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Company Affirms Long-Term Financial Targets, EPS and Dividend Growth Rate of 7%-9%
The company also affirms its long-term financial targets, including its long-term EPS and dividend growth rate targets of 7%-9%.
American Water Reports Q2 Revenue of $1.36B
Reports Q2 revenue $1.36B, consensus $1.29B. "The company has delivered solid results for the first half of the year and we are pleased to have received a constructive decision in our Pennsylvania general rate case to begin the second half of 2026," said John Griffith, President and CEO of American Water. "We are also encouraged with the continuing progress we and Essential Utilities are making in merger integration planning and have received three state regulatory approvals for the merger so far," added Griffith.
California American Water Approved for Desalination Project Land Lease
The company states: "Today, the California State Lands Commission voted to approve California American Water's application for the lease of state lands that comprise a part of its Monterey Peninsula desalination project. The SLC evaluated California American Water's lease application for the construction and use of four new subsurface slant wells and the conversion and use of one existing subsurface slant well for the proposed desalination plant on the Monterey Peninsula. During the three-year application review process, SLC staff gathered extensive community input through environmental justice outreach, outreach to the Monterey community and through tribal consultation. The proposed desalination plant is a necessary component of the Monterey Peninsula Water Supply Project's (MPWSP) three-pronged plan to restore regional water supplies, prepare for droughts, support long-term water reliability and economic stability, and provide for sustainable growth."
American Water and Essential Utilities Merger Approved by Ohio
American Water (AWK) and Essential Utilities (WTRG) announced that the Public Utilities Commission of Ohio, or PUCO, issued an order approving the companies' proposed merger, marking the second favorable regulatory action in less than a month toward completing the combination of the two companies. The companies received approval of the merger in the Commonwealth of Kentucky on April 21. The The combined company will operate under the American Water name and be headquartered in Camden, New Jersey. The merger is expected to close by the end of Q1 of 2027, but remains subject to customary closing conditions, including, among others, obtaining clearance under the Hart-Scott-Rodino Act and required regulatory approvals, including approval from all applicable public utility commissions.
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