- 2017 diluted GAAP earnings per share
at $2.38; adjusted diluted earnings per share (EPS) at $3.03 (a
non-GAAP measure)
- Fourth quarter 2017 diluted GAAP EPS
at $(0.01), including the one-time re-measurement required under
the Tax Cuts and Jobs Act; adjusted diluted EPS at $0.69 (a
non-GAAP measure)
- Affirms 2018 earnings guidance range
of $3.22 to $3.32 per diluted share, and long term EPS compound
annual growth rate (CAGR) range of 7 to 10 percent, anchored off of
2016 adjusted EPS
- Projects 2018 dividend growth at top
of long-term EPS CAGR range
American Water Works Company, Inc. (NYSE: AWK) today reported
results for the fourth quarter and year ended Dec. 31,
2017.
"This past year was one of continued solid growth for American
Water and outstanding execution by our employees," said Susan
Story, president and CEO of American Water. "With a strong fourth
quarter finish, our 2017 adjusted EPS increased 7 percent over
2016. To meet the nationally recognized need for significantly more
water infrastructure investment, we invested more capital in our
water and wastewater systems -$1.4 billion- than in any other
previous year. As importantly, we achieved our best ever O&M
efficiency ratio in order to make this investment more affordable
for our customers.
"We will continue to focus on delivering our customers the most
reliable and safe water services at an affordable price in 2018 and
beyond, and the recent Tax Cuts and Jobs Act will aid us even more
in doing so.
“We plan to invest between $8.0 billion to $8.6 billion over the
next five years," added Story. "We are also affirming our 2018 EPS
guidance of $3.22 to $3.32, and remain confident in our ability to
achieve our long-term EPS growth of 7 to 10 percent."
Consolidated Results
The company's three months and annual results are included in
the table below:
For the Three Months
EndedDecember 31,
For the Year EndedDecember
31,
2017 2016 2017 2016
Diluted earnings per share (GAAP): Net income attributable to
common stockholders $ (0.01 ) $ 0.57 $ 2.38 $ 2.62 Non-GAAP
adjustments: Impact of Freedom Industries settlement activities — —
(0.12 ) 0.36 Income tax impact — — 0.05 (0.14
) Net non-GAAP adjustment — — (0.07 ) 0.22
Early extinguishment of debt at the parent company — — 0.03
— Income tax impact — — (0.01 ) — Net non-GAAP
adjustment — — 0.02 — Impact of
re-measurement from the Tax Cuts and Jobs Act 0.70 —
0.70 — Total non-GAAP adjustments 0.70 —
0.65 0.22 Adjusted diluted earnings per share
(non-GAAP) $ 0.69 $ 0.57 $ 3.03 $ 2.84
In the fourth quarter of 2017, GAAP income decreased $0.58 per
diluted share compared to the prior year. This included a $0.70 per
diluted share charge resulting from the non-cash, after-tax
re-measurement charge associated with the impact of the change in
the federal tax rate from implementation of the Tax Cuts and Jobs
Act (the “TCJA”) enacted on December 22, 2017.
Adjusted earnings were $0.69 per diluted share (a non-GAAP
measure) for the fourth quarter 2017, an increase of 12 cents per
diluted share, or 21 percent, over the same period in 2016. This
increase was primarily associated with continued growth in the
Regulated Businesses driven mainly by infrastructure investment,
acquisitions and organic growth. The Market-Based Businesses were
up a penny with growth in the Homeowner Services Group partially
offset by lower capital upgrades in the Military Services
Group.
For the full year 2017, GAAP income decreased $0.24 per diluted
share compared to the prior year. 2017 GAAP earnings included a
$0.07 per diluted share benefit from an insurance settlement
related to the Freedom Industries chemical spill, a $0.02 per
diluted share charge from early extinguishment of debt at the
parent company and a $0.70 per diluted share charge, resulting from
the non-cash, after-tax re-measurement charge associated with the
enactment of the TCJA. Included in 2016 GAAP earnings was a $0.22
per diluted share charge from the binding global agreement in
principle to settle claims associated with the Freedom Industries
chemical spill.
Adjusted earnings were $3.03 per diluted share for the full year
of 2017, an increase of $0.19 per diluted share, or 7 percent, over
the same period in 2016. This increase was primarily associated
with continued growth in the Regulated Businesses driven mainly by
infrastructure investment, acquisitions and organic growth,
combined with growth in the Market-Based Businesses mainly from the
Homeowner Services Group and Keystone. These increases were
partially offset by warmer weather in 2016 compared to 2017 and two
discrete tax adjustments recorded at the parent company associated
with legislative changes in New York and Illinois impacting state
tax apportionment.
For the full year 2017, the company made capital investments of
$1.7 billion, a record level of investment, including $1.4 billion
dedicated primarily to improving infrastructure in the Regulated
Businesses to provide safe, clean and reliable service to its
customers, and over $210 million for regulated acquisitions.
Regulated Businesses Adjusted Net Income Reconciliation (A
Non-GAAP, unaudited measure)
For the Three Months
EndedDecember 31,
For the Years EndedDecember
31,
2017 2016 2017 2016 Net
income (GAAP) $ 113 $ 98 $ 559 $ 472 Non-GAAP adjustment: Impact of
Freedom Industries settlement activities — — (22 ) 65 Income tax
impact — — 9 (26 ) Net non-GAAP adjustment —
— (13 ) 39 Impact of the Tax Cuts and
Jobs Act 6 — 6 — Total net non-GAAP
adjustments 6 — (7 ) 39
Adjusted net income $ 119 $ 98 $ 552 $
511
For the fourth quarter of 2017, adjusted net income was $119
million, compared to $98 million for the same period in 2016, an
increase of approximately 21 percent. Regulated revenue increased
$16 million driven by a $27 million increase from additional
authorized revenue and surcharges to support infrastructure
investments, acquisitions, and organic growth; partially offset by
a $11 million decrease in lower demand of which $3 million is
related to warmer weather during the fourth quarter of 2016. In the
fourth quarter net depreciation was favorable $7 million, mainly
due to the implementation of new depreciation rates in our Illinois
subsidiary. O&M expense was favorable $5 million mainly due to
the timing of expenditures last year and the continued focus on
cost management.
For the full year 2017, adjusted net income was $552 million,
compared to $511 million for the same period in 2016, an increase
of 8 percent. Regulated revenue increased $87 million driven by a
$133 million increase from additional authorized revenue and
surcharges to support infrastructure investments, wastewater
services, acquisitions, and organic growth; partially offset by a
$48 million decrease in lower demand of which $15 million is
related to warmer weather during 2016. This increase was partially
offset by higher net depreciation and interest of $34 million
associated with infrastructure investment growth partially offset
by the implementation of new depreciation rates in our Illinois
subsidiary. O&M expense remained relatively flat due to the
continued focus on cost management.
For the full year 2017, the Company received additional
annualized revenues of approximately $43 million from general rate
cases and step increases and approximately $33 million in
additional annualized revenues from infrastructure surcharges. The
company is awaiting final orders for general rate cases in three
states and filed for infrastructure surcharges in three states for
a total annualized revenue request of approximately $255 million.
The extent to which requested rate increases will be granted by the
applicable regulatory agencies will vary.
For the full year 2017, the adjusted regulated O&M
efficiency ratio (a non-GAAP financial measure) improved to 33.8
percent, compared to 34.9 percent for the full year 2016. By
reducing O&M expense as a proportion of revenue, American Water
is able to make investments in needed capital improvements without
significantly impacting customer bills.
Market-Based Businesses Adjusted Net Income Reconciliation (A
Non-GAAP, unaudited measure)
For the Three Months
EndedDecember 31,
For the Years EndedDecember
31,
2017 2016 2017 2016 Net
income (GAAP) $ 9 $ 13 $ 38 $ 39 Non-GAAP adjustment: Impact of the
Tax Cuts and Jobs Act 5 — 5 — Adjusted
net income $ 14 $ 13 $ 43 $ 39
For the fourth quarter of 2017, adjusted net income was $14
million, compared to $13 million for the same period in 2016.
Adjusted net income was up $1 million, driven by growth in the
Homeowner Services Group through customer growth and price
increases for certain customers, offset by lower capital projects
in the Military Services Group.
For the full year 2017, adjusted net income was $43 million,
compared to $39 million for the same period in 2016, an increase of
10 percent. The increase was driven by growth in the Homeowner
Services Group through customer growth and price increases for
certain customers and growth at Keystone Clearwater Solutions from
improving market conditions, partially offset by lower capital
projects in the Military Services Group from lower military budgets
and completion of a project at Fort Polk mid-year 2016.
Dividends
On Dec. 8, 2017, our Board of Directors declared a
quarterly cash dividend payment of $0.415 per share payable on
Mar. 1, 2018, to stockholders of record as of Feb. 7,
2018.
2018 Earnings Guidance
American Water has affirmed its 2018 earnings guidance to be in
the range of $3.22 - $3.32 per diluted share. The
company’s earnings forecasts are subject to numerous risks and
uncertainties, including, without limitation, those described under
“Forward-Looking Statements” below and under “Risk Factors” in its
annual and quarterly reports filed with the Securities and Exchange
Commission (“SEC”).
Non-GAAP Financial Measures
This press release includes presentations of adjusted net income
for the Regulated Businesses and the Market-Based Businesses, as
well as consolidated adjusted earnings per diluted share (“Adjusted
EPS”). These items constitute “non-GAAP financial measures” under
SEC rules. These non-GAAP financial measures are derived from
American Water’s consolidated financial information but are not
presented in its financial statements prepared in accordance with
GAAP. Adjusted EPS is defined as GAAP earnings per diluted common
share, excluding (i) the impact in the third quarter of 2017 of the
insurance settlement related to the Freedom Industries chemical
spill; (ii) a charge incurred in the third quarter of 2017 with
respect to the early extinguishment of debt at the parent company;
(iii) the non-cash, after-tax re-measurement charge in the fourth
quarter of 2017 associated with the impact of the change in the
federal tax rate on American Water's deferred income taxes from the
enactment of the TCJA; and (iv) the impact in the fourth quarter of
2016 of the binding global agreement in principle to settle claims
related to the Freedom Industries chemical spill. Adjusted net
income for the Regulated Businesses and the Market-Based Businesses
is defined as GAAP diluted net income, excluding, as applicable (i)
the impact in the third quarter of 2017 of the insurance settlement
related to the Freedom Industries chemical spill; (ii) the
non-cash, after-tax re-measurement charge in the fourth quarter of
2017 associated with the impact of the change in the federal tax
rate on American Water's deferred income taxes from the enactment
of the TCJA; and (iii) the impact in the fourth quarter of 2016 of
the binding global agreement in principle to settle claims related
to the Freedom Industries chemical spill. These non-GAAP financial
measures supplement the company’s GAAP disclosures and should not
be considered as alternatives to the GAAP measures.
Management believes that the presentation of these non-GAAP
financial measures are useful to American Water’s investors because
they provide an indication of its baseline performance excluding
items that are not considered by management to be reflective of
ongoing operating results. Although management uses these non-GAAP
financial measures internally to evaluate American Water’s results
of operations, management does not intend results excluding the
adjustments to represent results as defined by GAAP, and the reader
should not consider them as indicators of performance. These items
are derived from American Water’s consolidated financial
information but are not presented in its financial statements
prepared in accordance with GAAP. The company’s definition of
adjusted net income or Adjusted EPS may not be comparable to the
same or similar measures used by other companies, and, accordingly,
these non-GAAP financial measures may have significant limitations
on their use.
Set forth in this release is a table that reconciles each of
adjusted net income and Adjusted EPS to its most directly
comparable GAAP financial measure.
This press release also includes a presentation of adjusted
regulated O&M efficiency ratio, which excludes from its
calculation estimated purchased water revenues and purchased water
expenses, the impact of certain activities related to the Freedom
Industries chemical spill, and the allocable portion of non-O&M
support services costs, mainly depreciation and general taxes. This
item constitutes a “non-GAAP financial measure” under SEC rules.
This item is derived from American Water’s consolidated financial
information but is not presented in its financial statements
prepared in accordance with GAAP. This non-GAAP financial measure
supplements and should be read in conjunction with the company’s
GAAP disclosures and should not be considered an alternative to any
GAAP measure.
Management believes that the presentation of this measure is
useful to investors because it provides a means of evaluating the
company’s operating performance without giving effect to items that
are not reflective of management’s ability to increase efficiency
of the company’s regulated operations. In preparing operating
plans, budgets and forecasts, and in assessing historical
performance, management relies, in part, on trends in the company’s
historical results, exclusive of estimated revenues and expenses
related to purchased water, the impact of settlement activities
related to the Freedom Industries chemical spill and the allocable
portion of non-O&M support services costs. The company’s
definition of this metric may not be comparable to the same or
similar measures used by other companies, and, accordingly, this
non-GAAP financial measure may have significant limitations on its
use.
Set forth in this release is a table that reconciles each of the
components used to calculate adjusted regulated O&M efficiency
ratio to the most directly comparable GAAP financial measure.
2017 Year-end and Fourth Quarter Earnings Conference
Call
The 2017 and fourth quarter earnings conference call will take
place on Wednesday, Feb. 21, 2018, at 9 a.m. Eastern Standard
Time. Interested parties may listen to the conference call over the
Internet by logging on to the Investor Relations page of the
company’s website at ir.amwater.com. Presentation slides that will
be used in conjunction with the earnings conference call will also
be made available online. The company recognizes its website as a
key channel of distribution to reach public investors and as a
means of disclosing material non-public information to comply with
its obligations under SEC Regulation FD.
Following the earnings conference call, an audio archive of the
call will be available through February 28,
2018. U.S. callers may access the audio archive toll-free
by dialing 1-877-344-7529. International callers may listen by
dialing 1-412-317-0088. The access code for replay is 10116315. The
audio webcast will be available on American Water's investor
relations homepage at ir.amwater.com through March
21, 2018. After that, the archived webcast will be available for
one year at ir.amwater.com/event-replays.
About American Water
With a history dating back to 1886, American Water is the
largest and most geographically diverse U.S. publicly-traded water
and wastewater utility company. The company employs more than 6,900
dedicated professionals who provide regulated and market-based
drinking water, wastewater and other related services to an
estimated 15 million people in 46 states and Ontario, Canada. More
information can be found by visiting amwater.com.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements in this press release including, without
limitation, 2018 earnings guidance, projected long-term earnings
and dividend growth, the outcome of pending acquisition activity
and estimated revenues from rate cases and other government agency
authorizations, are forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and the Federal securities laws. In some cases,
these forward-looking statements can be identified by words with
prospective meanings such as “intend,” “plan,” “estimate,”
“believe,” “anticipate,” “expect,” “predict,” “project,” “propose,”
“assume,” “forecast,” “outlook,” “future,” “pending,” “goal,”
“objective,” “potential,” “continue,” “seek to,” “may,” “can,”
“will,” “should” and “could” and or the negative of such terms or
other variations or similar expressions. These forward-looking
statements are predictions based on American Water’s current
expectations and assumptions regarding future events. They are not
guarantees or assurances of any outcomes, financial results of
levels of activity, performance or achievements, and readers are
cautioned not to place undue reliance upon them. The
forward-looking statements are subject to a number of estimates and
assumptions, and known and unknown risks, uncertainties and other
factors. Actual results may differ materially from those discussed
in the forward-looking statements included in this press release as
a result of the factors discussed in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2017, and subsequent
filings with the SEC, and because of factors such as: the decisions
of governmental and regulatory bodies, including decisions to raise
or lower customer rates; the timeliness and outcome of regulatory
commissions’ actions concerning rates, capital structure,
authorized return on equity, capital investment, system
acquisitions, taxes, permitting and other decisions; changes in
customer demand for, and patterns of use of, water, such as may
result from conservation efforts; limitations on the availability
of our water supplies or sources of water, or restrictions on our
use thereof, resulting from allocation rights, governmental or
regulatory requirements and restrictions, drought, overuse or other
factors; changes in laws, governmental regulations and policies,
including with respect to environmental, health and safety, water
quality and emerging contaminants, public utility and tax
regulations and policies, and impacts resulting from U.S., state
and local elections; weather conditions and events, climate
variability patterns, and natural disasters, including drought or
abnormally high rainfall, prolonged and abnormal ice or freezing
conditions, strong winds, coastal and intercoastal flooding,
earthquakes, landslides, hurricanes, tornadoes, wildfires,
electrical storms and solar flares; the outcome of litigation and
similar governmental proceedings, investigations or actions,
including matters related to the Freedom Industries chemical spill
in West Virginia and the preliminarily approved global class action
settlement agreement related to this chemical spill; our ability to
appropriately maintain current infrastructure, including our
operational and information technology (“IT”) systems, and manage
the expansion of our business; exposure or infiltration of our
critical infrastructure, operational technology and IT systems,
including the disclosure of sensitive or confidential information
contained therein, through physical or cyber attacks or other
means; our ability to obtain permits and other approvals for
projects; changes in our capital requirements; our ability to
control operating expenses and to achieve efficiencies in our
operations; the intentional or unintentional actions of a third
party, including contamination of our water supplies or water
provided to our customers; our ability to obtain adequate and
cost-effective supplies of chemicals, electricity, fuel, water and
other raw materials that are needed for our operations; our ability
to successfully meet growth projections for our business and
capitalize on growth opportunities, including our ability to, among
other things, acquire and integrate water and wastewater systems
into our regulated operations, and enter into contracts and other
agreements with, or otherwise obtain, new customers in our
market-based businesses; risks and uncertainties associated with
contracting with the U.S. government, including ongoing compliance
with applicable government procurement and security regulations;
cost overruns relating to improvements in or the expansion of our
operations; our ability to maintain safe work sites; our exposure
to liabilities related to environmental laws and similar matters
resulting from, among other things, water and wastewater service
provided to customers, including, for example, our water service
and management solutions that are focused on customers in the
natural gas exploration and production market; changes in general
economic, political, business and financial market conditions;
access to sufficient capital on satisfactory terms and when and as
needed to support operations and capital expenditures; fluctuations
in interest rates; restrictive covenants in or changes to the
credit ratings on us or our current or future debt that could
increase our financing costs or funding requirements or affect our
ability to borrow, make payments on debt or pay dividends;
fluctuations in the value of benefit plan assets and liabilities
that could increase our cost and funding requirements; changes in
federal or state general, income and other tax laws, including any
further rules, regulations, interpretations and guidance by the
U.S. Department of the Treasury and state or local taxing
authorities related to the enactment of the TCJA, the availability
of tax credits and tax abatement programs, and our ability to
utilize our U.S. federal and state income tax net operating loss
carryforwards; migration of customers into or out of our service
territories; the use by municipalities of the power of eminent
domain or other authority to condemn our systems, or the assertion
by private landowners of similar rights against us; difficulty or
inability to obtain insurance, the inability to obtain insurance at
acceptable rates and on acceptable terms and conditions, or an
inability to obtain reimbursement under existing insurance programs
for any losses sustained; the incurrence of impairment charges
related to our goodwill or other assets; labor actions, including
work stoppages and strikes; the ability to retain and attract
qualified employees; civil disturbances or terrorist threats or
acts, or public apprehension about future disturbances or terrorist
threats or acts; and the impact of new, and changes to existing,
accounting standards.
These forward-looking statements are qualified by, and should be
read together with, the risks and uncertainties set forth above and
the risk factors included in the company’s annual and quarterly SEC
filings, and readers should refer to such risks, uncertainties and
risk factors in evaluating such forward-looking statements. Any
forward-looking statements speak only as of the date of this press
release. The company does not have or undertake any obligation or
intention to update or revise any forward-looking statement,
whether as a result of new information, future events, changed
circumstances or otherwise, except as otherwise required by the
Federal securities laws. Furthermore, it may not be possible to
assess the impact of any such factor on the company’s businesses,
either viewed independently or together, or the extent to which any
factor, or combination of factors, may cause results to differ
materially from those contained in any forward-looking statement.
The foregoing factors should not be construed as exhaustive.
American Water Works Company, Inc. and Subsidiary
Companies Consolidated Statements of Operations
(In millions, except per share data)
For the Three Months Ended December
31,
For the Years Ended December 31, 2017
2016 2017 2016 (Unaudited)
Operating revenues $ 821 $ 802 $ 3,357
$ 3,302 Operating expenses: Operation and maintenance 368
373 1,378 1,504 Depreciation and amortization 114 120 492 470
General taxes 67 63 259 258 Gain on asset dispositions and
purchases (7 ) (2 ) (16 ) (10 ) Total operating expenses, net 542
554 2,113 2,222 Operating income 279
248 1,244 1,080 Other income (expense):
Interest, net (83 ) (83 ) (342 ) (325 ) Loss on early
extinguishment of debt (1 ) — (7 ) — Other, net 6 1
17 15 Total other income (expense) (78 ) (82 ) (332 )
(310 ) Income before income taxes 201 166 912 770 Provision for
income taxes 202 65 486 302 Net income
attributable to common stockholders $ (1 ) $ 101 $ 426
$ 468 Basic earnings per share: (a) Net income
attributable to common stockholders $ — $ 0.57 $ 2.39
$ 2.63 Diluted earnings per share: (a) Net income
attributable to common stockholders $ (0.01 ) $ 0.57 $ 2.38
$ 2.62 Weighted-average common shares outstanding:
Basic 178 178 178 178 Diluted 179
178 179 179 Dividends declared per
common share (b) $ 0.83 $ 0.75 $ 1.66 $ 1.50
(a) Amounts may not calculate due to rounding. (b)
Dividends declared during the three months ended December 31, 2017
and 2016, include quarterly dividends payable December 1 and March
1.
American Water Works Company, Inc. and
Subsidiary Companies Consolidated Balance Sheets
(In millions, except share and per share
data)
December 31, 2017 December 31, 2016
ASSETS Property, plant and equipment $ 21,716 $ 19,954
Accumulated depreciation (5,470 ) (4,962 ) Property, plant and
equipment, net 16,246 14,992 Current assets: Cash and
cash equivalents 55 75 Restricted funds 27 20 Accounts receivable,
net 272 269 Unbilled revenues 212 263 Materials and supplies 41 39
Other 113 118 Total current assets 720 784
Regulatory and other long-term assets: Regulatory assets
1,061 1,289 Goodwill 1,379 1,345 Other 76 72 Total
regulatory and other long-term assets 2,516 2,706
TOTAL ASSETS $ 19,482 $ 18,482
American Water Works Company, Inc. and Subsidiary Companies
Consolidated Balance Sheets
(In millions, except share and per share
data)
December 31, 2017 December 31, 2016
CAPITALIZATION AND LIABILITIES Capitalization: Common stock
($0.01 par value, 500,000,000 shares authorized, 182,508,564 and
181,798,555 shares issued, respectively) $ 2 $ 2 Paid-in-capital
6,432 6,388 Accumulated deficit (723 ) (873 ) Accumulated other
comprehensive loss (79 ) (86 ) Treasury stock, at cost (4,064,010
and 3,701,867 shares, respectively) (247 ) (213 ) Total common
stockholders' equity 5,385 5,218 Long-term debt 6,490
5,749 Redeemable preferred stock at redemption value 8 10
Total long-term debt 6,498 5,759 Total
capitalization 11,883 10,977 Current liabilities:
Short-term debt 905 849 Current portion of long-term debt 322 574
Accounts payable 195 154 Accrued liabilities 630 609 Taxes accrued
33 31 Interest accrued 73 63 Other 167 112 Total
current liabilities 2,325 2,392 Regulatory and other
long-term liabilities: Advances for construction 271 300 Deferred
income taxes, net 1,551 2,596 Deferred investment tax credits 22 23
Regulatory liabilities 1,664 403 Accrued pension expense 384 419
Accrued postretirement benefit expense 40 87 Other 66 67
Total regulatory and other long-term liabilities 3,998
3,895 Contributions in aid of construction 1,276
1,218 Commitments and contingencies
TOTAL
CAPITALIZATION AND LIABILITIES $ 19,482 $ 18,482
American Water Works Company, Inc. and
Subsidiary Companies Adjusted Regulated Operation and
Maintenance Efficiency Ratio (A Non-GAAP, unaudited measure)
In millions
(Dollars in millions) 2017 2016
2015 Total operation and maintenance expenses $ 1,378 $
1,504 $ 1,404 Less: Operation and maintenance expenses—Market-Based
Businesses 337 372 358 Operation and maintenance expenses—Other (50
) (44 ) (49 ) Total operation and maintenance expenses—Regulated
Businesses 1,091 1,176 1,095 Less: Regulated purchased water
expenses 128 122 117 Allocation of non-operation and maintenance
expenses 29 30 35 Impact of Freedom Industries settlement
activities (a) (22 ) 65 — Adjusted operation and
maintenance expenses—Regulated Businesses (i) $ 956 $ 959
$ 943 Total operating revenues $ 3,357 $ 3,302
$ 3,159 Less: Operating revenues—Market-Based Businesses 422 451
434 Operating revenues—Other (23 ) (20 ) (18 ) Total operating
revenues—Regulated Businesses 2,958 2,871 2,743 Less: Regulated
purchased water revenues (b) 128 122 117
Adjusted operating revenues—Regulated Businesses (ii) $ 2,830
$ 2,749 $ 2,626 Adjusted O&M
efficiency ratio—Regulated Businesses (i) / (ii) 33.8 % 34.9 % 35.9
% (a) Includes the impact of the binding global agreement in
principle to settle claims in 2016 and a settlement with one of our
general liability insurance carriers in 2017. (b) The calculation
assumes regulated purchased water revenues approximate regulated
purchased water expenses.
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American Water Works Company, Inc.Edward VallejoVice President,
Investor Relations856-566-4005edward.vallejo@amwater.comorMaureen
DuffyVice President, Communications and Federal
Affairs856-309-4546maureen.duffy@amwater.com
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