American States Water Company (NYSE:AWR) Q3 2022 Earnings Conference Call November 8, 2022 2:00 PM ET
Company Participants
Bob Sprowls - President and Chief Executive Officer
Eva Tang - Senior Vice President, Finance and Chief Financial Officer
Operator
Ladies and gentlemen, thank you for standing by and welcome to the American States Water Company Conference Call discussing the company’s Third Quarter 2022 Results. The call is being recorded. And if you would like to listen to the replay of this call, it will begin this afternoon at 2 p.m. Eastern Time and run through Tuesday, November 15, 2022 on the company’s website www.aswater.com. The slides that the company will be referring to are also available on the website. [Operator Instructions] This call will be limited to an 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 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 will turn the call over to Bob Sprowls, President and Chief Executive Officer of American States Water Company.
Bob Sprowls
Thank you, Joe. 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 will wrap it up with some further thoughts on the quarter, updates on regulatory activity, California’s drought, ASUS, dividends and then we will take your questions.
Like the first and second quarters of this year, this was a unique quarter, with reported earnings per share decreasing from the prior year’s comparable quarter. This was in large part due to losses incurred on our investments to fund one of the company’s retirement plans as compared to gains in the same period of 2021 as well as timing issues with receiving a final decision on our water general rate case at Golden State Water. Excluding the gains and losses on investments from both periods and including the additional revenues and water supply costs caused from the delay in the water general rate case in our third quarter results, adjusted consolidated diluted earnings for the third quarter of 2022 were $0.82 per share as compared to adjusted diluted earnings of $0.76 per share for the same period in 2021, an adjusted increase of $0.06 per share or nearly 8%.