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American Water Reports Strong Second Quarter 2014 Results

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 strong results for the second quarter of 2014.

“Our mission is to provide clean, safe, affordable and reliable water and water services to our customers. In my first three months as President and CEO, I have been traveling throughout our service areas to meet with our employees and see firsthand the hard work and commitment they have to our customers and communities. This dedication is reflected in our results for the second quarter,” said Susan Story, president and CEO of American Water. “We achieved increases in revenues and earnings per share growth, completed five additional regulated acquisitions through August 4, continued strategic growth in our market-based businesses, and found ways to be more efficient to mitigate impacts to customers’ bills.”

For the three months ended June 30, 2014, the company reported net income of $109.3 million, or $0.61 per diluted common share. Excluding the one-time impact of the Freedom Industries chemical spill in West Virginia, the company’s adjusted income (a non-GAAP financial measure) for the three months ended June 30, 2014, totaled $112.3 million, or $0.63 per diluted common share, compared to weather normalized adjusted net income of $104.2 million, or $0.58 per adjusted diluted common share, in the same quarter last year. For the six months ended June 30, 2014, net income was $177.4 million, or $0.99 per diluted common share, compared to $158.9 million, or $0.89 per diluted common share, for the same period last year. Excluding the one-time impact of the Freedom Industries chemical spill in West Virginia, the company’s adjusted net income (a non-GAAP financial measure) for the six months ended June 30, 2013 was $184.4 million, or diluted earnings per share (EPS) of $1.03 compared to weather normalized $161.8 million, or diluted EPS of $0.91 for the comparable period in 2013.

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