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American States Water (FDK) Q3 2026 Earnings Report

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CH:FDK Q3 2026 EPS Results

Actual EPS
CHF 0.87
Consensus EPS
CHF 0.89
Beat/Miss
Missed by -CHF 0.02
One Year Ago EPS
CHF 0.87

CH:FDK Q3 2026 Revenue Results

Actual Revenue
CHF 158.92M
Expected Revenue
CHF 161.76M
Beat/Miss
Missed by -CHF 2.84M
YoY Revenue Growth
+5.37%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/04/2026
Time
After Close
Conference Call
Wednesday, November 4, 2026
CH:FDK Upcoming Earnings

American States Water's next earnings date is estimated for February 24, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

CH:FDK Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 04, 2026|% Change Since:3.03%|
Earnings Call Sentiment|Positive

The call was predominantly positive. Adjusted year-to-date earnings increased 12.6%, all three operating segments reported year-over-year earnings increases, regulated-utility rate increases and infrastructure investment remained supportive, ASUS provided positive 2026 and 2027 contribution outlooks, credit ratings were affirmed with stable outlooks, and the dividend was increased by 8.2%. The main challenges were investment-market volatility, higher operating and interest expenses, lower ASUS quarterly earnings, working-capital timing effects, and uncertainty over whether favorable water-consumption and supply conditions will continue.

Company Guidance

The company said its regulated utilities are on pace to invest $185 million to $220 million in infrastructure investments for the full year, ASUS is on target to contribute $0.63 to $0.67 per share this year, representing an increase of 3.3% to 9.8% year-over-year, and is projected to contribute $0.67 to $0.71 per share in 2027; Golden State Water’s rate case requests approximately $1 billion in capital budgets for the 3-year rate cycle, with a decision scheduled for the fourth quarter of 2 thousand 27, while Bear Valley Electric requested approximately $133 million for its 4-year rate cycle and another approximately $17 million-plus AFUDC, and the company’s dividend policy targets a compound annual growth rate in the dividend of more than 7% over the long term.

  • Adjusted Third-Quarter Earnings IncreasedThird-quarter reported earnings were $1.06 per share, consistent with last year. Excluding gains and losses on investments, adjusted earnings increased to $1.06 per share from $1.01 per share, an increase of $0.05 per share.
  • All Operating Segments Reported Year-to-Date Earnings GrowthManagement stated that all three operating business segments performed well year to date and reported year-over-year increases in earnings.
  • Strong Year-to-Date Earnings GrowthFor the nine months ended September 30, 2026, reported earnings increased to $2.92 per share from $2.63 per share. Adjusted earnings increased to $2.86 per share from $2.54 per share, an increase of $0.32 per share or 12.6%.
  • Revenue Growth Across Operating SegmentsConsolidated third-quarter revenue increased by $9.8 million compared with the same quarter of 2025. Water-segment revenue increased by $7.6 million, electric-segment revenue increased by $1.6 million, and ASUS revenue increased by $6.6 million, primarily due to higher management fees.
  • Regulated Utility Rate Increases Supported EarningsThe increase in adjusted net earnings resulted largely from new customer rate increases approved by the CPUC at the regulated utilities. Golden State Water's adjusted earnings increased by $0.04 per share, primarily due to 2026 water-rate increases and additional revenue from a completed advice-letter capital project approved for recovery in late 2025.
  • Higher Adopted Golden State Water RevenueGolden State Water's 2026 adopted operating revenues less water supply costs are $32 million higher than 2025 adopted levels, including $11 million related to advice-letter capital projects. The comparable increase in 2025 over 2024 adopted levels was $23 million.
  • Golden State Water Rate Case FiledGolden State Water filed a general rate case on July 1 covering rates for 2028 through 2030. The filing requested approximately $1 billion of capital budgets for the three-year rate cycle, as well as reinstatement of a full revenue decoupling mechanism and a full water-supply-cost balancing account. A decision is scheduled for the fourth quarter of 2027.
  • Continued Regulated Infrastructure InvestmentThe regulated utilities invested $149.3 million in company-funded capital projects year to date and are on target to invest $185 million to $220 million in infrastructure investments for the full year.
  • Golden State Water Rate Base ExpansionGolden State Water's adopted average water rate base increased from $980.4 million in 2021 to $1.6732 billion in 2026, representing a compound annual growth rate of 11.3% over the five-year period.
  • Favorable Water Consumption and Supply MixGolden State Water's year-to-date earnings benefited from approximately 1% higher customer consumption and a favorable water-supply source mix that included less purchased water than in the same period of 2025. The improvement was due in part to certain wells that had been temporarily offline returning to service during 2026.
  • Potential Norwalk Water-System AcquisitionGolden State Water and the CPUC's Public Advocates Office filed a joint settlement seeking approval to acquire an existing water system serving almost 900 customer connections in Norwalk, California. If approved, the system would be incorporated into an existing rate-making area and result in increased water revenues. A proposed decision is scheduled for the fourth quarter of this year.
  • Electric Segment Earnings and Rate-Base GrowthBear Valley Electric's quarterly earnings increased to $0.05 per share from $0.04 per share. Its adopted average rate base increased from $69.2 million in 2021 to $166 million in 2026, representing a 19.1% compound annual growth rate over five years.
  • Bear Valley Electric Rate Case RequestBear Valley Electric filed a general rate case for 2027 through 2030 and requested approximately $133 million of capital budgets, plus approximately $17 million or more of AFUDC for capital projects to be filed for revenue recovery through advice letters. The filing requests an 11.3% return on equity, a 5.92% embedded cost of debt, a 60% equity and 40% debt capital structure, and a 9.15% return on rate base.
  • ASUS New Project Awards and Earnings OutlookASUS was awarded $31 million in new capital-upgrade construction projects through the nine months ended September 30, 2026, with completion expected through 2029. ASUS is on target to contribute $0.63 to $0.67 per share in 2026, representing an increase of 3.3% to 9.8% year over year, and is projected to contribute $0.67 to $0.71 per share in 2027.
  • Strong Credit RatingsStandard & Poor's affirmed American States Water's A rating with a stable outlook and Golden State Water's A-plus rating with a stable outlook. Management stated that these are among the highest credit ratings in the U.S. investor-owned water utility industry.
  • Dividend Increase and Long-Term Dividend RecordThe company raised its dividend by 8.2% in the third quarter. The quarterly dividend rate has grown at an 8.4% compound annual growth rate over the last five years, consistent with the company's policy of targeting dividend growth of more than 7% over the long term. The company has increased its dividend every calendar year for 72 consecutive years.
  • Water Return ExpectationsManagement said it is confident Golden State Water will earn its authorized return on equity or above its authorized return on the water business.
  • Electric Rate Case TimingThe pending electric rate case is scheduled to receive a proposed decision in the first quarter of 2027, with new rates expected to be effective January 1, 2027. Management stated that even if the decision is delayed by a few months, the company would have the ability to book the revenues retroactively, and noted that the administrative law judge appears focused on keeping the case moving.
  • Customer Affordability MeasuresManagement stated that the majority of water service areas perform well under the CPUC's affordability metric. For a few smaller service areas where affordability challenges exist, the company is implementing or has proposed measures to address those concerns. Electric customer bills and affordability metrics remain within a manageable range.
  • Stable Cost of Capital MechanismGolden State Water's current authorized return on rate base is 7.93%, including a 10.06% return on equity and a capital structure of 57% equity and 43% debt. The current weighted average cost of capital remains in effect through December 31, 2027, and the water cost-of-capital adjustment mechanism was not triggered for the period from October 1, 2025 through September 30, 2026.

CH:FDK Earnings History

CH:FDK earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 24, 20272026 (Q4)0.60-0.61――
Nov 04, 20262026 (Q3)0.890.870.870.00% (+0.00)
Aug 05, 20262026 (Q2)0.760.900.7225.29% (+0.18)
May 06, 20262026 (Q1)0.630.630.588.57% (+0.05)
Feb 18, 20262025 (Q4)0.620.610.577.25% (+0.04)
Nov 05, 20252025 (Q3)0.830.870.7811.58% (+0.09)
Aug 06, 20252025 (Q2)0.750.720.72.35% (+0.02)
May 07, 20252025 (Q1)0.550.580.445.83% (+0.18)
Feb 19, 20252024 (Q4)0.520.570.4525.45% (+0.12)
Nov 06, 20242024 (Q3)0.810.780.711.76% (+0.08)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed