American Water Works Q4 Profit Rises

(RTTNews) - American Water Works Company, Inc. (AWK) said Wednesday its fourth-quarter profit rose to $59.7 million or $0.33 per share from $55.5 million or $0.31 per share a year ago, due mainly to lower operating expenses.

On average, fifteen analysts polled by Thomson Reuters expected earnings of $0.45 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the fourth quarter advanced to $712.3 million from $680.9 million in the corresponding quarter last year. Ten analysts had a consensus revenue estimate of $754.35 million for the quarter.

Total net operating expenses declined to $496.4 million from $514.0 million a year ago. However, total other expenses increased to $115.9 million from $72.6 million a year ago.

American Water Works reaffirmed its 2014 earnings guidance in the range of $2.35 per share to $2.45 per share. This excludes the impact of the Freedom Industries chemical spill in West Virginia, which is estimated to be $0.02 per share through February 26, 2014. Eighteen analysts currently expect earnings of $2.40 per share for the year.

During the fourth quarter of 2013, the company declared a quarterly cash dividend of $0.28 per common share, payable on March 3, 2014, to all shareholders of record as of Feb. 3, 2014.