Welcome to our dedicated page for American States Water Company news (Ticker: AWR), a resource for investors and traders seeking the latest updates and insights on American States Water Company stock.
American States Water Company (AWR) is a distinguished utility services provider based in California. As the parent company of both Golden State Water Company (GSWC) and American States Utility Services, Inc. (ASUS), AWR plays a pivotal role in delivering essential utilities to communities across the state and beyond. GSWC offers water services to approximately 258,000 customers spread over 75 communities in 10 counties across Northern, Coastal, and Southern California. Additionally, Bear Valley Electric Services (BVES), a division of GSWC, supplies electricity to around 24,000 customers in the Big Bear area of San Bernardino County.
Through American States Utility Services, Inc. (ASUS), AWR extends its expertise to water and wastewater system management on military bases across the United States. These services are rendered under long-term 50-year privatization contracts with the U.S. government, emphasizing the company's dedication to reliable and sustainable utility management.
Founded with a commitment to reliability, AWR has consistently paid dividends to shareholders annually since 1931, showcasing a robust financial foundation. The company's operations are organized into three main segments: water, electric, and contracted services. The majority of revenue is generated from water services provided to both commercial and residential customers.
Golden State Water operates under the regulation of the California Public Utilities Commission, ensuring compliance and quality in their service delivery. Meanwhile, American States Utility Services continues to fulfill its contracts with the U.S. government, providing essential services to various military installations.
For investors and stakeholders looking for the latest updates and relevant information on AWR’s performance, current projects, and financial health, this page serves as a comprehensive resource. Stay informed with the latest news and developments about American States Water Company.
American States Water Company (NYSE:AWR) announced on April 13, 2023 that its subsidiary, Golden State Water Company (GSWC), received a proposed decision from the California Public Utilities Commission (CPUC) regarding new water rates for 2022-2024. The final decision is anticipated in Q2 2023, with retroactive rates effective from January 1, 2022. This will notably impact 2023 first quarter results. The approved settlement allows GSWC to invest $404.8 million in infrastructure improvements for safe water services. It also includes provisions for potential revenue increases in 2023 and 2024, subject to inflation adjustments. Additionally, GSWC's requests for medical insurance and general liability cost balancing accounts were approved, but the consolidation of two customer service areas was denied. A conference call to discuss the results is scheduled for May 11, 2023.
American States Water Company (NYSE:AWR) reported a decrease in fourth quarter 2022 diluted earnings per share (EPS) to $0.50, down $0.05 from $0.55 in Q4 2021. Full year 2022 EPS fell by $0.44 to $2.11 compared to $2.55 in 2021. The decline is attributed to 2021 water rates still in effect due to delays from the California Public Utilities Commission. Had new rates been approved, EPS could have been $0.38 higher. Additionally, lower investment gains impacted earnings, reflecting a loss of $5.2 million in 2022 versus gains of $4.3 million in 2021, resulting in an effective tax rate drop that slightly benefited net earnings.
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