Aqua America Inc. (NYSE:WTR) Q3 2019 Earnings Conference Call - Final Transcript

Nov 05, 2019 • 11:00 am ET


Aqua America Inc. (NYSE:WTR) Q3 2019 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Aqua America's Third Quarter 2019 Earnings Call. Today's conference is being recorded.

At this time, I like to turn the conference over to Mr. Brian Dingerdissen. Please go ahead, sir.

Brian Dingerdissen

Thank you, Kathy [Phonetic]. Good morning, everyone, and thank you for joining us for Aqua America's third quarter 2019 earnings call.

If you did not receive a copy of the press release, you can find it by visiting the Investor Relations section of our website at The slides we will be referencing and the webcast of this event can also be found on our site.

As a reminder, some of the matters discussed during this call may include forward-looking statements that involve risks, uncertainties and other factors that may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements. Please refer to our most recent 10-Q, 10-K and other SEC filings for a description of such risks and uncertainties.

During the course of this call, reference may be made to certain non-GAAP financial measures. A reconciliation of these non-GAAP to GAAP financial measures is included at the end of the presentation and also posted in the Investor Relations section of the website. After the presentation, we will open the call up for questions.

Before handing the call over to Chris, I would like to formally introduce a new addition to the IR team at Aqua. Renee Marquis, who has been with the company for five years in various financial roles has recently been promoted to Director of Investor Relations, she has hit the ground running and you will start to see her on the road at various investor event.

At this time, I'd like to turn the call over to Chris Franklin.

Christopher Franklin

Hey, thanks, Brian. And thank you everyone for joining. I'll add my warm welcome to Renee as well. She, as Brian said, has really hit the ground running and I'm happy to have her on our team.

I will start today's call with a couple of highlights from the quarter followed by a brief update on the Peoples transaction. Then Dan is going to discuss the financial results, as well as our rate activity. Matt Rhodes, you've heard from before, our Executive Vice President of Strategy and Corporate Development to give you an overview of our recent progress on municipal growth. And finally, I'll conclude the call with a review of our guidance for 2019 and then open the call for questions.

So the third quarter was certainly unexciting one. In summary, we continue to deploy a large amount of capital, we've reached a significant milestone with the Peoples acquisition and we saw the Peoples rate case going to effect and we also announced the largest municipal acquisition in our 133 year company history. So quite a quarter. Let me give you a little bit more details.

We remain on track for record capital spending of about $550 million this year and in