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Text: I'll begin with a few highlights for the quarter.
Through these uncertain times the employees of American States Water once again delivered solid results.
Our consolidated results for the third quarter were $0.72 per share as compared to adjusted earnings of $0.69 per share for the third quarter of 2019, an increase of $0.03 per share or 4.3%.
The adjusted earnings for the third quarter of 2019 exclude a $0.07 per share retroactive adjustment booked in that quarter for the August 2019 electric general rate case decision for periods prior to the third quarter of 2019.
I'm pleased to report that in July of this year, the Company's Board of Directors approved a 9.8% increase in the quarterly cash dividend from $0.305 per share to $0.335 per share.
This increase is in addition to dividend increases of 10.9% in 2019 and 7.8% in 2018.
Along with providing essential services and assistance to our customers and communities to get through the pandemic, we are working our way through some regulatory processes with the California Public Utilities Commission or CPUC which I'll discuss later on.
In addition, we continue to pursue new military base contracts and our service levels remain high for all three of our subsidiaries.
Now that we're going on month eight of the COVID-19 pandemic, I wanted to reflect on the achievements of our personnel across the United States, both customer facing and those who provide support in a remote working environment.
Since March, our field personnel have worked tirelessly to keep the water, electricity and wastewater services operating smoothly for over 1 million customers, including 11 military bases.
They've embraced more stringent safety protocols as we look to keep our employees and customers healthy, while doing this, we've kept our commitments to strengthen our infrastructure for the short and long-term benefit of our customers.
For the nine months ended September 30, 2020, our water and electric utility segments spend $82.3 million in Company-funded capital expenditures.
On track to spend $105 million to $120 million for the year, barring any scheduling delays resulting from COVID-19.
This would be about 3.5 times our expected annual depreciation expense.
While we hope for a return to normal sooner rather than later, I'm proud of the resiliency that our people have shown.
Let me start with a more detailed look at our third quarter financial results on slide 7.
As Bob mentioned, consolidated earnings for the quarter were $0.72 per share compared to $0.69 per share as adjusted for the same period in 2019.
Earnings at our water segment increased $0.04 per share for the quarter.
There continues to be volatility in the financial markets due at least in part to COVID-19 pandemic.
This volatility resulted in an increase in gains on investments held to fund one of Golden State Water's retirement plan contributing a $0.02 per share increase in the water segment's earnings for the quarter.
The remaining increase in the water segment's earnings for the third quarter of 2020 was due to a higher water gross margins from new water rates partially offset by increase in operating expenses, interest expense and the effective income tax rate as well as lower interest income earned on regulatory assets.
Excluding the $0.07 per share retroactive impact front August 2019 CPUC decisions, our electric segment's earnings for the third quarter was $0.04 per share as compared to $0.03 per share as adjusted for the third quarter of 2019 largely due to an increase in the electric gross margins, resulting from new rates authorized by the CPUC partially offset by increases in legal and other outside service costs.
The final August 2019 decision also approved a recovery of previously incurred incremental tree trimming costs totaling $302,000 which resulted in a reduction in maintenance expense that was recorded in the third quarter of last year.
It was no equivalent item in 2020.
Earnings from our contracted services segment were $0.10 per share for the third quarter of 2020 as compared to $0.12 per share for the same period in 2019.
There was an overall decrease in construction activity resulting from weather delays and slowdowns in permitting for construction projects and government funding for new capital upgrades caused in part by the impact of COVID-19.
The Company expect construction activity to pick up during the fourth quarter relative to the first three quarters barring any further delays due to the weather condition.
This decrease was partially offset by increase in management fee revenue and lower travel related costs.
Water revenues increased $3.5 million during the third quarter of 2020 due to full second -- full second year step increases for 2020 as a result of passing earnings test.
The decrease in electric revenues were largely due to $3.7 million in retroactive revenues recorded in the third quarter of 2019 for periods prior to that.
Contracted services revenue for the quarter decreased to $500,000 for the reasons previously discussed.
The decrease was partially offset by increases in management fee due to the successful resolution of various economic price adjustments.
Looking at slide 9, our water electric supply costs were $32.3 million for the third quarter of 2020 as compared to $31.8 million for the third quarter of 2019.
Any changes in the supply cost as compared to the adopted supply costs are tracked in balancing account for both the water and electric segments.
Total operating expenses excluding supply costs increased $1.5 million versus the third quarter of 2019.
There was an increase in construction costs at our contracted services business, American States Utility Services or ASUS due to higher cost incurred on certain projects as well as increases in depreciation expense and property and other taxes as a result of additions of utility plant and fixed assets at all of our business segments.
There was also a $302,000 reduction to maintenance costs to reflect the CPUC's approval in August of 2019 for recovery of previously incurred tree trimming as previously mentioned.
There was no similar reductions in 2020.
Interest expense, net of interest income and other including investments held in a trust to fund the retirement benefit plan decreased $1.1 million due to higher gain because of the recent market condition.
This was partially offset by lower interest income on regulatory assets and lower interest income earned on certain as ASUS construction projects.
Slide 10 shows the earnings per share bridge, comparing the third quarter of 2020 with the same quarter of 2019.
The slide reflect our year-to-date earnings per share by segments.
Fully diluted earnings for the first nine months of 2020 or $1.79 per share as compared to $1.79 per share as adjusted for the same period of 2019.
The 2019 adjusted earnings exclude a $0.04 per share retroactive impact, book the last year, resulting from the August 2019 electric TRC decision for the full year of 2018, which is shown on a separate line in the table on this slide.
In terms of the Company's liquidity, net cash provided by operating activities for the first nine months of 2020 was $87.8 million as compared to $84.3 million for the same periods in 2019.
The increase was largely due to a $7.2 million refund to the water customers in 2019 related to the 2017, tax law changes.
Partially offset by a decrease in cash flow from higher accounts receivable from utility customers due to the economic impact of COVID-19 and the suspension of service disconnections of customers for non-payment.
Our regulated utilities invested $82.3 million in Company-funded capital projects during the first nine months of 2020, while the utilities capital program has been somewhat affected by COVID-19 resulting in certain project delays.
However, our regulated utility is still trying to spend $105 million and $520 million in Company-funded capital expenditures for the year, further delays due to the pandemic.
As we mentioned in the last quarter, Golden State Water issued unsecured private placement notes totaling $160 million in July and repaid a large portion of its intercompany note issued to AWR parent.
Currently American States Water has a credit facility of $200 million to support water and contracted services operations.
We also put in place a separate three year $35 million revolving credit facility for the electric segment that is not guaranteed by the parent.
At this time, we do not expect American States Water to issue additional equity.
I'd like to provide an update on our recent regulatory activity.
In July, Golden State Water filed a general rate case application for all of its water regions and the general office.
This general rate case will determine new water rates for the years 2022, 2023 and 2024.
Among other things, Golden State Water requested capital budgets in this application of approximately $450.6 million for the three-year rate cycle and another $11.4 million of capital projects to be filed for revenue recovery through advice letters when those projects are completed.
A decision in the water general rate case is scheduled for the fourth quarter of 2021 with new rates to become effective January 1, 2022.
On August 27, 2020, the CPUC issued a final decision in the first phase of the CPUC's order instituting rule making evaluating the low income payer assistance and affordability objectives contained in the CPUC's 2010 Water Action Plan which also addressed other issues, including matters associated with the continued use of the water revenue adjustment mechanism or RAM by California water utilities.
The final decision also eliminates the modified supply cost balancing account or MCBA which is a full cost balancing account used to track the difference between the adopted and actual water supply costs including the effects of changes in both rates and volume.
Based on the language in the final decision, any general rate case application filed by Golden State Water and the other California water utilities after the August 27, 2020 effective date of the decision may not include a proposal to continue the use of the RAM or MCBA but may instead include a proposal to use a limited price adjustment mechanism called the Monterey style Ram and an incremental supply cost balancing account.
This decision will not have any impact on Golden State Water's RAM or MCBA balances during the current rate cycle, which runs from 2019 through 2021.
In addition, the language in the decision supports Golden State Water's position that it does not apply to its general rate case application filed in July of this year, which will set new rates for the years 2022 through 2024.
At this time, we cannot predict the potential impact of this decision, if any, on the pending water general rate case.
On or prior to October 5, 2020 Golden State Water, three other California water utilities and the California Water Association filed separate applications for rehearing on the decision in the low income proceeding.
As you know there are water utilities in the state that have been under the Monterey-Style RAM and incremental supply cost balancing account since 2008 and they seem to be able to successfully manage the effects of these mechanisms.
While we are disappointed by this PUC decision, we believe we are well positioned to strategize and adapt to the new requirements.
As you'll see from this slide, the weighted average water rate base as adopted by the CPUC has grown from $717 million in 2017 to $916 million in 2020 which is a compound annual growth rate of 8.5%.
The rate base amounts for 2020 do not include the $20.4 million of advice letter projects approved in Golden State Waters last general rate case.
Let's move on to ASUS on slide 17.
ASUS' earnings contribution for the quarter was $0.10 per share versus $0.12 per share in the year prior.
The decrease was mainly due to a reduction in construction activity due to weather delays as well as slowdowns in permitting for construction projects and in government funding for new capital upgrades that has occurred throughout 2020.
Company expects construction activity to be stronger in the fourth quarter relative to the first three quarters barring any further delays due to weather conditions, but because of the previous delays, we now estimate ASUS' 2020 earnings contribution to be at the low end of the $0.46 to $0.50 per share range we have previously provided.
In light of continued uncertainty associated with the effects of COVID-19, we project ASUS to contribute $0.45 to $0.49 per share for 2021.
We are still involved in various stages of the proposal process at a number of military bases considering privatization of their water and wastewater systems.
The US government is expected to release additional bases for bidding over the next several years.
While we are disappointed that ASUS was not awarded with the most recent military base water and wastewater privatization contract, we are confident that we will win a fair share of the future awards.
I would like to turn our attention to dividends outlined on slide 18.
We believe achieving strong and consistent financial results along with providing a growing dividend allows the Company to continue to attract capital to make necessary investments in the utility infrastructure for the communities and military bases that we serve and return value to our shareholders.
American States Water has paid dividends to shareholders every year since 1931, increasing the dividends received by shareholders each calendar year for 66 consecutive years, which places it in an exclusive group of companies on the New York Stock Exchange that have achieved that result.
Company's current dividend policy is to achieve a compound annual growth rate in the dividend of more than 7% over the long term.

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q3 earnings per share $0.72.

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