American Water Works Company, Inc - AWK STOCK NEWS

Hawaii American Water has filed a rate adjustment request with the Hawaii Public Utilities Commission (HPUC) for its wastewater service customers in Hawaii Kai, Mauna Lani, and Waimea. The request reflects $41 million in local wastewater infrastructure replacement and upgrades across all three districts. If approved, the typical single-family customer on Oahu will see a monthly rate increase of about $9, while customers on Hawaii Island will see an increase of approximately $30 to $35 per month.

The proposed rate changes aim to fund essential infrastructure improvements, including treatment plants, collection systems, and pump stations. The company expects any approved rate changes to take effect in mid-2025, pending HPUC approval. This filing underscores Hawaii American Water's commitment to replacing aging infrastructure, ensuring safe and reliable service, and complying with environmental regulations.

New Jersey American Water has launched a Diverse Supplier Development Program to enhance its supplier diversity and support minority-owned businesses. The program, which runs from October 2024 to March 2025, aims to equip diverse suppliers with skills to compete for contracts with New Jersey American Water and other companies.

The six-month training covers important topics such as business operations, financial acumen, and growth strategies. It includes both in-person and virtual options, with sessions held monthly. The company is specifically seeking minority-owned, woman-owned, LGBTQ+-owned, disability-owned, or veteran-owned businesses, particularly those with experience in water and wastewater utilities.

Applications for the program close on August 9, 2024. Interested businesses can find more information and apply on the company's Suppliers & Vendors webpage.

Missouri American Water has launched its 2024 Firefighter Grant Program, offering financial support to fire protection and emergency response organizations in its service area. Grants of up to $1,200 are available for firefighting tools, equipment, protective gear, and training. Applications are open until August 31, 2024.

Last year, the program awarded over $55,000 across Missouri, with more than 200 grants distributed since 2016. The initiative aims to strengthen partnerships with local fire districts and support their community protection efforts. Eligible applicants include uniformed professional and volunteer fire departments serving Missouri American Water's service territories.

American Water (NYSE: AWK) reported solid second quarter 2024 results, with earnings of $1.42 per share compared to $1.44 in 2023. Year-to-date earnings remained flat at $2.37 per share. The company narrowed its 2024 EPS guidance to $5.25-$5.30 from $5.20-$5.30, affirming long-term targets. Key highlights include:

- $1.4 billion invested in H1 2024, including $119 million in acquisitions
- Approximately 43,000 customer connections added through June 30
- Significant regulatory execution with new rates effective in multiple states
- 2023 Sustainability Report published in July
- Leadership changes announced, effective August 1, 2024

American Water remains on track with its $3.1 billion capital investment plan for 2024 and affirms its long-term EPS and dividend growth rate targets of 7-9%.

American Water Works Company, Inc. (NYSE: AWK) has declared a quarterly cash dividend of $0.7650 per share of common stock, payable on September 4, 2024, to shareholders of record as of August 13, 2024. This dividend continues the increase in the annualized dividend announced on May 1, 2024. The company offers a dividend reinvestment and direct stock purchase plan called American Water Stock Direct, allowing shareholders to reinvest dividends and purchase additional shares without brokerage commissions or service charges. Interested parties can obtain the plan prospectus and enrollment form through Equiniti Trust Company, or American Water's Investor Relations department.

California American Water has agreed to acquire Yerba Buena Water Company's water distribution system in unincorporated Ventura County. The system serves approximately 249 customer connections and is located 34 miles from California American Water's Ventura District operations center. This acquisition will expand California American Water's presence in Ventura County, where it already serves about 28,000 customer connections in various communities.

Kevin Tilden, California American Water's President, expressed enthusiasm about providing new services to Yerba Buena's customers, including conservation programs, a 24-hour emergency call center, and ratepayer assistance programs. Richard Morris, Chairman of Yerba Buena Water Company, expressed confidence in California American Water's ability to maintain high service standards for their customers.

American Water (NYSE: AWK) has released its eighth Sustainability Report for 2023, highlighting its leadership in environmental, social, and governance (ESG) principles. The report, now published annually, covers key areas such as water quality, infrastructure, efficiency, diversity, employee well-being, and emissions.

Notable achievements include:

• Recognition on Newsweek's lists of America's Most Responsible Companies and Most Trustworthy Companies 2023
• Inclusion in USA Today's American Climate Leaders and Forbes Net-Zero Leaders 2023 lists
• Named in Barron's 100 Most Sustainable Companies 2023 List for the sixth consecutive year
• Top-scoring company for Best Places to Work for Disability Inclusion for five consecutive years
• Included in the Bloomberg Gender Equality Index for six consecutive years
• Received the 2023 WaterSense® Excellence in Education and Outreach award from the U.S. EPA

The report aligns with global sustainability standards and considers the United Nations Sustainable Development Goals.

Pennsylvania American Water has been awarded $15.5 million in low-interest financing from PENNVEST for two water main extension projects in Washington County. The loans will enable the company to bring safe, reliable public water service and increased fire protection to nearly 60 homes, a public school district, and a fire department.

The first loan of $10.4 million will support the installation of 6.5 miles of new water main in Cross Creek, Independence, and Mount Pleasant townships, benefiting the Avella Area School District and enhancing fire protection capabilities. The second loan of $5.1 million will fund 3 miles of new water main in Robinson and Smith townships, providing improved water quality and pressure to 23 new customer connections.

Pennsylvania American Water received approval from the Pennsylvania Public Utility Commission (PUC) for adjusted water and wastewater rates, reflecting $1 billion in infrastructure investments through mid-2025. The order includes a $99.3 million annualized revenue increase, 9.45% Return on Equity, and 55.3% equity approval. Key points:

1. Expanded customer assistance programs, increasing eligibility for discounted service.
2. Improved infrastructure for water quality, reliability, and fire protection.
3. New rates effective Aug. 7, with exceptions for Foster Township and York City.
4. PUC initiated an investigation into water service issues in the Northeastern territory.
5. Company affirms commitment to high-quality, reliable, and affordable services.