American States Water Company Announces An 8.9% Increase In Quarterly Dividend

Rhea-AI Summary

American States Water Company (NYSE:AWR) announced a dividend increase from $0.3650 to $0.3975 per share, effective for Q3 2022. This marks the 345th consecutive dividend payment and represents an 8.9% annualized increase, totaling $1.59 per share. The dividend growth shows a 9.3% CAGR over the past five years. Dividends will be payable on September 1, 2022, to shareholders of record by August 15, 2022. The company boasts 68 years of consistent annual dividend increases, reflecting strong financial confidence and a commitment to shareholder value.

Positive

• 8.9% increase in annualized dividend rate to $1.59 per share
• 345 consecutive dividend payments, demonstrating reliability
• CAGR of 9.3% over the last five years in quarterly dividends
• 68 consecutive years of annual dividend increases, showcasing long-term commitment

Negative

• None.

• Quarterly dividend rate has grown at a CAGR of 9.3% over the last five years

SAN DIMAS, Calif.--(BUSINESS WIRE)-- On July 26, 2022, the Board of Directors of American States Water Company (NYSE:AWR) approved an increase in the company’s third quarter cash dividend from $0.3650 per share to $0.3975 per share on the common shares of the company. The annualized dividend rate after this increase is $1.59 per share, which represents an 8.9% increase from the current annualized dividend rate of $1.46 per share. This action marks the 345^th consecutive dividend payment by the company. American States Water Company has paid dividends every year since 1931, increasing the dividends received by shareholders each calendar year for 68 consecutive years, which places it in an exclusive group of companies on the New York Stock Exchange that have achieved that result. The company has achieved a 9.2% compound annual growth rate in its calendar year dividend payments from 2012 – 2022. The company’s current policy is to achieve a compound annual growth rate in the dividend of more than 7% over the long-term.

“This significant dividend increase reflects our Board’s continued confidence in the company’s long-term, sustainable earnings growth,” said Robert J. Sprowls, President and CEO of American States Water Company. “Achieving strong and consistent financial results along with providing a growing dividend allows the company to continue to attract capital to make necessary investments in the utility infrastructure for the communities and military bases that we serve, and return value to our shareholders.”

Dividends on the common shares will be payable on September 1, 2022 to shareholders of record at the close of business on August 15, 2022.

Forward-Looking Statements

Certain matters discussed in this news release with regard to the company’s expectations may be forward-looking statements that involve risks and uncertainties. The assumptions and risk factors that could cause actual results to differ materially include those described in the company’s most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

About American States Water Company

American States Water Company is the parent of Golden State Water Company, Bear Valley Electric Service, Inc. and American States Utility Services, Inc., serving over one million people in nine states. Through its water utility subsidiary, Golden State Water Company, the company provides water service to approximately 263,000 customer connections located within more than 80 communities in Northern, Coastal and Southern California. Through its electric utility subsidiary, Bear Valley Electric Service, Inc., the company distributes electricity to approximately 24,700 customer connections in the City of Big Bear Lake and surrounding areas in San Bernardino County, California. Through its contracted services subsidiary, American States Utility Services, Inc., the company provides operations, maintenance and construction management services for water distribution and wastewater collection and treatment facilities located on 11 military bases throughout the country under 50-year privatization contracts with the U.S. government.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220727006171/en/

Eva G. Tang

Senior Vice President - Finance, Chief Financial

Officer, Corporate Secretary and Treasurer

(909) 394-3600, extension 707

Source: American States Water Company

FAQ

What is the new dividend amount for American States Water Company (AWR)?

The new dividend amount is $0.3975 per share.

When will the dividend be paid for AWR?

The dividend will be paid on September 1, 2022.

What is the significance of the 345th dividend payment for AWR?

It highlights AWR's long-standing commitment to returning value to shareholders.

How long has AWR been increasing dividends?

AWR has increased dividends for 68 consecutive years.

What is the compound annual growth rate (CAGR) of AWR's dividends?

The CAGR is 9.3% over the last five years.