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American Water Works Profit Falls on Costs From Hurricane Sandy
American Water Works Co. (AWK), the largest publicly traded U.S. water company, said fourth-quarter income fell 14 percent because of increased costs and reduced sales after Hurricane Sandy.
Net income fell to about $55 million, or 30 cents a share, from $65 million, or 34 cents a share, a year earlier, the Voorhees, New Jersey-based company said in a statement today. That was three cents less than the average of eight estimates compiled by Bloomberg.
Income for all of 2012 increased 16 percent to $358.1 million, or $2.11 a share, as “sales were increased by the abnormally hot, dry weather in the summer,” Chief Executive Officer Jeff Sterba said in the statement.
American Water Works reiterated that it expects 2013 earnings per share to be in the range of $2.15 to $2.25.
The company said last month that earnings in the fourth quarter would be affected by Hurricane Sandy.