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American Water Reports 2013 Year-End And Fourth Quarter Results; Year Marked By Growth

Stocks in this article: AWK

American Water Works Company, Inc. (NYSE: AWK), the largest publicly traded U.S. water and wastewater utility company, today reported solid results for the year and quarter ended Dec. 31, 2013.

“Before speaking about our results, I want to speak about recent events in West Virginia, which truly highlight the importance of the service we provide,” said Jeff Sterba, president and CEO of American Water. "We are extremely proud of how our people responded to the Freedom Industries chemical spill. From the onset, we provided approximately 95,000 customers with water for basic sanitation and fire protection, and bottled and bulk water for drinking, while dealing with the contamination issue. Working closely with federal and state health agencies and regulators in a massive sampling and testing program, we were able to lift the ‘Do Not Use’ order in stages over a five day period beginning on Jan. 13. Informed discussion on possible legislation and/or regulation to help keep such incidents from happening is essential. American Water has been and will continue to be fully engaged in these conversations because nothing matters more to us than providing safe, reliable water service to our communities and customers."

“Achieving excellence in customer service is a key driver of our results and 2013 was another year of strong performance on all fronts,” continued Sterba. “We achieved our operations and maintenance efficiency rate goal, grew both our regulated and market-based businesses and completed a multi-year effort to upgrade our technology platforms.”

For the year, the company reported net income of $369.3 million, or $2.06 per diluted common share, including an approximate $0.14 per share one-time, after-tax charge related to the completed debt tender offer by American Water’s finance subsidiary, American Water Capital Corp., recorded in October 2013. The company’s adjusted net income (a non-GAAP financial measure) for continuing operations, excluding this one-time charge, was $394.0 million, or $2.20 per diluted common share, compared with net income for continuing operations of $374.3 million, or $2.11 per diluted common share, in 2012.

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