98 articles about "Aqua America"
The City of Nashua’s bid to take the water assets of Pennichuck Corp. by eminent domain is far from over. CEO Duane Montopoli plans to fight the latest ruling by the NHPUC, which values his company at USD203 million.
* New York City’s failure to collect overdue water bills has taken a new turn. It has come to light that one of the biggest water bill deadbeats is actually one of the city’s own agencies
RWE has been forced to inject USD245 million into American Water after the April IPO fell short of expectations. The goodwill from RWE’s 2003 acquisition is still burning a hole in American’s balance sheet.
* Aqua America’s share price dropped more than 6% after the company again failed to hit quarterly earnings targets. Aqua’s Q1 revenues were up just 1.4% at USD139.3 million,
RWE seems set to divest the majority of American Water by the middle of May. It will allow American to focus on recreating shareholder value.
For the second year running, Aqua America’s earnings have grown by a fraction of the target set by management. The stock performance sums up the market’s view.
* RWE seems keen to speed up the flotation of American Water.
The race to acquire water assets has inevitably left a few underperforming systems on Aqua America’s books. Now CEO Nick DeBenedictis is looking to spruce up his portfolio by pruning off the withered branches.
* Aqua America rounded out 2007 with a flurry of acquisition announcements, taking its total for the year to around 27, by our calculations.
With few exceptions, the publicly-traded US water utilities put in a poor performance in 2007. It has forced some to re-think their value creation strategies.