American States Water Company Q3 2026 Earnings Recap

American States Water’s shares were roughly flat, up 0.3%, after earnings. Reported EPS was unchanged year over year at $1.06; excluding investment gains and losses, EPS rose $0.05 to $1.06, with rate increases offset in part by higher expenses and a weaker contribution from ASUS.

Key Takeaways

• Adjusted water-segment EPS increased to $0.85 from $0.81, while reported EPS was $0.85 versus $0.86 a year earlier.
• Electric-segment EPS rose to $0.05 from $0.04; ASUS EPS declined to $0.17 from $0.19, primarily due to higher operating and construction expenses.
• Consolidated third-quarter revenue increased $9.8 million year over year. Management cited new rates and advice-letter project revenue in water and electric, and higher management fees at ASUS.
• Golden State Water filed a rate case seeking $1 billion of capital investment over 2028–2030; regulated utilities are on pace for $185 million–$220 million of infrastructure investment this year.
• ASUS received $31 million in new capital upgrade project awards during the first nine months of 2026, with completion expected through 2029.