BRYN MAWR, Pa.--(BUSINESS WIRE)--Dec. 22, 2017--
Aqua America, Inc. (NYSE: WTR), one of the largest U.S.-based, publicly
traded water and wastewater utilities, has welcomed more than 7,100 new
customers through organic growth and approximately 1,000 more through
four completed acquisitions through the end of Q3 2017. As small to
mid-sized municipalities across the country look to focus on other core
services or struggle to comply with ever increasing environmental
compliance regulations, many municipalities are considering exiting the
water and wastewater business. Aqua stands ready to assist the
communities and customers brought into the Aqua family in 2017, and
looks forward to future communities it will have the privilege to serve
in the coming year as well.
Aqua has six pending acquisitions under agreement with municipalities.
The sixth of these is a newly announced municipality in Pennsylvania
with 1,400 customers that came under agreement in December. Two
acquisitions are under agreement and approved by the Pennsylvania Public
Utility Commission, but the closings are delayed due to ongoing
challenges. Previous guidance had reflected customer growth expectations
of 1.5 to 2 percent for 2017. Due to delays in the expected closing
dates of these two previously announced municipal acquisitions now
anticipated for 2018, customer growth totals for 2017 are expected to be
approximately 1 percent.
“As we move into 2018, we remain highly confident in our ability to
deliver long-term value for our stakeholders while operating a
sustainable and growing business focused on world-class service,”
President and CEO Chris Franklin said.
Aqua plans to announce 2018 guidance at an investor and analyst update
on Jan. 17, 2018 at the New York Stock Exchange. A live webcast of the
event will be available on the Investor
Relations section of AquaAmerica.com beginning at 12:15 p.m. Eastern
Standard Time and ending at approximately 1:30 p.m. Eastern Standard
Time. The webcast will be archived in the Investor Relations section of
the company’s website for 90 days following the event.
Aqua America does not guarantee future results of any kind. Guidance is
subject to risks and uncertainties, including, without limitation, those
factors outlined in the “Forward Looking Statements” of this release and
the “Risk Factors” section of the company’s annual and quarterly reports
filed with the Securities and Exchange Commission (SEC).
About Aqua America
Aqua America is one of the largest U.S.-based, publicly traded water and
wastewater utilities and serves nearly 3 million people in Pennsylvania,
Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia.
Aqua America is listed on the New York Stock Exchange under the ticker
symbol WTR. Visit AquaAmerica.com
for more information.
Caution Concerning Forward-Looking Statements
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, among
others: the guidance range of earnings per share for the fiscal years
ending on December 31, 2017; the continuation of the company's
growth-through-acquisition program and the expectations for customer
growth from this program; the expected increase in customer base for the
fiscal years ending on December 31, 2017; the company's expected
same-system operations and maintenance expense increase for the fiscal
years ending on December 31, 2017; the anticipated amount of capital
investment from 2017 through 2020; the company’s anticipated filing of a
Pennsylvania rate case in 2018; and, the volume and pace of
opportunities in the water and wastewater field. There are important
factors that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements including: the
company's continued ability to adapt itself for the future and build
value by fully optimizing company assets; general economic business
conditions; the company's ability to fund needed infrastructure; housing
and customer growth trends; unfavorable weather conditions; the success
of certain cost containment initiatives; changes in regulations or
regulatory treatment; availability and access to capital; the cost of
capital; disruptions in the credit markets; the success of growth
initiatives; the company’s ability to successfully close the six
municipally owned systems presently under agreement; the company's
ability to continue to deliver strong results; the company's ability to
grow its dividend, add shareholder value and to grow earnings;
municipalities willingness to privatize its water and/or wastewater
utilities; the company’s ability to control expenses and create and
maintain efficiencies; the company’s success in its rate filings; and
other factors discussed in our Annual Report on Form 10-K, which is
filed annually with the Securities and Exchange Commission. For more
information regarding risks and uncertainties associated with Aqua
America's business, please refer to Aqua America's annual, quarterly and
other SEC filings. Aqua America is not under any obligation - and
expressly disclaims any such obligation - to update or alter its
forward-looking statements whether as a result of new information,
future events or otherwise.
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Source: Aqua America, Inc.
Aqua America, Inc.
Marketing & Communications