,000 gallons of water, nearly triple the capacity of the original 55,000-gallon tank built in the 1940s.

Located on the village's west side on a 4-acre property purchased in April 2022, the new tank was constructed in late 2023 and became operational in December 2024. The original downtown water tank will be decommissioned and removed. The project, executed by Caldwell Tanks Inc. of Louisville with design services from The Farnsworth Group, was completed entirely by union workers.