American Water Works Reports Income Gain From Adding Customers
American Water Works Co. (AWK), the largest publicly traded U.S. water company, said adding 22,000 customers boosted net income as quarterly revenue fell short of analysts’ estimates.
Net income rose 38 percent to about $58 million, or 32 cents a share, from a year earlier, the Voorhees, New Jersey- based company said in a statement today. Sales increased 2.8 percent to $636.1 million, compared with expectations of $649.1 million, the average of nine estimates compiled by Bloomberg.
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 yesterday it was increasing its quarterly dividend 12 percent to 28 cents per share.
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