<p>美国州水务公司（American States Water Company，简称 AWR）已召开 2026 年第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>美国州水务公司最新的财报电话会议传达了整体乐观的基调，管理层强调了稳健的盈利增长、强劲的现金生成以及支持未来收入的监管结果。尽管更高的供应和运营成本、上升的利息支出以及新的监管机制增加了一些波动风险，但公司强调其不断扩大的费率基础、增长的股息和持续的投资计划是长期股东回报的关键驱动因素。</p>
<h2>合并每股收益增长</h2>
<p>美国州水务公司报告 2026 年第一季度合并每股收益为 0.76 美元，较去年同期的 0.70 美元增长 8.6%。管理层将这一改善视为公司在成本压力上升的情况下，受监管公用事业和合同服务组合的推动，能够实现盈利增长的证据。</p>
<h2>所有业务部门同比改善</h2>
<p>所有三个运营部门都为盈利增长做出了贡献，突显出广泛的提升，而不是依赖单一业务线。金州水务的每股收益为 0.55 美元，较 0.52 美元有所上升，贝尔谷电力从 0.07 美元上升至 0.08 美元，ASUS 的每股收益从 0.13 美元上升至 0.15 美元，后两个部门均实现了两位数的百分比增长。</p>
<h2>收入增长及各部门贡献</h2>
<p>合并收入同比增长 2120 万美元，各部门在增长故事中发挥了不同的作用。水务收入因 2026 年新费率增长 1110 万美元，电力收入增长 370 万美元，ASUS 收入增长 640 万美元，主要受军事公用事业系统建设活动增加的推动。</p>
<h2>运营现金流显著改善</h2>
<p>运营现金流是一个突出指标，经营活动提供的净现金达到 7160 万美元，而去年同期为 4510 万美元。管理层将约 58.8% 的增长归因于新监管费率、附加费收款和 ASUS 账单时机的影响，增强了公司内部资助资本支出和股息的能力。</p>
<h2>强劲的资本投资计划</h2>
<p>公司重申了其监管公用事业的强大资本计划，预计 2026 年公司自筹资本支出将在 1.85 亿至 2.25 亿美元之间。仅在第一季度，公司自筹资本支出总计 4210 万美元，突显出对基础设施的持续投资，预计将流入费率基础并支持未来的盈利。</p>
<h2>ASUS 动能与全年指引</h2>
<p>ASUS 继续作为增长引擎，受益于较高的建设工作和较低的利息支出。该部门为第一季度盈利贡献了每股 0.15 美元，同比增长 0.02 美元，管理层预计 ASUS 将在 2026 年全年提供每股 0.63 至 0.67 美元的收益。</p>
<h2>支持收入的监管结果</h2>
<p>加州公共事业委员会最近的监管决定为金州水务的收入前景提供了显著的提升。公司强调，扣除水供应成本后的运营收入预计在 2026 年将比 2025 年高出约 3200 万美元，其中约 1100 万美元与建议信函资本项目相关，2026 年费率基础增加 8000 万美元，产生约 1100 万美元的增量收入要求。</p>
<h2>费率基础增长与长期回报特征</h2>
<p>金州水务的费率基础增长仍然是公司长期投资案例的核心支柱，管理层指出，从 2021 年到 2026 年，复合年增长率为 11.3%，以 2021 年为基年。目前授权的费率基础回报率为 7.93%，包括 10.06% 的允许股本回报，支持到 2027 年底相对稳定的回报特征。</p>
<h2>股息增长与认可</h2>
<p>股东受益于稳定上升的股息，季度支付以 5 年复合年增长率 8.5% 增长，超过公司长期政策目标的 7%。管理层还指出非财务验证，提到美国州水务在一份主要的最值得信赖公司名单中在能源和公用事业类别中排名第一，这可能支持投资者信心。</p>
<h2>供应成本上升</h2>
<p>并非所有趋势都是有利的，供应成本同比上升 510 万美元，主要受每单位购买水成本和购买水量增加的推动。尽管大部分单位成本的上升已反映在客户费率中，因此对盈利中性，但管理层承认，购买水量的增加对第一季度的盈利能力产生了负面影响。</p>
<h2>运营费用增加</h2>
<p>除了供应成本外，合并运营费用（不包括供应）较去年上升 1020 万美元，主要反映 ASUS 建设费用的增加和项目活动的时间差。这些上升的成本部分抵消了收入增长，并强调了在公司追求增长时保持利润率的纪律性执行的重要性。</p>
<h2>净利息支出上升</h2>
<p>净利息支出也有所上升，尽管收入和现金流势头强劲，但这为底线增长带来了另一个阻力。公司提到缺乏去年在建议信函项目上资本化债务成本的好处以及较低的监管平衡账户余额是影响净收益的因素。</p>
<h2>ATM 发行导致的稀释</h2>
<p>每股收益因公司在市场上的股权计划而略微被稀释，该计划在本季度筹集了 620 万美元。管理层估计，该计划下发行的股票在该期间减少了约 0.01 美元的每股收益，并指出还有约 3430 万美元的发行能力可供未来需要以支持资本需求。</p>
<h2>监管机制引入波动风险</h2>
<p>向蒙特雷风格的年度利润恢复机制和增量供应成本平衡账户的过渡，引入了与客户使用和供应组合相关的新波动风险。第一季度的结果已经反映出由于临时井停产而导致的购水量增加的影响，管理层警告称，这些机制可能会导致报告结果随时间的波动，即使它们支持成本回收。</p>
<h2>资本成本申请的递延</h2>
<p>加州委员会批准了公司下一次水成本资本申请的一年递延，将申请推迟到 2027 年 5 月，新费率将在 2028 年初生效。该决定有效地锁定了当前授权的回报参数，持续数年，这提供了近期的可见性，但也延迟了在资本市场条件允许的情况下任何潜在的上调。</p>
<h2>前瞻性指导和展望</h2>
<p>展望未来，管理层重申了 2026 年公司自筹资本支出的指导为 1.85 亿至 2.25 亿美元，并重申预计 ASUS 将为该年度贡献每股 0.63 至 0.67 美元，基于其更强的第一季度表现。公司还强调了金州水务的费率基础的持续扩展，2027 年前的支持性授权回报，以及其股息增长的良好记录，尽管面临成本通胀、利息支出压力和可能伴随不断变化的监管机制的收益波动，仍暗示了建设性的长期展望。</p>
<p>美国州水务的财报电话会议描绘了一家在增长与稳定之间取得平衡的公用事业和服务提供商的形象，扩大的费率基础、上升的股息和强劲的现金流支撑着投资案例。尽管投资者必须权衡成本压力、监管复杂性和适度的股权稀释，但公司广泛的收益增长、稳健的资本计划和有利的监管结果使管理层对其在未来几年内提供可持续回报的能力充满信心。</p>

<p>美国州水务公司（AWR）报告了强劲的第一季度业绩，每股收益增长 8.6% 至 0.76 美元，得益于所有运营部门的表现。收入增加了 2120 万美元，水务和电力收入贡献显著。运营现金流改善了 58.8%，达到 7160 万美元，支持预计在 2026 年之间的资本支出在 1.85 亿至 2.25 亿美元。公司强调了其不断增长的资产基数和股息增长，同时承认上升的供应和运营成本是挑战。最近的监管决定预计将改善收入前景，特别是对于金州水务</p>

<p>American States Water Company ((AWR)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>美国州水务公司（American States Water Company，简称 AWR）已召开 2026 年第一季度财报电话会议。以下是会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>American States Water Company’s latest earnings call struck a broadly upbeat tone as management highlighted solid earnings growth, strong cash generation, and supportive regulatory outcomes that underpin future revenues. While higher supply and operating costs, rising interest expense, and new regulatory mechanisms add some volatility risk, the company emphasized its expanding rate base, growing dividend, and continued investment program as key drivers of long‑term shareholder returns.</p>
<div class="lb-trans"><p>美国州水务公司最新的财报电话会议传达了整体乐观的基调，管理层强调了稳健的盈利增长、强劲的现金生成以及支持未来收入的监管结果。尽管更高的供应和运营成本、上升的利息支出以及新的监管机制增加了一些波动风险，但公司强调其不断扩大的费率基础、增长的股息和持续的投资计划是长期股东回报的关键驱动因素。</p>
</div><h2>Consolidated EPS Growth</h2>
<div class="lb-trans"><h2>合并每股收益增长</h2>
</div><p>American States Water reported consolidated earnings per share of $0.76 for the first quarter of 2026, up from $0.70 a year earlier, representing an 8.6% increase. Management framed this improvement as evidence that the company’s mix of regulated utilities and contracted services can grow earnings even amid rising cost pressures.</p>
<div class="lb-trans"><p>美国州水务公司报告 2026 年第一季度合并每股收益为 0.76 美元，较去年同期的 0.70 美元增长 8.6%。管理层将这一改善视为公司在成本压力上升的情况下，受监管公用事业和合同服务组合的推动，能够实现盈利增长的证据。</p>
</div><h2>All Segments Year‑over‑Year Improvement</h2>
<div class="lb-trans"><h2>所有业务部门同比改善</h2>
</div><p>All three operating segments contributed to the earnings advance, underscoring a broad‑based uplift rather than reliance on a single business line. Golden State Water delivered EPS of $0.55 versus $0.52, Bear Valley Electric edged up to $0.08 from $0.07, and ASUS posted $0.15 versus $0.13, reflecting double‑digit percentage gains for the latter two segments.</p>
<div class="lb-trans"><p>所有三个运营部门都为盈利增长做出了贡献，突显出广泛的提升，而不是依赖单一业务线。金州水务的每股收益为 0.55 美元，较 0.52 美元有所上升，贝尔谷电力从 0.07 美元上升至 0.08 美元，ASUS 的每股收益从 0.13 美元上升至 0.15 美元，后两个部门均实现了两位数的百分比增长。</p>
</div><h2>Revenue Increase and Segment Contributions</h2>
<div class="lb-trans"><h2>收入增长及各部门贡献</h2>
</div><p>Consolidated revenue rose by $21.2 million year‑over‑year, with each segment playing a distinct role in the growth story. Water revenues climbed by $11.1 million on the back of new 2026 rates, electric revenue increased by $3.7 million, and ASUS revenue advanced $6.4 million, driven largely by higher construction activity for military utility systems.</p>
<div class="lb-trans"><p>合并收入同比增长 2120 万美元，各部门在增长故事中发挥了不同的作用。水务收入因 2026 年新费率增长 1110 万美元，电力收入增长 370 万美元，ASUS 收入增长 640 万美元，主要受军事公用事业系统建设活动增加的推动。</p>
</div><h2>Meaningful Operating Cash Flow Improvement</h2>
<div class="lb-trans"><h2>运营现金流显著改善</h2>
</div><p>Operating cash flow was a standout metric, with net cash provided by operating activities reaching $71.6 million compared with $45.1 million in the prior‑year period. Management attributed the roughly 58.8% increase to the impact of new regulated rates, surcharge collections, and the timing of ASUS billings, bolstering the company’s ability to fund capex and dividends internally.</p>
<div class="lb-trans"><p>运营现金流是一个突出指标，经营活动提供的净现金达到 7160 万美元，而去年同期为 4510 万美元。管理层将约 58.8% 的增长归因于新监管费率、附加费收款和 ASUS 账单时机的影响，增强了公司内部资助资本支出和股息的能力。</p>
</div><h2>Strong Capital Investment Plan</h2>
<div class="lb-trans"><h2>强劲的资本投资计划</h2>
</div><p>The company reaffirmed a robust capital program for its regulated utilities, projecting 2026 company‑funded capital expenditures between $185 million and $225 million. In the first quarter alone, company‑funded capex totaled $42.1 million, highlighting ongoing investment in infrastructure that is expected to flow into rate base and support future earnings.</p>
<div class="lb-trans"><p>公司重申了其监管公用事业的强大资本计划，预计 2026 年公司自筹资本支出将在 1.85 亿至 2.25 亿美元之间。仅在第一季度，公司自筹资本支出总计 4210 万美元，突显出对基础设施的持续投资，预计将流入费率基础并支持未来的盈利。</p>
</div><h2>ASUS Momentum and Full‑Year Guidance</h2>
<div class="lb-trans"><h2>ASUS 动能与全年指引</h2>
</div><p>ASUS continued to build momentum as a growth engine, benefiting from elevated construction work and lower interest expense compared with a year ago. The segment contributed $0.15 per share to first‑quarter earnings, up $0.02 year‑over‑year, and management projected that ASUS will deliver between $0.63 and $0.67 per share for full‑year 2026.</p>
<div class="lb-trans"><p>ASUS 继续作为增长引擎，受益于较高的建设工作和较低的利息支出。该部门为第一季度盈利贡献了每股 0.15 美元，同比增长 0.02 美元，管理层预计 ASUS 将在 2026 年全年提供每股 0.63 至 0.67 美元的收益。</p>
</div><h2>Regulatory Outcomes Supporting Revenue</h2>
<div class="lb-trans"><h2>支持收入的监管结果</h2>
</div><p>Recent regulatory decisions from the California Public Utilities Commission provided a meaningful uplift to the revenue outlook for Golden State Water. The company highlighted that adopted operating revenues less water supply costs are expected to be roughly $32 million higher in 2026 than in 2025, including about $11 million tied to advice letter capital projects and an $80 million addition to the 2026 rate base that generates around $11 million of incremental revenue requirement.</p>
<div class="lb-trans"><p>加州公共事业委员会最近的监管决定为金州水务的收入前景提供了显著的提升。公司强调，扣除水供应成本后的运营收入预计在 2026 年将比 2025 年高出约 3200 万美元，其中约 1100 万美元与建议信函资本项目相关，2026 年费率基础增加 8000 万美元，产生约 1100 万美元的增量收入要求。</p>
</div><h2>Rate Base Growth and Long‑Term Return Profile</h2>
<div class="lb-trans"><h2>费率基础增长与长期回报特征</h2>
</div><p>Golden State Water’s rate base growth remains a central pillar of the company’s long‑term investment case, with management noting a compound annual growth rate of 11.3% from 2021 through 2026 using 2021 as the base year. The current authorized return on rate base stands at 7.93%, including an allowed return on equity of 10.06%, supporting a relatively stable return profile through the end of 2027.</p>
<div class="lb-trans"><p>金州水务的费率基础增长仍然是公司长期投资案例的核心支柱，管理层指出，从 2021 年到 2026 年，复合年增长率为 11.3%，以 2021 年为基年。目前授权的费率基础回报率为 7.93%，包括 10.06% 的允许股本回报，支持到 2027 年底相对稳定的回报特征。</p>
</div><h2>Dividend Growth and Recognition</h2>
<div class="lb-trans"><h2>股息增长与认可</h2>
</div><p>Shareholders have benefited from a steadily rising dividend, with the quarterly payout growing at a five‑year compound annual rate of 8.5%, above the company’s long‑term policy target of more than 7%. Management also pointed to non‑financial validation, noting that American States Water ranked first in the energy and utilities category on a major list of the most trustworthy companies, which may support investor confidence.</p>
<div class="lb-trans"><p>股东受益于稳定上升的股息，季度支付以 5 年复合年增长率 8.5% 增长，超过公司长期政策目标的 7%。管理层还指出非财务验证，提到美国州水务在一份主要的最值得信赖公司名单中在能源和公用事业类别中排名第一，这可能支持投资者信心。</p>
</div><h2>Higher Supply Costs</h2>
<div class="lb-trans"><h2>供应成本上升</h2>
</div><p>Not all trends were favorable, as supply costs climbed by $5.1 million year‑over‑year, driven by higher per‑unit purchased water costs and increased purchased water volumes. While a large portion of the per‑unit cost increases were reflected in customer rates and therefore neutral to earnings, management acknowledged that higher volumes of purchased water negatively affected first‑quarter profitability.</p>
<div class="lb-trans"><p>并非所有趋势都是有利的，供应成本同比上升 510 万美元，主要受每单位购买水成本和购买水量增加的推动。尽管大部分单位成本的上升已反映在客户费率中，因此对盈利中性，但管理层承认，购买水量的增加对第一季度的盈利能力产生了负面影响。</p>
</div><h2>Increase in Operating Expenses</h2>
<div class="lb-trans"><h2>运营费用增加</h2>
</div><p>Beyond supply costs, consolidated operating expenses excluding supply rose by $10.2 million compared with the prior year, primarily reflecting higher ASUS construction expenses and timing differences in project activity. These rising costs partially offset revenue gains and underscored the importance of disciplined execution to maintain margins as the company pursues growth.</p>
<div class="lb-trans"><p>除了供应成本外，合并运营费用（不包括供应）较去年上升 1020 万美元，主要反映 ASUS 建设费用的增加和项目活动的时间差。这些上升的成本部分抵消了收入增长，并强调了在公司追求增长时保持利润率的纪律性执行的重要性。</p>
</div><h2>Higher Interest Expense Net of Interest Income</h2>
<div class="lb-trans"><h2>净利息支出上升</h2>
</div><p>Interest expense net of interest income also moved higher, creating another headwind to bottom‑line growth despite the topline and cash flow momentum. The company cited the absence of prior‑year benefits from capitalized debt costs on advice letter projects and lower regulatory balancing account balances as factors that weighed on net earnings.</p>
<div class="lb-trans"><p>净利息支出也有所上升，尽管收入和现金流势头强劲，但这为底线增长带来了另一个阻力。公司提到缺乏去年在建议信函项目上资本化债务成本的好处以及较低的监管平衡账户余额是影响净收益的因素。</p>
</div><h2>Dilution from ATM Offering</h2>
<div class="lb-trans"><h2>ATM 发行导致的稀释</h2>
</div><p>Earnings per share were modestly diluted by the company’s at‑the‑market equity program, which raised $6.2 million during the quarter. Management estimated that shares issued under the program reduced EPS by approximately $0.01 in the period, and noted that about $34.3 million of capacity remains available for future issuance as needed to support capital needs.</p>
<div class="lb-trans"><p>每股收益因公司在市场上的股权计划而略微被稀释，该计划在本季度筹集了 620 万美元。管理层估计，该计划下发行的股票在该期间减少了约 0.01 美元的每股收益，并指出还有约 3430 万美元的发行能力可供未来需要以支持资本需求。</p>
</div><h2>Regulatory Mechanism Introduces Volatility Risk</h2>
<div class="lb-trans"><h2>监管机制引入波动风险</h2>
</div><p>The transition to a Monterey‑style Mechanism for Recovery of Annual Margin and an incremental supply cost balancing account introduces new volatility risks in earnings tied to customer usage and supply mix. First‑quarter results already reflected some impact from increased purchased water volumes due to temporary well outages, and management cautioned that such mechanisms may cause more fluctuations in reported results over time even as they support cost recovery.</p>
<div class="lb-trans"><p>向蒙特雷风格的年度利润恢复机制和增量供应成本平衡账户的过渡，引入了与客户使用和供应组合相关的新波动风险。第一季度的结果已经反映出由于临时井停产而导致的购水量增加的影响，管理层警告称，这些机制可能会导致报告结果随时间的波动，即使它们支持成本回收。</p>
</div><h2>Deferred Cost of Capital Filing</h2>
<div class="lb-trans"><h2>资本成本申请的递延</h2>
</div><p>The California commission approved a one‑year deferral of the company’s next water cost of capital application, moving the filing to May 2027 with new rates effective in early 2028. This decision effectively locks in the current authorized return parameters for several more years, which offers near‑term visibility but also delays any potential upward adjustment if capital market conditions warrant.</p>
<div class="lb-trans"><p>加州委员会批准了公司下一次水成本资本申请的一年递延，将申请推迟到 2027 年 5 月，新费率将在 2028 年初生效。该决定有效地锁定了当前授权的回报参数，持续数年，这提供了近期的可见性，但也延迟了在资本市场条件允许的情况下任何潜在的上调。</p>
</div><h2>Forward‑Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指导和展望</h2>
</div><p>Looking ahead, management reiterated its 2026 company‑funded capex guidance of $185 million to $225 million and reaffirmed expectations that ASUS will contribute $0.63 to $0.67 per share for the year, building on its stronger first‑quarter showing. The company also emphasized the continued expansion of Golden State Water’s rate base, the supportive authorized returns in place through 2027, and its track record of dividend growth, suggesting a constructive long‑term outlook despite cost inflation, interest expense pressures, and the earnings volatility that may accompany evolving regulatory mechanisms.</p>
<div class="lb-trans"><p>展望未来，管理层重申了 2026 年公司自筹资本支出的指导为 1.85 亿至 2.25 亿美元，并重申预计 ASUS 将为该年度贡献每股 0.63 至 0.67 美元，基于其更强的第一季度表现。公司还强调了金州水务的费率基础的持续扩展，2027 年前的支持性授权回报，以及其股息增长的良好记录，尽管面临成本通胀、利息支出压力和可能伴随不断变化的监管机制的收益波动，仍暗示了建设性的长期展望。</p>
</div><p>American States Water’s earnings call painted a picture of a utility and services provider that is balancing growth and stability, with expanding rate base, rising dividends, and strong cash flow underpinning the investment case. While investors must weigh cost pressures, regulatory complexity, and modest equity dilution, the company’s broad‑based earnings gains, robust capital plan, and favorable regulatory outcomes leave management confident in its ability to deliver sustainable returns over the coming years.</p>
<div class="lb-trans"><p>美国州水务的财报电话会议描绘了一家在增长与稳定之间取得平衡的公用事业和服务提供商的形象，扩大的费率基础、上升的股息和强劲的现金流支撑着投资案例。尽管投资者必须权衡成本压力、监管复杂性和适度的股权稀释，但公司广泛的收益增长、稳健的资本计划和有利的监管结果使管理层对其在未来几年内提供可持续回报的能力充满信心。</p>
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Amer States Wate 的财报电话会议突显了增长