American States Water Company Earnings Call Transcripts
Fiscal Year 2026
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Q3 reported EPS was flat at $1.06, while adjusted 9M EPS rose 12.6% to $2.86, supported largely by regulated rate increases. Capital investment, rate proceedings and ASUS growth underpin guidance, while water earnings remain exposed to weather and supply-mix variability.
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Second quarter results showed strong EPS and revenue growth across all segments, driven by new rates, higher consumption, and increased construction activity. Dividend was raised by 8.2%, and robust capital investments continue, with no further equity issuance planned through 2029.
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Shareholders elected three directors, approved the 2026 Stock Incentive Plan, executive compensation, and auditor appointment. 2025 saw strong financial growth, dividend increases, and expansion in regulated utilities and military contracts. Sustainability and governance recognitions were highlighted.
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Earnings per share rose 8.6% year-over-year to $0.76, with all segments reporting growth. Revenue increased by $21.2 million, and robust infrastructure investment and rate base growth are projected for 2026.
Fiscal Year 2025
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Earnings per share rose 10.9% year-over-year, driven by new rates, infrastructure investment, and strong ASUS performance. Dividend increased for the 71st consecutive year, and robust rate base growth is projected.
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Earnings per share rose 11.6% year-over-year, driven by new rates and strong contracted services. Infrastructure investment and customer growth in new developments support a robust outlook, while the company maintains high credit ratings and a strong dividend growth record.
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Q2 2025 EPS rose $0.02 year-over-year, driven by new water and electric rates, while ASUS earnings dipped due to construction timing. Dividend was raised 8.3%, and infrastructure investment and rate base growth remain strong. Revenue decoupling legislation is pending.
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First quarter 2025 saw strong EPS and revenue growth, driven by new water and electric rates and robust infrastructure investment plans. Dividend growth remains above target, while regulatory and market changes introduce some earnings volatility and uncertainty in military privatization opportunities.
Fiscal Year 2024
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Strong 2024 results driven by rate increases, new contracts, and record capital investment, with adjusted EPS up $0.32 year-over-year. Regulatory decisions support robust infrastructure growth, and dividend growth continues at an 8.3% rate.
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Q3 2024 EPS rose $0.10 year-over-year, driven by water rate hikes and investment gains, while ASUS raised its 2024 guidance and secured record new project awards. Regulatory settlements for water and electric segments will enable significant capital investment pending approval.
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Q2 2024 earnings declined year-over-year due to higher expenses and regulatory timing, but ASUS performance and water rate increases provided partial offsets. Major settlement for 2025–2027 water rates and new military contracts support long-term growth.