American Water Works Company, Inc. Q1 FY2024 results: revenue $1.0 billion, up 8.4% on the year

American Water Works Company, Inc. (AWK) reported revenue of $1.0 billion for Q1 FY2024, the quarter ended 31 March 2024, up 8.4% on the same quarter a year earlier. Net income was $185 million, up 8.8% on the year, and diluted earnings per share $0.95. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$1.0 billionup 8.4%

Net income$185 millionup 8.8%

Diluted EPS$0.95

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,003	1,034	n/a	n/a
Operating income	326	299	n/a	n/a
Operating margin	32.5%	28.9%	n/a
Interest expense	124	n/a	n/a	n/a
Pre-tax income	242	218	n/a	n/a
Income tax	57.0	47.0	n/a	n/a
Effective tax rate	23.6%	21.6%	n/a
Net income	185	171	n/a	n/a
Net margin	18.4%	16.5%	n/a
Diluted EPS	$0.95	$0.88	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	382	527	n/a	n/a
Capital expenditure	609	796	n/a	n/a
Free cash flow	-227	-269	n/a	n/a
Free cash flow margin	-22.6%	-26.0%	n/a
Depreciation and amortisation	188	181	n/a	n/a
Dividends paid	138	137	n/a	n/a
Dividend per share	$0.71	$0.71	n/a	n/a
Diluted shares, weighted	195m	193m	n/a	n/a
Shares outstanding at period end	195m	195m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	31,086	30,298	n/a	n/a
Cash and equivalents	584	330	n/a	n/a
Receivables	323	339	n/a	n/a
Goodwill	1,143	1,143	n/a	n/a
Long-term debt including finance leases	12,566	11,715	n/a	n/a
Borrowings, as the company tags them	n/a	12,222	n/a	n/a
Operating lease liabilities	78.0	73.0	n/a	n/a
Shareholders' equity	10,007	9,797	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,170	1,034	1,003	1,140	1,328	1,182	1,134	1,272	1,454	1,261	1,203	1,350
Operating income	478	299	326	449	543	400	371	489	614	405	391	542
Operating margin	41%	29%	33%	39%	41%	34%	33%	38%	42%	32%	33%	40%
Interest expense	117	n/a	124	131	132	136	144	151	158	162	163	167
Pre-tax income	407	218	242	361	453	303	270	376	494	282	259	405
Tax rate	21%	22%	24%	23%	23%	21%	24%	23%	23%	16%	24%	22%
Net income	323	171	185	277	350	239	205	289	379	238	196	315
Net margin	28%	17%	18%	24%	26%	20%	18%	23%	26%	19%	16%	23%
Diluted EPS	$1.66	$0.88	$0.95	$1.42	$1.80	$1.22	$1.05	$1.48	$1.94	$1.22	$1.00	$1.61
Operating cash flow	633	527	382	345	679	639	331	301	764	663	305	602
Capital expenditure	626	796	609	670	683	894	548	733	797	1,048	659	860
Free cash flow	7.0	-269	-227	-325	-4.0	-255	-217	-432	-33.0	-385	-354	-258
Dividends paid	138	137	138	149	149	149	149	162	161	161	162	174
Shares outstanding	195m	195m	195m	195m	195m	195m	195m	195m	195m	195m	195m	199m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 1 May 2024, accession 0001410636-24-000092: the filing on EDGAR. All of American Water Works Company, Inc.'s filings: EDGAR company page.

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