Q1 2024 American States Water Co Earnings Call Transcript
Key Points
- American States Water Co (AWR) successfully began water and wastewater operations at two new military bases, enhancing its contracted services segment.
- The company continues to invest in infrastructure to strengthen its water and electric systems, maintaining a focus on long-term safety and efficiency.
- AWR reported a slight increase in adjusted earnings per share, indicating stable financial performance despite challenges.
- The company has secured significant long-term contracts, such as the 50-year contract at Naval Air Station Patuxent River, estimated at $349 million.
- American States Water Co (AWR) maintains strong credit ratings, reflecting its financial stability and appealing to investors.
- Recorded diluted earnings for the quarter decreased by $0.31 per share from the same period in 2023.
- There was a decrease in construction activities at ASUS due to timing differences, impacting earnings from this segment.
- The company experienced a delay in the electric general rate case decision, affecting financial planning and projections.
- Increased interest expenses due to higher interest rates and overall borrowing levels, which could impact net income.
- Revenue for the first quarter decreased by $26.1 million compared to the same period in 2023, largely due to lower construction activity and delays in rate case decisions.
Ladies and gentlemen, thank you for standing by. Welcome to the American States Water Company conference call discussing the company's first-quarter 2024 results. 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 Wednesday, May 15 of 2024 on the company's website at www.aswater.com. The slides that the company will be referring to are also on the website. This call will be limited to one hour.
Presenting today from American States Water Company are Mr. Bob Sprowls, President and Chief Executive Officer; and Ms. Eva Tang, Senior Vice President and Finance and Chief Financial Officer.
As a reminder, certain matters discussed during this conference call may be forward-looking statements intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. Please review a description of the company's risks and uncertainties in our most recent 10-K and Form 10-Q on
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