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Business Wire
5 days ago
- Business
- Business Wire
American States Water Company Announces Second Quarter 2025 Results
SAN DIMAS, Calif.--(BUSINESS WIRE)--American States Water Company (NYSE:AWR) today reported basic and fully diluted earnings per share of $0.87 for the quarter ended June 30, 2025, as compared to basic and fully diluted earnings per share of $0.85 for the quarter ended June 30, 2024, an increase of $0.02 per share, primarily generated from higher earnings at the water and electric utility segments, partially offset by timing differences in construction activities that resulted in lower earnings at the contracted services segment. Second Quarter 2025 Results The table below sets forth a comparison of the second quarter 2025 diluted earnings per share contribution recorded by business segment and for the parent company compared with amounts recorded during the same period in 2024. Diluted Earnings per Share Three Months Ended 6/30/2025 6/30/2024 CHANGE Water $ 0.73 $ 0.67 $ 0.06 Electric 0.03 0.01 0.02 Contracted services 0.13 0.19 (0.06 ) AWR (parent) (0.01 ) (0.02 ) 0.01 Consolidated diluted earnings per share, as recorded (GAAP) $ 0.87 $ 0.85 $ 0.02 Note: Certain amounts in the table above may not foot or crossfoot due to rounding. Expand Water Segment: For the three months ended June 30, 2025, recorded diluted earnings from the water utility segment were $0.73 per share, as compared to $0.67 per share for the same period in 2024, an increase of $0.06 per share. The discussion below presents the major variances in earnings for the two periods. An increase in water operating revenues of $9.3 million largely as a result of the CPUC-authorized new rate increases effective January 1, 2025. GSWC transitioned from a full revenue decoupling mechanism to a modified rate adjustment mechanism (a Monterey-style Water Revenue Adjustment Mechanism or 'M-WRAM') effective January 1, 2025. As a result, GSWC's revenues and earnings may be subject to future volatility as a result of significant fluctuations in customer consumption compared to adopted levels. An increase in water supply costs of $4.2 million, which consist of purchased water, purchased power for pumping, groundwater production assessments and changes in the water supply cost balancing accounts. The increase in water supply costs compared to the same period in 2024 is largely due to an increase in the overall per-unit water supply costs. As a result of transitioning from a full cost balancing account for water supply to an incremental balancing account, GSWC's earnings during the second quarter of 2025 were favorably impacted by an actual water supply source mix that included less purchased water than what was authorized in the general rate case and included in the revenue requirement. During the second quarter, GSWC's pumped water sources, which cost less than purchased water, were capable of meeting a greater portion of customer demand when compared to a higher purchased water mix being recovered in the new adopted rates. However, the favorable water supply source mix experienced during the second quarter may or may not continue during the remainder of the 2025 year, and without a full cost balancing account for water supply, GSWC's earnings will be subject to future volatility as a result of favorable and unfavorable changes in the water supply source mix compared to the adopted mix incorporated in the revenue requirement. An overall increase in operating expenses of $3.1 million (excluding supply costs) due primarily to increases in (i) overall labor costs and other employee-related benefits, (ii) other operation-related costs largely from an increase in chemicals and water treatment costs, (iii) maintenance expense, (iv) depreciation and amortization expenses, which is impacted by increases in capital additions placed in service and are reflected and recovered in customer rates, and (v) property and other non-income taxes; partially offset by a decrease in other administrative and general expenses largely from lower outside service costs, which resulted from higher outside service costs incurred in 2024 related to the processing of the pending general rate case application at that time. An overall increase in other income (net of other expense) of $1.7 million due largely to gains totaling $2.7 million generated on investments held to fund one of the company's retirement plans during the three months ended June 30, 2025, as compared to gains on investments of $1.0 million recorded during the same period in 2024 due to financial market conditions. Changes in certain flowed-through income taxes and permanent items included in GSWC's income tax expense for the three months ended June 30, 2025 as compared to the same period in 2024 favorably impacted the water segment's earnings. As a regulated utility, GSWC treats certain temporary differences as being flowed-through in computing its income tax expense consistent with the income tax method used in its CPUC-jurisdiction rate making. Changes in the magnitude of flowed-through items either increase or decrease tax expense, thereby affecting diluted earnings per share. A decrease in earnings of approximately $0.02 per share due to the dilutive effects from the issuance of equity under AWR's at-the-market ('ATM') offering program beginning in February 2024. Under the ATM offering program, AWR may offer and sell its Common Shares, with an aggregate gross offering price of up to $200 million, from time to time at its sole discretion. Through June 30, 2025, AWR has sold 1,479,767 Common Shares through this ATM offering program. Electric Segment: Diluted earnings from the electric utility segment increased $0.02 per share for the three months ended June 30, 2025 as compared to the same period in 2024 largely resulting from an increase in revenues from new rates implemented in 2025 as a result of receiving a final decision from the CPUC in connection with BVES's general rate case proceeding that set new rates for 2023 - 2026 (retroactive to January 1, 2023), as compared to 2022 rates used to record revenue during the same period of 2024. The new rates resulted in an increase in electric revenues that supports, among other things, the growth in rate base and higher operating costs related to BVES's wildfire mitigation plans that were previously not included in customer rates and not expensed during the second quarter of 2024 because they were being tracked in memorandum accounts. Therefore, the increase in revenues was partially offset by overall increases in operating expenses due, in large part, to higher expenses recorded in connection with BVES's vegetation management and other wildfire mitigation activities, as well as an increase in outside services related to various regulatory filings. Contracted Services Segment: Diluted earnings from the contracted services segment decreased $0.06 per share for the second quarter of 2025 when compared to the same period in 2024. The effects of a decrease in construction activity and higher overall operating expenses (excluding construction expenses) were partially offset by (i) an increase in management fee revenues resulting from the resolution of various economic price adjustments, and (ii) lower interest expense from lower borrowing levels. During the second quarter of 2025, construction activities were negatively impacted by timing of when the work is performed. However, AWR's contracted services business is still expected to contribute $0.59 to $0.63 per share for the full 2025 year. AWR (Parent): For the three months ended June 30, 2025, diluted losses from AWR (parent) decreased by $0.01 per share when compared to the same period in 2024 due largely to a decrease in interest expense resulting from lower average interest rates, partially offset by higher borrowing levels under AWR's credit facility. Year-to-Date ('YTD') 2025 Results YTD 2025 consolidated diluted earnings per share were $1.57 compared to YTD 2024 of $1.47 per share, an increase of $0.10 per share or 7%, largely from new rates implemented at AWR's regulated utilities The table below sets forth a comparison of the diluted earnings per share contribution by business segment and for the parent company as recorded during the year-to-date June 30, 2025 and 2024. Diluted Earnings per Share Six Months Ended 6/30/2025 6/30/2024 CHANGE Water $ 1.25 $ 1.15 $ 0.10 Electric 0.10 0.06 0.04 Contracted services 0.26 0.32 (0.06 ) AWR (parent) (0.03 ) (0.06 ) 0.03 Consolidated diluted earnings per share, as recorded (GAAP) $ 1.57 $ 1.47 $ 0.10 Note: Certain amounts in the table above may not foot or crossfoot due to rounding. Expand For the six months ended June 30, 2025, AWR's recorded consolidated diluted earnings were $1.57 per share, as compared to $1.47 per share recorded for the same period in 2024, an increase of $0.10 per share, primarily generated from higher earnings at the water and electric utility segments, partially offset by timing differences in construction activities that resulted in lower earnings at the contracted services segment. Included in AWR's consolidated results for the six months ended June 30, 2025 were gains of $2.2 million, or $0.04 per share, generated on investments held to fund one of the company's retirement plans as compared to gains of $3.0 million, or $0.06 per share, recorded during the same period in 2024, a net unfavorable variance of $0.02 per share due to financial market conditions. In addition, AWR's consolidated diluted earnings for the six months ended June 30, 2025 were negatively impacted by approximately $0.05 per share due to the continued dilutive effects from the issuance of equity under AWR's ATM offering program. For more details on the YTD results, please refer to the company's Form 10-Q filed with the Securities and Exchange Commission. Asset Acquisition In August 2023, GSWC entered into an agreement, subject to CPUC approval, to purchase from a developer the water and wastewater system assets located in California's Central Coast region. This is a new planned community, which will serve up to approximately 1,300 customers at full build out, which is anticipated to occur by 2034 under the current construction schedule, barring any future delays. On December 5, 2024, the CPUC approved a final decision granting GSWC's Certificates of Public Convenience and Necessity that will establish rates for water and sewer services, including GSWC's recovery of the purchase price through future customer rates. After receiving CPUC approval and finalizing other closing procedures in May 2025, the parties completed the closing of the transaction, which included the initial installation and conveyance of the water and wastewater system assets of $10.7 million by the developer, a non-cash transaction to the company recorded during the second quarter of 2025 that resulted in an increase in GSWC's utility plant with corresponding increases in advances for and contributions in aid of construction. GSWC began serving a few customers during the second quarter in connection with this transaction. In the future, GSWC will take ownership of the incremental water and wastewater system assets in phases as they are completed and ready to accommodate new connections. Dividends On July 29, 2025, AWR's Board of Directors approved an 8.3% increase in the third quarter dividend to $0.5040 per share from $0.4655 per share on AWR's Common Shares. Dividends on the Common Shares will be paid on September 3, 2025 to shareholders of record at the close of business on August 15, 2025. AWR has paid common dividends every year since 1931, and has increased the dividends received by shareholders each calendar year for 71 consecutive years, which places it in an exclusive group of companies on the New York Stock Exchange that have achieved that result. AWR has grown its quarterly dividend rate at a compound annual growth rate ('CAGR') of 8.5% over the last five years since the third quarter of 2020 and is on pace to achieve a 10-year CAGR of 8.3% in its calendar year dividend payments through 2025. AWR's current policy is to achieve a CAGR in the dividend of more than 7% over the long-term. Non-GAAP Financial Measures This press release includes a discussion on AWR's operations in terms of diluted earnings per share by business segment, which is each business segment's earnings divided by the company's weighted average number of diluted common shares. This measure by business segment is derived from consolidated financial information but is not presented in our financial statements that are prepared in accordance with Generally Accepted Accounting Principles ('GAAP') in the United States. This item constitutes a 'non-GAAP financial measure' under Securities and Exchange Commission ('SEC') rules, which supplements our GAAP disclosures but should not be considered as an alternative to the respective GAAP measure. Furthermore, this non-GAAP financial measure may not be comparable to similarly titled non-GAAP financial measures of other registrants. The company uses earnings per share by business segment as an important measure in evaluating its operating results and believes this measure is a useful internal benchmark in evaluating the performance of its operating segments. The company reviews this measurement regularly and compares it to historical periods and to the operating budget. The company has provided the computations and reconciliations of diluted earnings per share from the measure of net income (loss) by business segment and for the parent company to AWR's consolidated fully diluted earnings per share in this press release. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can often be identified by words such as 'anticipate,' 'estimate,' 'expect,' 'intend,' 'may,' 'should' and similar phrases and expressions, and variations or negatives of these words. They are not guarantees or assurances of any outcomes, financial results, levels of activity, performance or achievements, and readers are cautioned not to place undue reliance upon them. The forward-looking statements are subject to a number of estimates and assumptions, and known and unknown risks, uncertainties and other factors, including those described in greater detail in the company's filings with the SEC, particularly those described in the company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are encouraged to review the company's filings with the SEC for a more complete discussion of risks and other factors that could affect any forward-looking statements. The statements made herein speak only as of the date of this press release and except as required by law, the company does not undertake any obligation to publicly update or revise any forward-looking statement. Conference Call Robert Sprowls, president and chief executive officer, and Eva Tang, senior vice president and chief financial officer, will host a conference call to discuss these results at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time) on Thursday, August 7. There will be a question and answer session as part of the call. Interested parties can listen to the live conference call and view accompanying slides on the internet at The call will be archived on the website and available for replay beginning August 7, 2025 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) through August 14, 2025. 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 ten states. Through its water utility subsidiary, Golden State Water Company, the company provides water service to approximately 265,000 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 25,000 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, wastewater collection, and treatment facilities located on twelve military bases throughout the country under 50-year privatization contracts with the U.S. government and one military base under a 15-year contract. American States Water Company Consolidated Comparative Condensed Balance Sheets (Unaudited) (in thousands) June 30, 2025 December 31, 2024 Assets Net Property, Plant and Equipment $ 2,193,581 $ 2,099,625 Other Property and Investments 52,512 50,418 Current Assets 252,312 233,346 Other Assets 112,129 116,820 Total Assets $ 2,610,534 $ 2,500,209 Capitalization and Liabilities Capitalization $ 1,762,003 $ 1,560,433 Current Liabilities 162,075 285,525 Other Credits 686,456 654,251 Total Capitalization and Liabilities $ 2,610,534 $ 2,500,209 Expand Condensed Statements of Income (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2025 2024 2025 2024 Operating Revenues Water $ 119,697 $ 110,424 221,700 200,689 Electric 12,928 8,703 27,930 20,908 Contracted services 30,441 36,201 61,449 68,982 Total operating revenues 163,066 155,328 311,079 290,579 Operating Expenses Water purchased 23,911 17,968 40,219 31,729 Power purchased for pumping 3,554 3,521 6,703 6,353 Groundwater production assessment 6,125 5,818 11,804 10,672 Power purchased for resale 3,466 1,503 9,534 5,835 Supply cost balancing accounts (136 ) 3,436 (1,852 ) 2,828 Other operation 12,310 10,733 22,800 20,356 Administrative and general 25,222 23,487 52,097 48,834 Depreciation and amortization 11,681 10,770 23,263 21,492 Maintenance 6,129 3,535 10,276 6,760 Property and other taxes 6,955 6,612 13,907 13,099 ASUS construction 12,890 16,197 25,823 31,899 Total operating expenses 112,107 103,580 214,574 199,857 Operating income 50,959 51,748 96,505 90,722 Other Income and Expenses Interest expense (12,108 ) (13,137 ) (24,190 ) (25,992 ) Interest income 1,498 2,093 3,511 4,163 Other, net 3,576 1,519 3,405 3,861 Total other income and (expenses), net (7,034 ) (9,525 ) (17,274 ) (17,968 ) Income Before Income Tax Expense 43,925 42,223 79,231 72,754 Income tax expense 10,235 10,359 18,697 17,755 Net Income $ 33,690 $ 31,864 $ 60,534 $ 54,999 Weighted average shares outstanding 38,509 37,309 38,382 37,169 Basic earnings per Common Share $ 0.87 $ 0.85 1.57 1.48 Weighted average diluted shares 38,642 37,418 38,500 37,263 Fully diluted earnings per Common Share $ 0.87 $ 0.85 1.57 1.47 Dividends paid per Common Share $ 0.4655 $ 0.4300 $ 0.9310 $ 0.8600 Expand Computation and Reconciliation of Non-GAAP Financial Measure (Unaudited) Below are the computation and reconciliation of diluted earnings per share from the measure of net income (loss) by business segment and for the parent company to AWR's consolidated fully diluted earnings per share for the three and six months ended June 30, 2025 and 2024. Water Electric Contracted Services AWR (Parent) Consolidated (GAAP) In 000's except per share amounts Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Net income (loss) $ 28,140 $ 25,195 $ 1,176 $ 342 $ 4,874 $ 7,251 $ (500 ) $ (924 ) $ 33,690 $ 31,864 Weighted Average Number of Diluted Shares 38,642 37,418 38,642 37,418 38,642 37,418 38,642 37,418 38,642 37,418 Diluted earnings (loss) per share $ 0.73 $ 0.67 $ 0.03 $ 0.01 $ 0.13 $ 0.19 $ (0.01 ) $ (0.02 ) $ 0.87 $ 0.85 Water Electric Contracted Services AWR (Parent) Consolidated (GAAP) In 000's except per share amounts YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 Net income (loss) $ 48,046 $ 42,989 $ 3,802 $ 2,084 $ 9,998 $ 12,025 $ (1,312 ) $ (2,099 ) $ 60,534 $ 54,999 Weighted Average Number of Diluted Shares 38,500 37,263 38,500 37,263 38,500 37,263 38,500 37,263 38,500 37,263 Diluted earnings (loss) per share $ 1.25 $ 1.15 $ 0.10 $ 0.06 $ 0.26 $ 0.32 $ (0.03 ) $ (0.06 ) $ 1.57 $ 1.47 Note: Certain amounts in the tables above may not foot or crossfoot due to rounding. Expand
Business Wire
21-07-2025
- Business
- Business Wire
American States Water Company to Report Second Quarter 2025 Results
SAN DIMAS, Calif.--(BUSINESS WIRE)--American States Water Company (NYSE:AWR) announced today that the company intends to release its second quarter ended June 30, 2025 financial results after the market closes on Wednesday, August 6, 2025. Robert Sprowls, president and chief executive officer, and Eva Tang, senior vice president and chief financial officer, will host a conference call to discuss these results at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time) on Thursday, August 7. There will be a question-and-answer session as part of the call. Interested parties can listen to the live conference call and view accompanying slides on the internet at The call will be archived on the website and available for replay beginning August 7 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) through August 14. 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 ten states. Through its water utility subsidiary, Golden State Water Company, the company provides water service to approximately 264,800 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 24,900 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, wastewater collection, and treatment facilities located on twelve military bases throughout the country under 50-year privatization contracts with the U.S. government and one military base under a 15-year contract. AWR has paid dividends to shareholders every year since 1931, increasing the dividends received by shareholders each calendar year for 70 consecutive years, which places it in an exclusive group of companies on the New York Stock Exchange that have achieved that result. The company's quarterly dividend rate has grown at a compound annual growth rate ('CAGR') of 8.8% over the last five years through 2024 and has achieved a 10-year CAGR of 8.0% in its calendar year dividend payments through 2024. The company's current policy is to achieve a CAGR in the dividend of more than 7% over the long-term.
Filipino Times
06-07-2025
- Filipino Times
Too hot for a daytime swim? Try this newly opened night beach in Abu Dhabi!
Tired of the scorching heat but still want to hit the beach? Good news! This beach in Abu Dhabi now offers night swimming for the very first time—and it's the perfect way to cool down this summer. You can now enjoy the sea breeze and a swim under the stars at Marsana East Beach on Hudayriyat Island, with night access open until the end of September. From Monday to Thursday, swimming is allowed from sunset until 10pm, and from Friday to Sunday (plus holidays), you can take a dip all the way until midnight. Worried about safety? Don't be. The beach is fully equipped with proper lighting and lifeguards are on duty—so you can relax and enjoy the water with peace of mind. Entrance fees vary depending on the day of your visit. From Monday to Thursday, tickets cost AED 50 for adults aged 12 and above, and AWR 25 for children aged 6 to 11. From Friday to Sunday and during holidays, admission is AED 100 for adults and AED 50 for children.
Yahoo
17-05-2025
- Business
- Yahoo
American States Water (NYSE:AWR) Has More To Do To Multiply In Value Going Forward
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at American States Water (NYSE:AWR) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on American States Water is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) 0.086 = US$194m ÷ (US$2.5b - US$294m) (Based on the trailing twelve months to March 2025). Therefore, American States Water has an ROCE of 8.6%. On its own that's a low return, but compared to the average of 4.9% generated by the Water Utilities industry, it's much better. Check out our latest analysis for American States Water In the above chart we have measured American States Water's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for American States Water . In terms of American States Water's historical ROCE trend, it doesn't exactly demand attention. Over the past five years, ROCE has remained relatively flat at around 8.6% and the business has deployed 47% more capital into its operations. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments. As we've seen above, American States Water's returns on capital haven't increased but it is reinvesting in the business. And investors may be recognizing these trends since the stock has only returned a total of 9.4% to shareholders over the last five years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere. On a separate note, we've found 2 warning signs for American States Water you'll probably want to know about. If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
08-05-2025
- Business
- Yahoo
American States Water: Q1 Earnings Snapshot
SAN DIMAS, Calif. (AP) — SAN DIMAS, Calif. (AP) — American States Water Co. (AWR) on Wednesday reported first-quarter earnings of $26.8 million. The San Dimas, California-based company said it had net income of 70 cents per share. The water and electric utility posted revenue of $148 million in the period. American States Water shares have climbed slightly more than 2% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $79.60, a rise of nearly 8% in the last 12 months. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on AWR at
