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American Water reports solid first quarter results

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Voorhees-based American Water Works Company Inc., the largest publicly-traded U.S. water and wastewater utility company, reported Wednesday positive results for the first quarter 2014.

“This winter’s extreme weather put many water providers to the test, but our employees’ commitment to reliable service did not waver,” said Jeff Sterba, president and CEO of American Water.

“Despite very challenging conditions, we had a very solid first quarter, with increases in revenues and net income, growth in both our regulated and market-based businesses, and continued improvement in our operation and maintenance efficiency ratio," he said.

According to the announcement, for the three months that ended March 31, 2014, the company’s net income totaled $68.1 million, or $0.38 per diluted share.  Adjusted net income totaled $71.7 million, or $0.40 per share.

On April 29, 2014, American Water’s board of directors reported an increase in its quarterly dividend payment from $0.28 per common share to $0.31 per share, roughly an 11 percent increase.  The dividend will be payable on June 2, 2014 to shareholders of record as of May 12, 2014.

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Emily Bader

Emily Bader

Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

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