The company said diluted GAAP earnings per share for the three months ended March 31, 2024 were $0.95, up $0.04 from the same period a year earlier. It attributed the increase mainly to new rates in the Regulated Businesses, partly offset by higher production and employee-related costs, higher financing costs, and net unfavorable one-time items of $0.05 per share.

1. 01

   The company said diluted GAAP earnings per share for the three months ended March 31, 2024 were $0.95, up $0.04 from the same period a year earlier. It attributed the increase mainly to new rates in the Regulated Businesses, partly offset by higher production and employee-related costs, higher financing costs, and net unfavorable one-time items of $0.05 per share.

2. 02

   American Water said Regulated Businesses operating revenues for the 3 months ended March 31, 2024 increased $68 million. The company cited authorized rate increases, including infrastructure surcharges, of $53 million, acquisitions and organic growth in existing systems of $8 million, and reduced amortization of EADIT of $6 million.

3. 03

   The company said AWCC completed a debt offering on February 23, 2024 consisting of $700 million of 5.150% senior notes due 2034 and $1.4 billion of 5.450% senior notes due 2054, for total proceeds of $1,381 million net of underwriting discounts. It said it is using the net proceeds to repay 3.850% senior notes due 2024, repay commercial paper, lend funds to American Water and the Regulated Businesses, and for general corporate purposes.

4. 04

   The company said the EPA announced a final National Primary Drinking Water Regulation for 6 PFAS on April 10, 2024. To comply, it estimates capital expenditures of approximately $1 billion over 5 years and operating expenses of up to approximately $50 million per year. It said actual expenses may differ from these estimates.

Key figures

Quarter ended March 31, 2024

Revenue

$1.0B

Operating income

$326M

Net income

$185M

EPS

$0.95

Operating cash flow

$382M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.