VOORHEES, N.J.--(BUSINESS WIRE)--American Water Works Company, Inc. (NYSE: AWK), the largest
publicly-traded U.S. water and wastewater utility company, announced in
a Form 8-K furnished to the SEC today an update to its previously issued
earnings guidance, which includes estimated impacts of the Tax Cuts and
Jobs Act (TCJA).
American Water’s 2018 GAAP EPS guidance range, including the estimated
impacts of the TCJA, is $3.22 to $3.32 per diluted share. This is the
same GAAP EPS guidance range the company had provided in its initial
guidance issued on Dec. 11, 2017, which did not include anticipated
impacts of tax reform legislation.
American Water’s long-term guidance for the 2018-2022 period, including
the estimated impacts of the TCJA, is as follows:
-
Long-term adjusted EPS CAGR of 7 to 10 percent
-
Projected capital expenditures of $8.0 billion to $8.6 billion, with
$7.2 billion projected for allocation to regulated system investments
-
Dividend growth expected at the high end of the Company’s long-term
adjusted EPS CAGR target
The long-term guidance for the 2018-2022 period is also the same
guidance the company provided in its initial guidance issued on Dec. 11,
2017, which did not include anticipated impacts of tax reform
legislation.
As part of the company’s 2018-2022 long-term guidance, the company does
not plan to issue additional equity during this period, under normal
operating conditions.
The company also updated its 2017 GAAP EPS guidance and affirmed its
2017 adjusted EPS guidance, including the estimated impacts of the TCJA.
Additional information on the estimated impacts of the TCJA may be found
in the company’s Form 8-K, as furnished to the SEC today.
About American Water
With a history dating back to 1886, American Water is the largest and
most geographically diverse U.S. publicly-traded water and wastewater
utility company. The company employs more than 6,800 dedicated
professionals who provide regulated and market-based drinking water,
wastewater and other related services to an estimated 15 million people
in 47 states and Ontario, Canada. More information can be found by
visiting amwater.com.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements included in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act,
Section 21E of the Exchange Act, and the Private Securities Litigation
Reform Act of 1995. In some cases, these forward-looking statements can
be identified by words with prospective meanings such as “intend,”
“plan,” “estimate,” “believe,” “anticipate,” “expect,” “predict,”
“project,” “assume,” “forecast,” “outlook,” “future,” “pending,” “goal,”
“objective,” “potential,” “continue,” “seek to,” “may,” “can,” “will,”
“should” and “could,” or the negative of such terms or other variations
or similar expressions. Forward-looking statements relate to, among
other things, the impact and effect of the TCJA on the Company’s results
of operations to be reported for fiscal 2017 and on the Company’s 2018
and long-term guidance, and the related estimates, assumptions and
sensitivities on which such guidance was based. These forward-looking
statements are predictions based on the Company’s current expectations
and assumptions regarding future events, including the impact of the
TCJA and the issuance of any related rules, regulations or
interpretations related thereto or any future changes by state or local
taxing authorities. They are not guarantees or assurances of any
outcomes, performance or achievements, and readers are cautioned not to
place undue reliance upon them. The forward-looking statements are
subject to a number of estimates and assumptions, and known and unknown
risks, uncertainties and other factors. Actual results may differ
materially from those discussed in the forward-looking statements
included in this press release as a result of the factors discussed in
the Company’s Form 10-K for the year ended December 31, 2016, in the
Form 8-K furnished to the SEC today, and in other filings with the SEC,
and the additional risks and uncertainties described herein.
These forward-looking statements are qualified by, and should be read
together with, the risks and uncertainties set forth above and the risk
factors included in the Company’s annual and quarterly reports as filed
with the SEC, and readers should refer to such risks, uncertainties and
risk factors in evaluating such forward-looking statements. Any
forward-looking statements speak only as of the date of this press
release. The Company does not have any obligation or intention to update
or revise any forward-looking statement, whether as a result of new
information, future events, changed circumstances or otherwise, except
as otherwise required by the federal securities laws. New factors emerge
from time to time, and it is not possible for us to predict all such
factors. Furthermore, it may not be possible to assess the impact of any
such factor on the Company’s or its subsidiaries’ businesses, either
viewed independently or together, or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statement. The foregoing factors
stated throughout this press release should not be construed as
exhaustive.
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