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Apr-23-2008American Water Works Falls as Much as 6% on First Day (Update1)(topic overview)
CONTENTS:
- NEW YORK -- Shares of American Water Works Co. are expected to begin trading on the New York Stock Exchange Wednesday after the water and wastewater utility's initial public offering priced at $21.50 per share, below the expected price range. (More...)
- Merrill Lynch & Co., Attention: Prospectus Department, 4 World Financial Center, 5th Floor, New York, NY 10080, telephone +1 212 449 1000. (More...)
- The company plans to float a majority of American Water's shares no later than early 2009, after which it has promised shareholders a dividend between 70 percent and 80 percent of the group's 2008 net profit. (More...)
- RWE cut the scope of the offering because markets roiled by the subprime mortgage collapse wouldn't be able to buy shares at the earlier price, company spokeswoman Annett Urbaczka said by telephone. (More...)
- If we are in the midst of a housing crisis, maybe being the water utility has more nuances than you'd imagine. (More...)
- RWE said it would book net proceeds of around $1.2 billion from the deal rather than the $1.5 billion it saw last week. (More...)
- RWE rose 60 cents, or 0.8 percent, to 74.47 euros in Frankfurt trading, valuing the company at 41.4 billion euros. (More...)
- RWE had originally planned to launch the IPO last year, but ended up postponing it in November. (More...)
SOURCES
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NEW YORK -- Shares of American Water Works Co. are expected to begin trading on the New York Stock Exchange Wednesday after the water and wastewater utility's initial public offering priced at $21.50 per share, below the expected price range. [1] RWE will book a maximum 600 million-euro ($958 million) charge on lower-than-expected returns from American Water's initial public offering on the New York Stock Exchange, the Essen-based utility said today in a statement.[2]
West Virginia's largest water and sewer company is now an American company again. American Water Wednesday issued an initial public offering to return to its position as a publicly traded company on the New York Stock Exchange.[3]
The Essen-based utility, Germanys second biggest, said it decided to sell 58 million shares in the U.S. company at US$21.50 (13.50), raising US$1.2 billion (750 million) in its initial public offering on the New York Stock Exchange. That put the stakes total value at about 600 million below its book value.[4]
American Water announced an initial public offering of up to $1.5 billion in common stock in August last year. At that time, the company did not reveal the IPO price per share of the common stock. In November 2005, RWE had revealed its intention to exit its water activities in the U.S. and the UK to focus on its core European electricity and gas business. The company now has completed the divestiture of its water business in the UK. Under the strategy, RWE intends to fully divest its ownership of American Water through the consummation of one or more public offerings as soon as reasonably practicable, subject to market conditions.[5] FRANKFURT (Thomson Financial) - RWE AG. has slashed the indicative price range for its planned initial public offering of shares in American Water, Boersen-Zeitung reported, citing Thomas Deser, a fund manager at Union Investment. The price range the company cited at a road show was $22 to $23, about 10 percent lower than the $24 to $26 range the company gave in its filing with the U.S. Security and Exchange Commission in early April, the newspaper said.[6] RWE said last month that it planned to offer about 40 percent of American Water at $24 to $26 a share. The German utility giant RWE's initial public offering of American Water Works Co., its United States water business, could occur as early as this month, The Wall Street Journal reported.[7]
American Water Works Co. (AWK) set the price for its 58 million share initial public offering at $21.50 a share. American Water Works said it March its offering would be for 64 million shares at $24 to $26 a share, but the company was faced with weak investor demand.[8] American Water Works was expected to raise $1.6bn ('1bn) in what could be the second largest initial public offering by a U.S. company this year, but a report in Germany suggests the share price range could fall from reduced investor interest.[9]
For 2008, the company previously forecast profit growth of more than 10 percent. Chief Executive Officer Juergen Grossmann said April 17 that RWE wanted to hold an initial public offering this month, in which a 40 percent stake in the U.S. unit would be sold. RWE will be able to make higher dividend payouts next year once it sells a majority of its American Water shares, he said at the time.[10] ESSEN (Thomson Financial) - RWE AG. said its share offering of American Water will result in a net income charge of up to about 600 million euros and as a result, it now expects full-year net income to be slightly below the previous year's level. The forecast is a downgrade of its previous outlook, which had said 2008 net profit would increase by more than 10 percent this year from last year.[11] In a statement, RWE disclosed it is pricing the initial public offering of 58 million American Water shares at $21.50 per share, resulting in net proceeds of about $1.2 billion, which will go to RWE. 'This share offering results in a net income charge of up to approximately 0.6 billion euros.[11] VOORHEES, N.J. - (Business Wire) American Water (NYSE: AWK) today announced its initial public offering of 58 million shares of common stock has been priced at $21.50 per share.[12]
Europe's fourth-largest utility had earlier forecast a more than 10 percent increase in 2008 net profit. RWE said it had sold 58 million shares of its American Water unit or 36 percent at $21.50 per share, lower ($7.40) than the initially planned price range of $24-$26 and less than the 40 percent RWE had said it was targeting last week.[13] RWE declined to comment on the matter, it said. RWE in 2005 decided to exit its water business in the United Kingdom and the United States. It initially planned to float American Water by the end of 2007, but delayed the IPO, citing unfavourable capital markets conditions. The German utilities giant aims to float at least 40 percent of the 160 million shares by the end of this month, generating proceeds of about $1.4 billion at the new indicative price range, according to Boersen-Zeitung.[6]
The German utility reduced the price range to $22 to $23 during a European roadshow because of less than "exuberant'' investor interest, Boersen-Zeitung reported April 22, citing Thomas Deser, a fund manager at Union Investment GmbH. RWE also said April 17 that it may pay a dividend of 70 to 80 percent of recurrent net income if it divests its majority stake in American Water by early 2009.[10]
The shares were sold by RWE Aqua Holdings GmH of Germany, which will receive all the net proceeds. After the sale, RWE will have a 64 percent stake in American Water. RWE acquired American Water in 2002 for $7.6 billion, but later decided to sell the company so it could concentrate on its European gas and electricity markets.[14] Deser was not immediately available for further comment, while RWE declined to comment. RWE had initially planned to sell the shares for $24-$26 each and said on April 17 it wanted to sell 40 percent of the company this month. The German company plans to sell a majority of the water supplier this year and -- following a successful sale -- to increase its payout ratio to 70 to 80 percent of its earnings for the year.[15]
RWE initially planned to sell shares in the water utility company to the public last year, but suspended the offering in November because of poor market conditions. One expert said investors were unlikely to get excited about a company with such low revenue growth. "It's a slow-growth to no-growth company in terms of revenue," said Francis Gaskins, president of IPOdesktop.com. "It doesn't have any of the earmarks of a successful, dynamic IPO. To get excitement in terms of IPOs you need growth."[16] The company lowered the range at which it plans to sell American Water shares in an initial public offering to $22-$23 a share, Boersen-Zeitung reported, citing Union Investment fund manager Thomas Deser.[15] LOS ANGELES (Reuters) - American Water Works Co Inc (AWK.N: Quote, Profile, Research ), a unit of European utility RWE AG (RWEG.DE: Quote, Profile, Research ), on Tuesday raised a less-than-expected $1.25 billion with an initial public offering of shares that priced below a recently lowered range.[16] FRANKFURT -- German utility RWE AG Wednesday lowered its 2008 net profit forecast, citing lower than expected proceeds from the initial public offering of its U.S.-based water unit American Water Works Co Inc.[17]
April 23 (Bloomberg) -- RWE AG, Germany's second-largest utility, said it will sell 36 percent of its U.S. unit, American Water Works Co., resulting in a maximum 600 million euro ($958 million) charge that will cause 2008 profit to be slightly below last year's level.[10] April 23 (Bloomberg) -- RWE AG, Germany's second-largest utility, said 2008 net income will be "slightly'' lower than last year on a charge from selling shares in its U.S. unit, American Water Works Co.[2]
RWE has granted the underwriters a 30-day option to purchase up to 8.6 million additional shares of common stock. RWE said it is still committed to fully divest its ownership in American Water and is continuing to work towards selling the majority of its holding in the U.S. company by the end of 2008. This timeframe however is subject to, among other things, market conditions and the expiration of the 180-day lock-up period, it added.[11] "Providing capital market conditions stay favorable, we are committed to divesting the majority of our share in American water within the current year.'' RWE has granted the underwriters a 30-day option to purchase up to 8.7 million additional shares of common stock, American Water said in its own statement today.[10] The Voorhees, New Jersey-based American Water noted that RWE Aqua Holdings has granted the underwriters a 30-day option to purchase up to 8.7 million additional shares of common stock.[5]
All of the shares are being offered by the selling stockholder, RWE Aqua Holdings GmbH, and net proceeds from the offering will go to RWE. American Water ' s shares will begin trading on April 23, 2008, on the New York Stock Exchange under the ticker symbol " AWK[12] April 23 (Bloomberg) -- American Water Works Co., the largest U.S. private-sector water utility, fell as much as 6 percent in its first day of trading on the New York Stock Exchange.[18]
The shares began trading Wednesday on the New York Stock Exchange under the symbol AWK, the company said.[19] Trading will start on 23 April 2008 under the ticker symbol 'AWK' on the New York Stock Exchange.[20]
Merrill Lynch & Co., Attention: Prospectus Department, 4 World Financial Center, 5th Floor, New York, NY 10080, telephone +1 212 449 1000. You may also obtain the final prospectus on the SEC's website at www.sec.gov. RWE is still committed to fully divest its ownership and is continuing to work towards selling the majority of shares of American Water by the end of 2008. This continues to be subject to, among other things, market conditions and the expiration of the 180-day lock-up period. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. [20] The company now serves customers in 32 states and one Canadian province. Right now, it's 100% owned by RWE, a German water utility. RWE has been trying to lighten its American Water Works stake for a while and has been hampered by the lousy stock market. This offering is for 40% of RWE's position, and the company says it would like to sell more of its stock in the future. The deal might be a tough sell for those who can't navigate financial statements.[21]
The utility will sell 58 million shares, or 36 percent, of American Water at $21.50 apiece, down from the 64 million shares for $24 to $26 reported in the March filing.[2] Originally, American Water said it planned to offer 64 million shares between $24 and $26 each.[1] RWE said last month that it planned to offer about 40 percent of American Water at $24 to $26 a share.[7]
In March, RWE had said that it would offer 64 million shares of American Water at $24-$26 per share, but was faced with weak investor demand.[5] On 22 April 2008, RWE AG priced the initial public offering of 58 million of American Water's shares at US$21.50 per share. This amounts to approximately 36% of American Water's outstanding shares.[20] After the initial public offering, and assuming no exercise of the underwriters' option, RWE Aqua Holdings is expected to own approximately 64% of American Water's shares.[5]
RWE subsidiary RWE Aqua Holdings GmbH offered all of the shares in the IPO. American Water will not receive any of the proceeds from the offering.[1]
American Water starts trading Wednesday on the exchange under the symbol AWK. Besides the IPO, another 8.7 million shares have been granted to underwriters in a 30-day option, or greenhorn.[4] The first real open-print was $20.60 for some 6.62 million shares. Unfortunately, this is going to gear down some of the water expectations on the utility side. The $21.50 pricing was well under expectations, and those expectations had been trimmed already. At $20.60 it is already trading as a busted IPO. We'll give this one some time before calling this one by any name. Despite the weakness, we actually think this will be huge for the water industry in general. That underwriting group was so large that this will create much more in water coverage from Wall Street analysts.[22] Gross proceeds are roughly $1.25 Billion. This IPO will now be 58 million shares at a price of $21.50 per share.[23]
Just a few weeks ago the largest U.S. water utility was going to sell 64 million shares at a range of $24.00 to $26.00 per share.[23] Later, the company lowered the range at which it planned to sell shares of American Water to a range of $22- $23 per share.[5] Cravath Swaine and Moore are the legal advisors for American Water. By midday today, there was some uncertainty that American Water Works would be able to attain the high end of its share price range following reports that the company was cutting its range by 10% to $22 to $23, according to German newspaper Boersen Zeitung, which cited Union Investment fund manager Thomas Deser.[9]
If American Water prices at $26 or greater, it will be the largest flotation by a U.S. utility company in eight years and the second largest to date, according to investment banking research provider Dealogic. Reliant Resources, a Texas-based energy company, raised nearly $1.8bn through its 2000 offering.[9] Goldman Sachs was the bookrunner on the deal. Credit card company Visa raised $17.9bn in March in the largest offering by a U.S. company to date, surpassing its initial share price by 28% on its first day of trading. Initial public offering volumes have stalled this year.[9] Pricing of the utility's initial public offering was $21.50 a share, lower than original projections.[14]
The utility will sell 58 million shares at $21.50 each to raise $1.2 billion, the company said in a statement on DBF newswire today.[10] The New Jersey-based utility company, a subsidiary of German utility RWE, was slated to price 64 million shares ranging from $24 to $26.[9] RWE had expected to sell 64 million shares for $24 to $26 each, according to the March filing.[18] RWE had lowered the range at which it planned to sell the shares to $22 to $23 per share from an original range of $24 to $26 per share.[16]
The U.S. division would offer 64 million common shares at a range of $24 to $26 each, according to a preliminary prospectus filed March 31 with the U.S. Securities and Exchange Commission.[10] The price was less than the US$24-$26 (15.06-16.32) a share RWE had hoped to receive when it filed an IPO prospectus with the U.S. Securities and Exchange Commission last month.[4]
Goldman, Sachs & Co., Citi, and Merrill Lynch & Co. are acting as joint book-running managers in connection with the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission.[12] A registration statement relating to the offering of American Water has been declared effective by the Securities and Exchange Commission on 22 April 2008.[20]
In May 2006 RWE announced plans to take the North American water operation public through an initial stock offering.[7] Net proceeds of approximately US$1.2 billion ('0.8 billion) from the offering will go to RWE. In addition, RWE has granted the underwriters a 30-day option to purchase up to 8.7 million additional shares of common stock ('greenshoe'). This share offering results in a net income charge of up to approximately '0.6 billion.[20] The underwriters have been given the option to buy up to 8.7 million additional shares at the offering price to cover any overallotments.[1]
The selling stockholder has granted the underwriters a 30-day option to purchase up to 8.7 million additional shares of common stock.[12] Underwriters will be granted a 30-day option to buy as many as 8.7 million additional shares, the company said.[19]
The company plans to float a majority of American Water's shares no later than early 2009, after which it has promised shareholders a dividend between 70 percent and 80 percent of the group's 2008 net profit. [6] "RWE (had) originally planned to place the majority and deconsolidate American Water." RWE lowered its 2008 net profit guidance, saying that it now expects net profit to come in below last years 2.7 billion (US$4.3 billion). It previously had forecast an increase of more than 10 percent. "This forecast can no longer be maintained," the company said in a statement.[4]
If no options are exercised, the company said, RWE is expected to own 64 percent of American Water after the IPO. It wants to sell more.[19] American Water Works' revenue rose 5.7 percent between 2006 and 2007, but fell 2 percent from 2005 to 2006. The IPO is part of RWE's plan to focus on its primary European electricity and gas business by exiting its water activities in the United States.[16]
FRANKFURT (Reuters) - Germany's RWE (RWEG.DE: Quote, Profile, Research ), Europe's fourth-largest utility, plans to sell its American Water business for at least 4 percent less than previously envisaged, the Boersen-Zeitung newspaper reported.[15]
Operating result and recurrent net income, which is RWE's key dividend determinant, will remain unaffected,' it added. It said the American Water shares to be sold amount to around 30 percent of outstanding shares.[11] In that filing, RWE hoped to place 64 million shares, or around 40 percent of American Water.[4]
The shares are being sold by RWE AG, the German utility conglomerate that bought American Water in 2002.[19] Rather than buy Cleveland real estate right now, you could consider shares in American Water Works. It's an old-line water utility that's been around in one form or another since 1886.[21]
Vorhees, New Jersey-based American Water owns regulated water and wastewater utilities that serve residential, commercial and industrial customers, and treat and deliver more than 1 billion gallons of water per day. The companys subsidiaries that provide these services are generally subject to economic regulation by U.S. state public utility commissions.[4] Public trading began today of American Water, a U.S. utility whose coverage area includes the Hershey and Mechanicsburg regions.[14]
American Water declined 52 cents, or 2.4 percent, to $20.98 in 10:52 a.m. NYSE composite trading.[18]
Based on the offering price, American Water now has a market capitalization of about $3.44 billion.[1] In 2003 RWE bought American Water and its subsidiaries, including West Virginia American Water, in a deal valued at $4.6 billion.[7] RWE acquired American Water in 2003 for $8.6bn in a move that took the utility private.[9]
American Water Works, which is based in Voorhees, New Jersey, reported a loss of $342.9 million in 2007.[16] American Water Works has been losing money on a GAAP basis, reporting a loss of $342.8 million in 2007 on revenues of $2.2 billion.[21]
RWE already took a 429 million (US$683.4 million) charge on American Water at the end of last year.[4] A public offering was initially scheduled for American Water in November last year.[9]
The company was publicly traded for 50 years before Germany based R-W-E bought out shareholders and took over the utility. "This has been about two years in the making," said American Water Spokesman Ray Golden. "They were an electric utility company and decided the water company wasn't part of their business model."[3] "The climate on the stock exchange for a defensive business model like that of American Water has improved somewhat,'' Grossmann said.[10]
RWE is selling American Water for less because the business is regulated by public authorities and Americans are using less water, Deser said, according to the newspaper.[15]
The Essen, Germany-based company issued the net profit warning after it said that it would publicly list a smaller part of American Water at lower prices.[17] American Water, founded in 1886, supplies about 15.6 million people with water and wastewater services in the U.S. and Ontario, Canada, and has about 7,000 employees, according to the company's Web site.[18] Founded in 1886, American Water is the largest investor-owned U.S. water and wastewater utility company.[12]
Following the offering, the German utility will own 60% of the U.S. water company.[9] The Voorhees, N.J. -based company is a subsidiary of RWE, a European electricity and gas company. RWE first announced it would exit its water activities in the U.S. and the U.K. in 2005. Following the close of the offering, RWE will own about 64 percent of the company, assuming the underwriters do not exercise their overallotment option.[1]
RWE AG, Germany's second- largest utility behind E.ON AG, raised $1.2 billion by selling 36 percent of the Voorhees, New Jersey-based company's shares.[18] The offering was also originally intended to be 64 million shares and had been expected to raise at least $1.5 billion.[16] Before expenses, the IPO of 58 million shares raised $1.25 billion, making it the fourth-largest deal in the past 12 months, behind Visa Inc., Blackstone Group LP and MF Global Ltd.[1]
The company's IPO will include 58-Millioin share of common stocked priced at $21.50 per share.[3] The 58-million-share offering priced at $21.50 per share, according to an underwriter.[16]
Excluding non-cash stock-based compensation and warrant valuation expenses, net income on a non-GAAP invoiced shipments basis for the quarter was $12.59 million or $0.13 per share, compared to a loss of $5.38 million or $0.71 per share in the previous year period.[5] On average, two analysts surveyed by the First Call/Thomson Financial estimated the company to report earnings of $0.02 per share for the quarter.[5]
Since opening, shares have weakened and are down to $20.45. For whatever it is worth, one of the most defensive stocks that investors can flock to when they get worried about earnings and the market and the economy is in water utilities.[22] RWE did not say why the IPO price was lower and the number of shares reduced, but analysts said it was because of a lack of enthusiasm among potential investors.[4] If it priced at the top end of the reduced share price range, the IPO would only raise $1.4bn from the flotation.[9]
The German utility reduced the price range to $22 to $23 during a European roadshow because of less-than-"exuberant'' investor interest, Boersen-Zeitung reported yesterday, citing Thomas Deser, a fund manager at Union Investment GmbH.[2] The German utility said it will book a maximum 600 million- euro ($952 million) charge after selling a smaller stake in the unit at a lower price than reported in a previous filing to the Securities and Exchange Commission.[18] The company will sell a smaller stake in the unit today at a lower price than reported in a preliminary prospectus filed to the Securities and Exchange Commission March 31.[2]
RWE cut the scope of the offering because markets roiled by the subprime mortgage collapse wouldn't be able to buy shares at the earlier price, company spokeswoman Annett Urbaczka said by telephone. [2] Essen, Germany-based RWE cut the scope of the offering because investors roiled by the subprime mortgage collapse wouldn't pay the earlier price, company spokeswoman Annett Urbaczka said by phone.[18]
The company postponed the initial public offering in November, citing unfavorable conditions in the United States capital market. The Journal quoted Jurgen Grossmann, RWE's chief executive, as saying the climate has improved and RWE expects to conclude the transaction this month.[7]
The revised size and value of the stake for sale won't affect the company's dividend strategy, according to Urbaczka. RWE plans to pay out 70 percent to 80 percent of this year's recurrent net income to shareholders in 2009, up from 60 percent in 2008.[2] The reduced sale means net income will fall below last year's 2.66 billion-euro profit, according to the statement. Chief Executive Officer Juergen Grossmann said at the annual shareholders' meeting April 17 that net would grow by more than 10 percent this year.[2]
RWE said it now expects net profit in 2008 will come in "slightly below" the €2.66 billion ($4.25 billion) achieved last year.[17]
In 2006, RWE completed a 4.8 billion-pound ($9.5 billion) sale of U.K. unit Thames Water Utilities to a group led by Macquarie Group Ltd. to focus on providing electricity and natural gas.[18] In 2007, American Waters sales rose 6 percent to US$2.21 billion (1.39 billion).[4] The planned dividend depends on the sale of a majority stake in American Water by early next year, according to Urbaczka. A decision will be made in February, she said.[2]
The company said it will take a charge of 600 million euros on top of a 429 million charge in the fourth quarter of 2007 after reviewing the American Water's valuation but did not expect further writedowns from the placement.[13] American Water counts some 15.6 million customers in 32 states and in Ontario, Canada. It employs nearly 7,000 people.[4]
American Water Works Co. (NYSE: AWK) is coming back on the U.S. market. The deal has priced this evening and will trade on the NYSE on Wednesday morning.[23] American water operates in 32-states and provides water and sewage treatment services to 16-Million people.[3]
If we are in the midst of a housing crisis, maybe being the water utility has more nuances than you'd imagine. Considering how there are not enough water instruments for U.S. investors currently, this is a huge disappointment for what could have been one of the largest IPO's of 2008. [23] U.S. stocks fell early Tuesday as investors continued to worry about corporate profits and oil prices crossed.[4] U.S. stocks were knocked down as oil flirted with a record of $120 a barrel, which added to investor angst ove.[4]
Jon Ogg is a producer of and editor for both the Special Situations newsletter and the "10 Stocks Under $10" weekly newsletter for 247WallSt.com; he can be reached at [email protected] and he does not own securities in the companies he covers.[23]
RWE said it would book net proceeds of around $1.2 billion from the deal rather than the $1.5 billion it saw last week. [13] FRANKFURT, April 23 (Reuters) - German utility RWE (RWEG.DE: Quote, Profile, Research ) cut its 2008 earnings forecast on Wednesday, saying it now expects "net income slightly below the previous year's level" after it made less than first expected from a spinoff.[13] Until now, net income had been expected to increase by more than 10 percent in 2008,' it said. 'This can no longer be maintained.[11] The company defines recurrent net income as profit minus extraordinary costs.[10]
RWE rose 60 cents, or 0.8 percent, to 74.47 euros in Frankfurt trading, valuing the company at 41.4 billion euros. [2] Despite the latest announcement, shares of RWE were up more than half a percent to 74.33 (US$118.42) in Frankfurt trading.[4] Shares in RWE were up 0.3 percent at 74.08 euros by 1039 GMT, slightly lagging the German blue chip index.GDAXI and underperforming the DJ Euro Stoxx utilities index, which rose 1 percent.[13]
RWE spokeswoman Julia Scharlemann had said April 17 that the underwriting banks may buy as many as 9.6 million additional shares from RWE.[10]
You can join our open email distribution list to hear about other IPO's, key financings, secondary offerings, and other special situation previews. We have made our calls around for syndicate desks and traders that could still be reached, and this is coming from more than one group on the pricing and share count.[23] The banks arranging the share sale include Goldman Sachs Group Inc., Citigroup Inc. and Merrill Lynch & Co., according to the document.[10]
Unfortunately, that isn't exactly off to a great start. This is lower than the original share price indication terms and under the expected number of shares being sold.[23]
RWE had originally planned to launch the IPO last year, but ended up postponing it in November. [8] Quarterly revenues increased to $138.25 million from $49.19 million in the corresponding period last year.[5]
With headquarters in Voorhees, N.J., the company employs nearly 7,000 dedicated professionals who provide drinking water, wastewater and other related services to approximately 15.6 million people in 32 states and Ontario, Canada.[12]
SOURCES
1. American Water Works Makes Debut on NYSE
2. Bloomberg.com: Germany
3. West Virginia Headline News and Talk Radio
4. RWE sells 36 percent of American Water, sees charge lowering profit - International Herald Tribune
5. RTTNews - Breaking News, financial breaking News, Positive EPS Surprises, Stock research .
6. RWE cuts indicative price range for American Water IPO to $22 - $23 - report - Forbes.com
7. Charleston Daily Mail - Business - Utility sets initial public offering
8. American Water Works Sets 58 Million Share IPO Prices At $21.50 Each
9. Financial News and Information from Financial News Online US
10. Bloomberg.com: Germany
11. RWE cuts FY net income forecast, books charges due to American Water IPO UPDATE - Forbes.com
12. American Water Prices Initial Public Offering
13. UPDATE 2-RWE warns on 2008 profits after American Water IPO | Industries | Industrials, Materials & Utilities | Reuters
14. American Water begins public trading - Business with The Patriot-News - PennLive.com
15. RWE cuts price range for American Water sale: paper | Deals | Reuters
16. American Water Works IPO raises less than expected | Deals | Reuters
17. Free Preview - WSJ.com
18. Bloomberg.com: Canada
19. Parent of Kentucky American Water launches IPO
20. RWE prices initial public offering of American Water (sur Edubourse.com)
21. IPO Watch: American Water Works - SmallCapInvestor.com
22. 24/7 Wall St.: American Water Works, Open For Trading (AWK)
23. 24/7 Wall St.: American Water Works IPO Looks Slightly Under Water (AWK)
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