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American States Water Co
XMUN:FDK

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American States Water Co
XMUN:FDK
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Price: 75.7 EUR -0.98%
Market Cap: €2.8B

American States Water Co
Investor Relations

American States Water Co. is a utility holding company whose main business is delivering regulated water service in California through its subsidiary Golden State Water Company. It also owns American States Utility Services, which handles water and wastewater systems for U.S. military installations under long-term service contracts. In simple terms, it sells essential water and utility services that customers need every day, with most of the business tied to regulated rates or contract payments. Its main customers are homes, businesses, and public agencies in California, plus the federal government through military base agreements. The company makes money by charging for water delivery, wastewater service, and related utility work under approved tariffs or contract terms. Because water service is essential and heavily regulated, the business is built around steady demand, long-lived infrastructure, and close oversight of pricing. What makes American States Water different is that it sits at the intersection of a classic regulated utility and a government service contractor. One side of the business depends on local water rates set by regulators, while the other side depends on long-term contracts to run utility systems on military property. That mix gives it a clear role in the utility value chain: it does not just sell water, it owns and manages the pipes, treatment systems, and customer service needed to deliver it reliably.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Aug 6, 2026
AI Summary
Q2 2026

Strong quarter: American States Water reported second-quarter EPS of $1.09, up from $0.87 last year, with gains across all three operating segments.

Rate support: Results were helped by new customer rates in 2026 at the regulated utilities and higher construction activity at ASUS, while water consumption and a better water supply mix also boosted the quarter.

Dividend raised: The board approved an 8.2% dividend increase, taking the annualized dividend rate to $2.18 per share and extending the company’s long dividend growth streak.

Regulatory pipeline: The company filed new rate cases for both water and electric operations, and it is pursuing a settlement to acquire a water system in Norwalk, California.

Capital plans: Regulated utilities are on pace to invest $185 million to $220 million this year, and management said there are no plans to issue additional equity through at least the end of 2029.

Key Financials
Earnings per share
$1.09
Water segment earnings per share
$0.91
Electric segment earnings per share
$0.04
ASUS earnings per share
$0.16
Consolidated revenue
$18.2 million increase
Water revenue increase
$11.4 million increase
Electric revenue increase
$700,000 increase
ASUS revenue increase
$6.2 million increase
Net cash provided by operating activities
$116.6 million
Company-funded capital expenditures
$91.7 million
Regulated utility infrastructure investment plan
$185 million to $220 million
Water adopted operating revenues less water supply costs
$32 million increase
Advice letter capital projects included in 2026 increase
nearly $11 million
Water rate base
$1,673.2 million
Water rate base CAGR
11.3%
Dividend rate
$2.18 per share annualized
At-the-market equity proceeds
$39.9 million
Total at-the-market capacity raised since program launch
$200 million
Golden State Water authorized rate of return on rate base
7.93%
Golden State Water return on equity
10.06%
Golden State Water capital structure
57% equity and 43% debt
Bear Valley Electric return on equity
11.30%
Bear Valley Electric embedded cost of debt
5.92%
Bear Valley Electric return on rate base
9.15%
Bear Valley Electric capital budget
$133 million
Norwalk acquisition target
almost 900 customer connections
Earnings Call Recording
Other Earnings Calls

Management

Mr. Robert J. Sprowls C.M.A.
CEO, President & Director
No Bio Available
Ms. Eva G. Tang
Senior VP of Finance, CFO, Corporate Secretary & Treasurer
No Bio Available
Mr. Christopher H. Connor
Senior Vice President of ASUS
No Bio Available
Ms. Gladys M. Farrow CPA
Assistant Secretary
No Bio Available

Contacts

Address
CALIFORNIA
San Dimas
630 E Foothill Blvd
Contacts
+19093943600
www.aswater.com