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American Water Works Company, Inc. (NYSE: AWK), the largest publicly traded U.S. water and wastewater utility company, today reported increases in revenues, net income and earnings per share for the third quarter ended Sept. 30, 2012, as compared to the third quarter of 2011.
“We are pleased with the results American Water delivered this quarter,” said Jeff Sterba, president and CEO of American Water. “We continued to successfully deliver on our strategies for operational excellence, growth, and customer and shareholder value. From cash management and customer satisfaction to leveraging technology and best practices, to implementing the first phase of our business transformation project to new IT platforms, our year-to-date results demonstrate a business focused on continuous improvement. Most recently, our employees’ efforts to maintain service in states hit hard by Hurricane Sandy showed our ability to properly prepare and execute during an exceptionally difficult time that affected many people’s lives.”
For the three months ended Sept. 30, 2012, the company reported income from continuing operations of $154.1 million or diluted earnings per share of $0.87, compared with $128.5 million, or $0.73 per share, for the comparable period in 2011.
The company’s revenues increased $70.9 million to $831.8 million in the third quarter of 2012, a 9.3 percent increase over the comparable quarter in 2011. The company’s revenues increased $169.5 million to $2.2 billion for the first nine months of 2012, an 8.4 percent increase over the comparable period in 2011. A portion of the increase in revenues is associated with higher demand due to the hot, dry weather in the summer of 2012, particularly in the Eastern and Midwest portions of the company’s regulated footprint. The company believes the estimated impact continued to be approximately $0.13 to $0.16 per share for the nine months ended Sept. 30, 2012, of which $0.06 to $0.09 represents the impact during the first six months of 2012.