American Water Works Company, Inc - AWK STOCK NEWS

Pennsylvania American Water has filed a rate adjustment request with the Pennsylvania Public Utility Commission, seeking an annual revenue increase of approximately $173.2 million. This is in response to $1.13 billion in planned investments through 2023 for infrastructure improvements. If approved, the average residential water bill would rise from $60.49 to $75.49, and wastewater bills would increase from $76.64 to $95.69. The company aims to enhance its low-income discount program and expand lead service line replacements to improve service affordability.

Illinois American Water is investing over $5 million for upgrades in the Peoria area, including over 16,000 feet of water main replacement and 7,500 feet of sewer main lining. These projects aim to enhance water flow, pressure, and wastewater collection reliability, addressing the growing infrastructure needs in local communities. The initial phase includes televised inspections to assess sewer line conditions. The upgrades are expected to benefit approximately 1.3 million residents served by the utility.

American Water Works Company (NYSE: AWK) has appointed John C. Griffith as the new Executive Vice President and Chief Financial Officer, effective May 16, 2022. Griffith, who has over 25 years of industry experience, will take over from Susan Hardwick, who was promoted to President and CEO earlier this year. Griffith's previous roles include Managing Director at Bank of America and CEO of HighWave Energy. American Water operates in 24 states, serving approximately 14 million people with essential water services.

American Water Works Company (NYSE: AWK) reported a 19% increase in diluted earnings per share for Q1 2022, reaching $0.87 compared to $0.73 in Q1 2021. The company affirmed its 2022 earnings guidance of $4.39 to $4.49 per share and long-term financial targets for 2022-2026. In Q1, approximately $437 million was invested, primarily in infrastructure improvements, adding 5,500 customer connections through acquisitions and organic growth. The capital plan remains on track for an investment of $2.5 billion in 2022.

Illinois American Water is urging customers to participate in the DEA’s National Prescription Drug Take Back Day on April 30, 2022, from 10 AM to 2 PM. Residents can drop off unused medications at approved sites for environmentally safe incineration, as recommended by the EPA. For those unable to attend, local permanent disposal programs are available. The initiative promotes safety and environmental protection by preventing medications from being improperly disposed of. The P2D2 program created by Pontiac Township High School students serves as a model for effective pharmaceutical disposal.

Pennsylvania American Water has announced its annual Environmental Grant Program, awarding nearly $75,000 to 13 organizations dedicated to protecting water resources in Pennsylvania. The projects were selected from 50 applications based on criteria like environmental need and community engagement. Since 2005, the program has funded over $650,000 across more than 135 projects. The company serves approximately 2.4 million residents and is a subsidiary of American Water (NYSE: AWK).

California American Water is offering free irrigation check-ups to its Monterey customers, aiming to enhance water conservation and reduce bills. The program, which includes inspections of sprinkler systems, aims to ensure optimal water efficiency during the spring and summer months. Customers can schedule their service by calling 831-646-3205. The company emphasizes the importance of water conservation, having invested over $160 million in infrastructure improvements in 2021. It reminds customers of the mandatory watering schedule to further promote water-saving practices.

New Jersey American Water has allocated over $41,000 to five community projects through its 2022 Environmental Grant Program, aimed at enhancing local water source protection. Key recipients include Cranford Public Library, The Hanson Foundation, Rumson Borough Environmental Commission, Somerset County OEM, and West Orange Township Environmental and Open Space Commission, each receiving between $1,000 and $10,000 for initiatives focused on biodiversity, reforestation, and sustainable infrastructure. Since 2008, the program has funded over $429,000 for environmental projects.

Missouri American Water has initiated a $4.35 million project to replace over one mile of outdated water mains along Clayton Road in St. Louis County. The project aims to enhance service reliability and reduce disruptions for approximately 1.5 million customers. This includes replacing aging cast iron mains installed between the 1950s and 1960s with a new 24-inch ductile iron water main. Construction is set to continue until late December 2022, with service line transfers and street restoration expected by early 2023.