Q4 2024 American States Water Co Earnings Call Transcript
Key Points
- American States Water Co (AWR) received constructive regulatory outcomes from the California Public Utilities Commission, enabling continued investment in water and electric infrastructure.
- The company achieved a return on equity of 14.1% for the year and increased its dividend by 8.3%, marking seven consecutive years of annual dividend increases.
- AWR's Water Utilities segment recorded a tax benefit following the final decision in its general rate case.
- The company invested $235.5 million in infrastructure at its regulated utilities, reflecting strong execution of capital plans.
- ASUS, the contracted services business, secured $56.5 million in new capital upgrade awards, a record high, with projects scheduled for completion through 2027.
- Reported earnings per share for the full year of 2024 were $0.19 lower compared to the prior year.
- Higher operating expenses and interest costs partially offset the financial gains from rate increases.
- The issuance of equity under the at-the-market offering program decreased consolidated earnings by approximately $0.04 per share.
- Earnings from ASUS decreased $0.01 per share for the quarter due to increased operating expenses.
- The final decision rejected a full sales and revenue decoupling mechanism and a full supply cost balancing account, which could impact future financial flexibility.
Ladies and gentlemen, thank you for standing by. Welcome to the American States Water Company conference call discussing the company's fourth quarter and full year 2024 results. (Operator Instructions) The call is being recorded.
If you would like to listen to the replay of this call, it will begin this afternoon at 5:00 PM Eastern Time and run through February 27 on the company's website, www.aswater.com. The slides that the company will be referring to are also on the website. This call will be limited to an hour. Presenting today from American States Wire Company are Bob Sprowls, President and Chief Executive Officer; and Eva Tang, Senior Vice President of Finance and Chief Financial Officer.
As a reminder, certain matters discussed during this conference call may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees or assurances of any outcomes financial results, levels of activity, performance or achievements, and
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