American Water Profits Rise
American Water Works Co. Inc, the No. 1 U.S. publicly traded water company, said its third-quarter profits rose on the addition of new customers and higher revenues.
American Water, which has agreed to be acquired by German utility RWE AG for $4.6 billion, posted earnings, excluding one-time items, of $62.56 million, or 63 cents a share, up from $49.74 million, or 51 cents a share, in the year-ago period.
Including charges from the RWE deal and the sale of water assets in Salisbury, Mass., American Water earned $55.63 million, or 56 cents a share, in the latest quarter.
American Water, whose water and waste-water subsidiaries have more than 10 million customers in 23 states, said revenues rose to $395 million from $364 million. It said the required regulatory filings for the RWE deal will be made by the end of the year.
During the third quarter, the company's stock rose 19.8 percent, compared with a fall of almost 15 percent in the S&P 500 Index.