BRYN MAWR, Pa.--(BUSINESS WIRE)--The Board of Directors of Aqua America (NYSE: WTR) declared a quarterly cash dividend of $0.2047 per share today, payable Sept. 1, 2017 to all shareholders of record on Aug. 16, 2017.
The Sept. 1, 2017 dividend will represent a $0.0134, or 7.0 percent increase, compared to the $0.1913 cash dividend the company paid in June of this year. This marks the 27th dividend increase in the past 26 years, and the company has paid a consecutive quarterly cash dividend for more than 72 years. Following the increase, the annualized dividend rate will be $0.8188 per share. The board’s stated long-term targeted dividend payout ratio continues to be in the range of 60 to 70 percent of earnings from operations.
“We have a long commitment to providing safe and reliable service to our valued customers while enhancing value for our shareholders,” said Aqua America’s President and Chief Executive Officer Christopher Franklin. “The board’s decision to increase the quarterly dividend reflects its confidence in the company’s future performance.”
Aqua America is one of the largest U.S.-based, publicly traded water utilities and serves nearly 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR. Visit AquaAmerica.com for more information.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the Company’s Board of Directors’ confidence in the Company’s future performance. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: the company's continued ability to adapt itself for the future and build value by fully optimizing company assets; general economic business conditions; the company's ability to fund needed infrastructure; housing and customer growth trends; unfavorable weather conditions; the success of certain cost containment initiatives; changes in regulations or regulatory treatment; availability and access to capital; the cost of capital; disruptions in the credit markets; the success of growth initiatives; the company's ability to continue to deliver strong results; municipalities willingness to privatize its water and/or wastewater utilities; the company's ability to control expenses and create and maintain efficiencies; the company’s success in its Pennsylvania DSIC and rate filings; the company’s ability to successfully complete its Pennsylvania DSIC and rate filings in a timely manner; and other factors discussed in our Annual Report on Form 10-K and our Quarterly Report on Form 10-Q, which is filed with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Aqua America's business, please refer to Aqua America's annual, quarterly and other SEC filings. Aqua America is not under any obligation - and expressly disclaims any such obligation - to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.