American States Water Company

American States Water reported first-quarter 2026 consolidated EPS of $0.76 versus $0.70 in the prior-year quarter, an 8.6% increase. Water segment EPS was $0.55 versus $0.52; Electric segment EPS was $0.08 versus $0.07; and ASUS EPS was $0.15 versus $0.13. Consolidated revenue increased by $21.2 million year over year, with Water revenue up $11.1 million, Electric revenue up $3.7 million, and ASUS revenue up $6.4 million. Net cash provided by operating activities was $71.6 million versus $45.1 million last year. For 2026, the company expects company-funded capital expenditures of $185 million to $225 million, and ASUS is projected to contribute $0.63 to $0.67 per share for the year.

Bob Sprowls framed the quarter as a strong start to 2026, emphasizing that all three operating segments grew year over year and that the company is continuing to invest heavily in its regulated infrastructure. He pointed to rate increases, a growing rate base, and ongoing utility and contracted-services strength as the main drivers, while also noting the company’s recognition as a trustworthy company and its long dividend record. His tone was upbeat and steady, with repeated emphasis on long-term value creation and shareholder returns.

Eva Tang walked through the earnings bridge and highlighted the main drivers behind the quarter: water EPS benefited from new rates and advice-letter project revenue, electric EPS from rate increases, and ASUS from higher construction activity and lower interest expense. She also cited consolidated revenue growth of $21.2 million and operating cash flow of $71.6 million, up sharply from $45.1 million a year ago. On financing, she said the ATM program raised $6.2 million net in the quarter and still has $34.3 million available, but the company does not expect to continue it once that balance is used.

There was no analyst Q&A in the call, so no additional questions or concerns were raised beyond management’s prepared remarks. The most notable commentary centered on regulatory timing: the next water rate case is expected by July 1, the electric rate case for 2027-2030 has already been filed, and the CPUC deferred the cost of capital application by one year, pushing it to May 1, 2027. Management also flagged that the shift to MRAM and an incremental supply-cost balancing account can create future earnings volatility depending on water consumption and source mix.