American Water Statement on Impact of Tax Cuts and Jobs Act on Prior Guidance
VOORHEES, N.J.--(BUSINESS WIRE)--
American Water Works Company, Inc. (NYSE: AWK), the largest publicly
traded U.S. water and wastewater utility company, has issued a statement
related to the Tax Cuts and Jobs Act (TCJA), and the company's guidance
previously issued on Dec. 11, 2017. The Company stated that the TCJA and
any future Treasury rules, regulations or guidance, may materially
impact the company's 2017 results of operations, as well as its
expectations, and the related estimates, assumptions and sensitivities,
for its future financial and operational performance disclosed in this
prior guidance. As stated on the Dec. 11 guidance call, the company's
prior guidance did not include the impact of any tax reform legislation.
The company expects to provide an estimate of the impact of the TCJA in
conjunction with the filing of its Annual Report on Form 10-K for the
year ended Dec. 31, 2017 and related information, expected in February
2018. Additional information on the preliminary impact of the TCJA may
be found in the company's Form 8-K, filed with the SEC today.
About American Water
With a history dating back to 1886, American Water is the largest and
most geographically diverse U.S. publicly-traded water and wastewater
utility company. The company employs more than 6,800 dedicated
professionals who provide regulated and market-based drinking water,
wastewater and other related services to an estimated 15 million people
in 47 states and Ontario, Canada. More information can be found by
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release including, without limitation,
the impact and effect of the TCJA and any related Treasury regulations,
rules or interpretations, if and when issued, on the company's Dec. 11
guidance, as well as on the Company's results of operations to be
reported for fiscal 2017, are forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and the Federal securities laws. In some
cases, these forward-looking statements can be identified by words with
prospective meanings such as "intend," "plan," "estimate," "believe,"
"anticipate," "expect," "predict," "project," "propose," "assume,"
"forecast," "likely," "outlook," "future," "pending," "goal,"
"objective," "potential," "continue," "seek to," "may," "can," "will,"
"should" and "could" and or the negative of such terms or other
variations or similar expressions. These forward-looking statements are
predictions based on American Water's current expectations and
assumptions regarding future events. They are not guarantees or
assurances of any outcomes, financial results of levels of activity,
performance or achievements, and readers are cautioned not to place
undue reliance upon them. The forward-looking statements are subject to
a number of estimates and assumptions, and known and unknown risks,
uncertainties and other factors. Actual results may differ materially
from those discussed in the forward-looking statements included in this
press release as a result of the factors discussed in the Company's
Annual Report on Form 10-K for the year ended Dec. 31, 2016, and
subsequent filings with the SEC, and because of factors such as: the
decisions of governmental and regulatory bodies, including decisions to
raise or lower rates; the timeliness and outcome of regulatory
commissions' actions concerning rates, capital structure, authorized
return on equity, capital investment, permitting, impacts pertaining to
the TCJA, and other decisions; changes in laws, governmental regulations
and policies, including public utility and tax regulations and policies;
changes in its capital requirements; its ability to control operating
expenses and to achieve efficiencies in its operations; changes in
general economic, political, business and financial market conditions;
changes in Federal or state income, general and other tax laws, rules
and regulations, including tax reform, the availability of tax credits
and tax abatement programs, and the ability to utilize its U.S. and
state net operating loss carryforwards; the incurrence of impairment
charges related to American Water's goodwill or other assets; and the
impact of new accounting standards or changes to existing standards.
These forward-looking statements are qualified by, and should be read
together with, the risks and uncertainties set forth above and the risk
factors included in the company's annual and quarterly SEC filings, and
readers should refer to such risks, uncertainties and risk factors in
evaluating such forward-looking statements. Any forward-looking
statements speak only as of the date of this press release. The company
does not have or undertake any obligation or intention to update or
revise any forward-looking statement, whether as a result of new
information, future events, changed circumstances or otherwise, except
as otherwise required by the Federal securities laws. Furthermore, it
may not be possible to assess the impact of any such factor on the
company's businesses, either viewed independently or together, or the
extent to which any factor, or combination of factors, may cause results
to differ materially from those contained in any forward-looking
statement. The foregoing factors should not be construed as exhaustive.
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American Water Works Company, Inc.
Vice President, Communications and Federal Affairs
Source: American Water Works Company, Inc.
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