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Overview of American States Water Co (AWR)
American States Water Company is a California-based, diversified utilities holding company that specializes in water, electric, and contracted service operations. As the parent company of Golden State Water Company and American States Utility Services, Inc., AWR delivers essential services to a broad customer base. Its operations are deeply embedded in regions with significant water and energy needs, providing regulated and reliable utility services that are vital to community infrastructure and public welfare. Industry-specific keywords such as "utilities regulation" and "public utilities" are integral to understanding its market presence.
Core Business Divisions
The company is structured into three primary business segments:
- Water Services: Through Golden State Water Company, AWR supplies water to both residential and commercial customers across numerous communities in California. This segment operates under strict regulatory oversight, ensuring the delivery of high-quality, reliable water services in a market known for its extensive regulation.
- Electric Services: Bear Valley Electric Services, a key subsidiary, manages the distribution of electricity in targeted regions, ensuring uninterrupted power supply to a dedicated customer base in areas such as Big Bear and its surroundings.
- Contracted Services: Via American States Utility Services, Inc. (ASUS), the company provides comprehensive operations, maintenance, and construction management for water and wastewater systems, predominantly on military bases under long-term privatization contracts with the U.S. government.
Regulatory Environment and Operational Excellence
Operating in a highly regulated industry, American States Water Co adheres to stringent guidelines established by authorities such as the California Public Utilities Commission. The regulatory environment plays a critical role in shaping its operational strategies, ensuring transparent pricing models and consistent, reliable service provision. This attention to regulatory compliance enhances the company’s reputation as an accountable and stable utility service provider.
Competitive Landscape and Market Distinction
Within the competitive landscape of public utilities, AWR distinguishes itself through its diversified service portfolio. The combination of water, electric, and government-contracted operations provides the company with a stable revenue base while mitigating risks associated with market fluctuations. Its long-term contracts, especially in the government and military installation segments, offer a unique competitive edge and underscore its operational expertise and commitment to excellence in service delivery.
Business Model and Revenue Streams
The company’s revenue is primarily generated through the provision of regulated water services, complemented by electric distribution and specialized government-contracted projects. This multi-faceted revenue model is designed to capitalize on the consistent demand for essential utilities, delivering dependable cash flows and supporting ongoing operational investments. The structural diversity of its revenue sources also enables the company to navigate various economic conditions while maintaining service standards.
Operational Impact and Historical Consistency
American States Water Co is recognized for its longstanding commitment to operational reliability and service quality. Its extensive history of consistent dividend payments reflects a managed approach to financial stability and a robust operational model. Detailed management of water supply, electric distribution, and contracted services speaks to the company’s deep-rooted expertise in managing complex utility operations in regulated markets.
Conclusion
In summary, American States Water Co stands as a comprehensive utility service provider with deep roots in the California market. By integrating regulated water services, localized electric distribution, and specialized contracted service operations, the company offers a well-rounded solution to essential community needs. Its methodical approach to regulation compliance and revenue diversification underscores an established market presence that continues to underpin its reputation for operational excellence.
American States Water Company (NYSE:AWR) plans to release its fourth quarter and year-end financial results for 2021 after market close on February 22, 2022. A conference call will be held by CEO Robert Sprowls and CFO Eva Tang on February 23, 2022, at 2:00 PM ET to discuss the results, featuring a Q&A session. The call will be accessible online at www.aswater.com and archived for replay from February 23 at 5:00 PM ET until March 2, 2022. AWR has a history of paying increasing dividends for 67 consecutive years, serving over one million customers across nine states.
On February 1, 2022, American States Water Company (NYSE:AWR) announced a quarterly dividend of $0.365 per share, marking its 343rd consecutive payment. The company has increased its dividend for 67 years, showcasing a commitment to shareholder returns. The current policy aims for a long-term compound annual growth rate of over 7% in dividends, with an impressive nearly 10% growth from 2011 to 2021. Dividends are payable on March 1, 2022, to shareholders of record by February 15, 2022.
American States Water Company (NYSE:AWR) announced a joint settlement motion with the Public Advocates Office regarding its water utility general rate case. Filed on November 23, 2021, this agreement relates to rates for 2022-2024. The settlement could allow GSWC to invest approximately $416.6 million in infrastructure, leading to an annual revenue increase of $20.6 million for 2022. Additional revenue increases of about $13 million are possible for 2023 and 2024, subject to inflation indices. Three issues remain unresolved, including requests for balancing accounts.
American States Water Company (NYSE:AWR) reported a 5.6% increase in third-quarter diluted EPS to $0.76, compared to $0.72 in 2020. Adjusted EPS rose 8.6% year-over-year. Year-to-date, EPS increased 11.7% to $2.00. The water segment saw earnings rise to $0.62 per share due to higher operating revenues from revised rates, offset by increased operating expenses. The company declared a $0.365 dividend per share, continuing its streak of increased dividends for 67 years. A general rate case for 2022-2024 is pending approval.
On October 26, 2021, American States Water Company (NYSE:AWR) announced a quarterly dividend of $0.365 per share, marking its 342nd consecutive dividend payment. This achievement illustrates the company's commitment to shareholder returns, as it has increased its annual dividend for 67 consecutive years. The firm aims for a long-term compound annual growth rate of over 7% for dividends, achieving nearly 10% from 2011 to 2021. The dividend will be payable on December 1, 2021, to shareholders recorded by November 15, 2021.
American States Water Company (NYSE:AWR) is set to release its third quarter financial results for the period ending September 30, 2021, after market hours on November 1, 2021. A conference call led by CEO Robert Sprowls and CFO Eva Tang will take place on November 2, 2021, at 2:00 p.m. ET, including a Q&A session. The call can be accessed live via www.aswater.com and will be archived for later listening starting at 5:00 p.m. ET the same day, available until November 9, 2021.
American States Water Company (AWR) reported Q2 2021 earnings per share (EPS) of $0.72, up from $0.69 in Q2 2020. This included $1.6 million in investment gains. Adjusted EPS increased by 7.8% year-over-year, mainly from a $3.2 million rise in water gross margin due to new rates from the CPUC. Year-to-date, EPS reached $1.24, a 15.9% rise compared to $1.07 in 2020. AWR announced a 9% dividend increase, marking its 67th consecutive year of rising dividends. The company aims for over a 7% long-term dividend growth rate.
American States Water Company (NYSE:AWR) announced a dividend increase from $0.335 to $0.365 per share, effective September 1, 2021, marking a 9% rise in the annualized dividend rate to $1.46. This is the 341st consecutive dividend payment, reflecting a consistent 67-year record of annual increases. The company aims for a compound annual growth rate of over 7% in dividends, having achieved nearly 10% from 2011 to 2021. The Board's decision reinforces their commitment to sustainable earnings and shareholder returns.
American States Water Company (NYSE:AWR) will release its second quarter financial results for the period ending June 30, 2021, on August 2, 2021, after market close. A conference call to discuss these results will be held on August 3, 2021, at 2:00 p.m. Eastern Time. The call will include a question and answer session. Interested listeners can access the live call and slides at www.aswater.com. The archived version will be available from August 3 at 5:00 p.m. Eastern Time until August 10, 2021.
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