American States Water Company Announces 9% Increase in Quarterly Dividend
July 29 2021 - 7:00AM
Business Wire
•
Quarterly dividend has also grown at a CAGR of 9% over the last five years
On July 27, 2021, the Board of Directors of American States
Water Company (NYSE:AWR) approved an increase in the company’s
third quarter cash dividend from $0.335 per share to $0.365 per
share on the common shares of the company. The annualized dividend
rate after this increase is $1.46 per share, which represents a 9%
increase from the current annualized dividend rate of $1.34 per
share. This action marks the 341st consecutive dividend payment by
the company. American States Water Company has paid dividends every
year since 1931, increasing the dividends received by shareholders
each calendar year for 67 consecutive years, which places it in an
exclusive group of companies on the New York Stock Exchange that
have achieved that result. The company’s current policy is to
achieve a compound annual growth rate in the dividend of more than
7% over the long-term. The company has achieved a nearly 10%
compound annual growth rate in its calendar year dividend payments
from 2011 – 2021.
“This sizable dividend increase confirms the Board’s commitment
to long-term, sustainable earnings growth, as well as extending the
company’s long-term track record of returning cash to
shareholders,” said Robert J. Sprowls, President and CEO of
American States Water Company. “Achieving strong and consistent
financial results along with providing a growing dividend allows
the company to continue to attract capital to make necessary
investments in the utility infrastructure for the communities and
military bases that we serve, and return value to our
shareholders.”
Dividends on the common shares will be payable on September 1,
2021 to shareholders of record at the close of business on August
16, 2021.
Forward-Looking Statements Certain matters discussed in
this news release with regard to the company’s expectations may be
forward-looking statements that involve risks and uncertainties.
The assumptions and risk factors that could cause actual results to
differ materially include those described in the company’s most
recent Form 10-Q and Form 10-K filed with the Securities and
Exchange Commission.
About American States Water Company American States Water
Company is the parent of Golden State Water Company, Bear Valley
Electric Service, Inc. and American States Utility Services, Inc.,
serving over one million people in nine states. Through its water
utility subsidiary, Golden State Water Company, the company
provides water service to approximately 262,000 customer
connections located within more than 80 communities in Northern,
Coastal and Southern California. Through its electric utility
subsidiary, Bear Valley Electric Service, Inc., the company
distributes electricity to approximately 24,500 customer
connections in the City of Big Bear Lake and surrounding areas in
San Bernardino County, California. Through its contracted services
subsidiary, American States Utility Services, Inc., the company
provides operations, maintenance and construction management
services for water distribution and wastewater collection and
treatment facilities located on 11 military bases throughout the
country under 50-year privatization contracts with the U.S.
government.
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Eva G. Tang Senior Vice President - Finance, Chief Financial
Officer, Corporate Secretary and Treasurer (909) 394-3600,
extension 707
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