American Water Works Company (AWK) Q4 2024 earnings summary

Executive summary

• 2024 EPS was $5.39, up 8.6% from 2023, driven by investments, regulatory execution, and operational consistency.

• CEO M. Susan Hardwick to retire in May 2025, with President John Griffith set to succeed her as part of a planned succession.

• Nearly 90,000 new customer connections were added in 2024, with 69,500 from acquisitions.

• Seven general rate cases completed in 2024, adding over $400 million in additional revenues.

• Recognized for sustainability, customer satisfaction, and industry leadership.

Financial highlights

• 2024 diluted EPS was $5.39, up from $4.90 in 2023; weather-normalized 2024 EPS was $5.18.

• Operating revenues for 2024 were $4.68 billion, with net income of $1.05 billion.

• Dividend per share increased 8.1% to $3.0025, with a payout ratio at 58%.

• 2024 capital investment totaled $3.3 billion, including $417 million for regulated acquisitions.

• Total estimated rate base at year-end was $22.1 billion.

Outlook and guidance

• 2025 EPS guidance affirmed at $5.65–$5.75, representing 8% growth over weather-normalized 2024 EPS.

• Long-term EPS and dividend growth targets of 7%-9% CAGR reaffirmed, driven by 8%-9% rate base growth through 2029.

• Rate base expected to grow at 8–9% CAGR, supported by a $17–$18 billion capital plan for 2025–2029.