Q2 2024 American States Water Co Earnings Call Transcript
Key Points
- American States Water Co (AWR) reached a settlement in principle with the Public Advocates Office of the California Public Utilities Commission for new water rates for 2025-2027.
- The settlement authorizes Golden State Water to invest approximately $573.1 million in capital infrastructure over the three-year cycle.
- Commencement of management of water and wastewater systems at two new military bases, Pax River and Joint Base Cape Cod, with significant contract values.
- Board approved an 8.3% increase in the third quarter cash dividend, reflecting confidence in long-term sustainable earnings growth.
- ASUS segment showed increased earnings due to higher management fee revenues and commencement of operations at new bases.
- Recorded earnings for the second quarter were lower compared to the same period last year due to higher operating expenses and interest costs.
- Delay in receiving a decision in the pending electric general rate case, impacting earnings.
- Higher administrative and general expenses due to regulatory filings and pending water general rate case proceedings.
- Increased interest expense due to higher average interest rates and borrowing levels.
- Challenges in engaging with the Public Advocates Office for settlement discussions in the Bear Valley Electric general rate case, causing delays.
Ladies and gentlemen, thank you for standing by. Welcome to the American States Water Company conference call discussing the company's second 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, August 14, 2024, on the company's website at www.aswater.com.
The slides that the company will be referring to are also on the website. (Operator Instructions) The replay 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 in 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 companyâs risks and uncertainties in our most recent Form
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