American Water Works Company, Inc. (NYSE: AWK), the largest publicly traded U.S. water and wastewater utility company, today announced its earnings guidance for 2014 as well as its expected earnings range for the year ending December 31, 2013.
American Water estimates its 2014 ongoing earnings to be in the range of $2.35 to $2.45 per share.
“The 2014 guidance is based on the continued execution of our strategic goals,” said Jeff Sterba, president and CEO of American Water. “By focusing on delivering outstanding customer service, effectively managing costs, investing capital where needed, maintaining strong regulatory relationships and growing strategically, we will create value for all our stakeholders and achieve long-term success.”
The company expects its 2013 adjusted earnings per share (EPS) to be in the range of $2.17 to $2.22 (a non-GAAP financial measure), based on the company’s performance year-to-date. This adjusted EPS excludes an approximate $0.14 per share one-time charge related to the completed tender offer by American Water’s finance subsidiary, American Water Capital Corp.“We are pleased with our performance in 2013. Among the highlights this year is our success in growth with 15 acquisitions, including one of our largest wastewater acquisitions, to date. I would also point out our success in achieving a continuous improvement culture, which has led to successful innovation partnerships as well as achieving our O&M efficiency ratio target,” said Sterba. American Water will host an Investor Day presentation and audio webcast with investors, analysts and other interested parties on Dec. 17 at the New York Stock Exchange. Sterba, Susan Story, senior vice president and chief financial officer, Walter Lynch, president and chief operating officer of regulated operations, and Sharon Cameron, president of American Water Enterprises, will participate in the presentation. The live webcast will be accessible to the public from 12:30 p.m. to approximately 4 p.m. Eastern Time, and posted on the Investor Relations page of the company's website at www.amwater.com for 30 days. The company’s earnings forecasts are subject to numerous risks such as extreme weather, costs associated with the company’s SAP implementation and other factors described under “Forward-Looking Statements” below and under “Risk Factors” in its annual and quarterly reports.