American States Water Co (NYSE:AWR)
Q1 2021 Earnings Call
May 4, 2021, 2:00 p.m. ET
- Prepared Remarks
- Questions and Answers
- Call Participants
Ladies and gentlemen, thank you for standing by, and welcome to the American States Water Company Conference Call Discussing the Company’s First Quarter 2021 Results. The call is being recorded. If you would like to listen to the replay of this call, we’ll begin this afternoon at 5:00 p.m. Eastern Time and run through Tuesday, May 11, 2021, on the company’s website, www.aswater.com. The slides that the company will be referring to will also be available on the website. [Operator Instructions] Please note today’s conference will also be limited to one hour.
Presenting today from American States Water Company is Bob Sprowls, President and Chief Executive Officer; and Eva Tang, Senior Vice President of Finance and Chief Financial Officer.
As a reminder, certain matters discussed during this conference call may be forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Please review a description of the company’s risks and uncertainties in our most recent Form 10-K and Form 10-Q on file with the Securities and Exchange Commission. In addition, this conference call will include a discussion of certain measures that are not prepared in accordance with the Generally Accepted Accounting Principles or GAAP in the United States and constitute non-GAAP financial measures under SEC rules. These non-GAAP financial measures are derived from consolidated financial information but are not presented in our financial statements that are prepared in accordance with GAAP. For more details, please refer to the press release.
At this time, I’ll turn the conference call over to Bob Sprowls, President and Chief Executive Officer of American States Water Company.
Robert J. Sprowls — President and Chief Executive Officer
Thank you, Jamie. Welcome, everyone, and thank you for joining us today. I’ll begin with some brief comments on the quarter, Eva will then discuss some financial details and then I’ll wrap it up with some updates on regulatory filings, ASUS and dividends, and then we’ll take your questions.
In this year’s first quarter, we achieved consolidated earnings of $0.52 per share versus $0.38 per share during the first quarter of 2020. That’s a 37% increase or a 21% increase on an adjusted basis. You can see from this slide that each of our three operating segments contributed to the year-over-year earnings-per-share growth.
The results of our regulated utilities were driven by CPUC-approved rate increases, while our contracted services segment performed a higher level of construction work during the quarter compared to last year. Steve will discuss this slide in more detail.
We continue to execute on our business…