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EX - 99.1 2 exhibit99 1pressrelease2021.htm EX - 99.1 American States Water Company American States Water Company Announces First Quarter 2021 Results 36.8 % increase in consolidated diluted EPS over first quarter of 2020 ( 20.9 % increase over adjusted first quarter 2020 diluted EPS ) Increased earnings per share in all business segments San Dimas , California , May 3 , 2021 .... American States Water Company ( NYSE : AWR ) today reported basic and fully diluted earnings per share of $ 0.52 for the quarter ended March 31 , 2021 , as compared to basic and fully diluted earnings per share of $ 0.38 for the quarter ended March 31 , 2020 , a 36.8 % increase . Included in the results for the first quarter of 2020 were losses totaling $ 2.4 million , or approximately $ 0.05 per share , incurred on investments held to fund one of the company's retirement plans that resulted from the negative effects at the start of the COVID - 19 pandemic early last year on the financial markets . Excluding this item from the results for the first quarter of 2020 , consolidated diluted earnings for the first quarter of 2021 increased by $ 0.09 per share , or 20.9 % , as compared to the same period in 2020 . First Quarter 2021 Results The table below sets forth a comparison of the first quarter 2021 diluted earnings per share by business segment with the same period in 2020 . Water Electric Contracted services Consolidated diluted earnings per share ● ● $ $ Diluted Earnings per Share Three Months Ended 3/31/2021 0.33 $ 0.07 0.12 0.52 $ Exhibit 99.1 3/31/2020 0.24 $ 0.06 0.08 0.38 $ CHANGE Water Segment : Diluted earnings per share from AWR's water utility segment , Golden State Water Company ( " GSWC " ) , for the three months ended March 31 , 2021 increased by $ 0.09 per share as compared to the same period in 2020. Excluding the $ 2.4 million of losses incurred on investments from the results for the first quarter of 2020 , diluted earnings for the water segment during the first quarter of 2021 increased by $ 0.04 per share due to the following items ( excluding the impact of billed surcharges , which have no effect on net earnings ) : 0.09 0.01 0.04 0.14 An increase in the water gross margin of $ 2.5 million , or approximately $ 0.05 per share , as a result of new rates authorized by the California Public Utilities Commission ( " CPUC " ) . Effective January 1 , 2021 , GSWC received its full third - year step increase , which it achieved as a result of passing an earnings test . The full step increase is expected to generate an additional $ 11.1 million in water gross margin for 2021 . An overall increase in operating expenses ( excluding supply costs ) , which negatively impacted earnings by $ 0.01 per share mainly due to increases in depreciation expense and property and other non - income taxes , partially offset by a decrease in maintenance expense . An increase in interest expense ( net of interest income ) was mostly offset by an overall increase in other income primarily from gains earned during the first quarter of 2021 on investments held to fund one of the company's retirement plans . Electric Segment :