US water utilities have witnessed flat sales growth for the past couple of years, primarily due to efficiency programs. Flat economic growth has also triggered neutral revenue growth for water utility companies.
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The chart above shows the year-over-year sales growth of leading US water utilities American Water Works (AWK), American States Water (AWR), Aqua America (WTR), and California Water Service Group (CWT). American Water Works maintained its stable sales growth likely due to its large exposure to regulated operations.
But what factors have impacted these companies’ earnings the most? Continue to the next part to find out.