BRYN MAWR, Pa.--(BUSINESS WIRE)--
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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