American Water (NYSE: AWK) has recently announced that it is in the process of methodically and securely reconnecting and reactivating the systems that were taken offline due to its cybersecurity incident communicated on October 7, 2024. The company has stated that it continues to have no indication that its water and wastewater facilities were impacted by this incident, and it did not affect water quality.
The company's customer portal, MyWater, is now operational, and all standard billing processes are resuming. American Water has assured its customers that there will be no late charges during the short period when the customer and billing platform was unavailable.
Following the incident, the company initiated the reactivation of systems in line with its ongoing cyber incident response protocols after internal and external security teams confirmed the systems were secure. The investigation into the nature and scope of the incident by a dedicated team of professionals and law enforcement is ongoing.
In terms of financial performance, American Water's metrics for the current period and the last reported period show significant changes. The company's revenue has increased by 7% compared to the last reported period, reaching $1.2 billion. Similarly, the net income has witnessed a substantial rise of 12%, amounting to $236 million.
Moreover, the company's operating cash flow has also demonstrated a positive trend, surging by 10% to $492 million compared to the last reported period. Additionally, American Water's total assets have grown by 5% to $22.4 billion, reflecting the company's continued expansion and investment activities.
These financial indicators highlight the company's resilience and ability to navigate challenges, such as the recent cybersecurity incident, while maintaining strong financial performance and growth. American Water's commitment to strengthening the cybersecurity of its systems and prioritizing its customers' needs remains evident amidst these developments. The market has reacted to these announcements by moving the company's shares 1.3% to a price of $138.0. For the full picture, make sure to review American Water Works's 8-K report.
