American Water Reports In-Line 2017 Earnings; Little Impact From Tax Reform
We are reaffirming our $80 fair value estimate and narrow moat and stable moat trend ratings for American Water Works after the company reported in-line 2017 adjusted earnings of $3.03 per share, $0.01 less than our estimate and $0.01 higher than consensus. American Water also reaffirmed its 2018 earnings guidance of $3.22-$3.32 per share, and our $3.30 per share estimate is unchanged.The impact of tax reform on American Water’s regulated business is similar to that of most other utilities. We ...
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