Q3 2024 American States Water Co Earnings Call Transcript
Key Points
- Earnings per share for the third quarter increased by $0.10 compared to the same period last year, driven by rate increases and investment gains.
- American States Water Co (AWR) has invested $172.5 million in infrastructure year-to-date, with plans to reach a record high of $210 million to $230 million in capital expenditures for the year.
- The company reached a settlement agreement with the California Public Utilities Commission, allowing significant investments in water and electric infrastructure over the next few years.
- ASUS, a subsidiary of AWR, has been awarded a record high $54 million in new capital upgrade construction projects, expected to be completed between 2024 and 2027.
- The company's credit ratings remain strong, with an A stable rating from Standard & Poor's and an A2 stable rating from Moody's, reflecting financial stability.
- Higher operating expenses and interest costs partially offset the earnings increase, impacting overall profitability.
- The electric segment's earnings decreased due to delays in receiving a decision on the electric general rate case, affecting new rate implementations.
- Consolidated expenses increased by $5.3 million compared to the third quarter of 2023, driven by higher administrative, general, and depreciation expenses.
- Interest expenses increased by $1.9 million due to higher average interest rates and borrowing levels.
- The company faces uncertainties related to regulatory decisions, which could impact future financial performance and rate adjustments.
Ladies and gentlemen, thank you for standing by. Welcome to the American States Water Company Conference Call discussing the company's third-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 p.m. Eastern Time and run through Thursday, November 14, 2024, on the company's website www.aswater.com.
The slides that the company will be referring to are also available on the website. (Operator Instructions) This call will be limited to one hour. Presenting today from American States Water 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 news or assurance of any outcomes, financial results, levels of activity, performance or achievements and are
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