Q2 2024 American Water Works Company Inc Earnings Call Transcript
Key Points
- American Water Works Co Inc (AWK) delivered solid financial results in the second quarter and first half of 2024, with earnings per share (EPS) of $1.42 for the quarter.
- The company raised its 2024 EPS guidance to the top half of the range, now expecting $5.25 to $5.30 per share.
- AWK invested $1.4 billion in capital projects year-to-date, reflecting strong execution by their teams.
- The company added 43,000 customers in the first half of the year through acquisitions and organic growth.
- AWK published its latest sustainability report, highlighting its commitment to providing safe, clean, reliable, and affordable water and wastewater services.
- Earnings per share for the quarter were slightly down by $0.02 compared to the same period last year.
- The Pennsylvania regulatory environment presented challenges, with a lower-than-expected return on equity (ROE) of 9.45%, impacting revenue by $71 million.
- The company faces ongoing regulatory and operational challenges in Pennsylvania, including customer affordability and water quality issues.
- AWK's long-term financing costs increased by $0.11 per share, driven by higher capital costs and recent debt issuances.
- The company experienced a net unfavorable impact on earnings due to weather conditions, with a $0.04 per share negative effect quarter over quarter.
Please standby for streaming text.
Good morning, and welcome to American Water's Second Quarter 2024 earnings conference call. As a reminder, this call is being recorded and is also being webcast with an accompanying slide presentation through the Company's Investor Relations website. The audio webcast archive will be available for one year on American Water's Investor Relations website. I would now like to introduce your host for today's call, Aaron Musgrave, Vice President of Investor Relations. Mr. Musgrave, you may begin.
Thank you. Do New Morning, everyone, and thank you for joining us for today's call for your questions. Let me first go over some Safe Harbor language. Today, we will be making forward-looking statements that represent our expectations regarding our future performance or other future events. These statements are predictions based on our current expectations, estimates and assumptions.
However, since these statements deal with
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