American Water Works Says Results Affected by HurricaneRandall Hackley
American Water Works Co., the largest publicly traded U.S. water company, said 2012 earnings would be at the low end of a previously announced range when results are released tomorrow.
The stock fell 3.1 percent to $37.40 at the close in New York, the most since Sept. 14, after saying fourth-quarter results were affected by Hurricane Sandy and a decline in the volume of water sold. The Voorhees, New Jersey-based company also has accelerated wastewater and water infrastructure upgrades, according to a statement late yesterday.
American Water Works said it expects 2013 earnings per share for continuing operations at $2.15 to $2.25, and 2012 EPS from continuing operations to be at the low end of the $2.12 to $2.22 range announced in November.
The company also said the California Public Utilities Commission approved its California unit’s acquisition of the Garrapata Water System south of the Carmel Highlands in Monterey County. No terms were given.