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Sep 30, 2023
American Water Q3 2023 Earnings Report
Reported strong results, affirmed 2023 guidance, and announced 2024 EPS guidance and capital investment plans.
Key Takeaways
American Water reported third quarter 2023 earnings of $1.66 per share, compared to $1.63 per share in 2022. The company affirmed its 2023 earnings per share guidance range of $4.72 to $4.82 on a weather-normalized basis and initiated 2024 earnings per share guidance range of $5.10 to $5.20.
Third quarter 2023 earnings were $1.66 per share, compared to $1.63 per share in 2022.
Quarter-to-date 2023 results reflect the favorable impact of an estimated $0.04 per share from warm, dry weather.
2023 earnings per share guidance range of $4.72 to $4.82 affirmed, on a weather-normalized basis.
Initiating 2024 earnings per share guidance range of $5.10 to $5.20 and 2024-2028 capital plan; affirming long-term targets, including long-term EPS and dividend per share compounded annual growth rates (CAGRs) of 7-9%
Forward Guidance
The company affirms its 2023 earnings per share guidance range of $4.72 to $4.82, on a weather-normalized basis and Initiating 2024 earnings per share guidance range of $5.10 to $5.20 and 2024-2028 capital plan; affirming long-term targets, including long-term EPS and dividend per share compounded annual growth rates (CAGRs) of 7-9%
Positive Outlook
- 2024 earnings guidance range of $5.10 to $5.20 per share established
- Long-term EPS CAGR of 7-9% remains unchanged
- Long-term rate base growth expectation of 8-9% (including acquisitions) remains unchanged
- Expectation of customer additions through acquisition at CAGR of 2% established
- Long-term dividend per share CAGR expectation of 7-9% remains unchanged
Challenges Ahead
- earnings forecasts are subject to numerous risks and uncertainties
- decisions to raise or lower customer rates
- changes in customer demand for, and patterns of use of, water and energy
Historical Earnings Impact
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Avg. Return Before/After Earnings
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