Financial Data and Key Metrics Changes - In 2023, net income attributable to California Water Service Group was $51.9 million, a decrease of $44.1 million or 45.9% compared to $96 million in 2022 [26] - Full operating revenue for 2023 decreased by $51.8 million or 6.1% to $794.6 million, primarily due to a $66.9 million decrease in WRAM and MCBA operating revenue and a $23.1 million decrease in customer usage [28] - Diluted earnings per share for 2023 was $0.91, down from $1.77 in 2022, reflecting a decrease of $0.86 or 48.4% [34] Business Line Data and Key Metrics Changes - Total operating expenses for 2023 decreased by $1.3 million to $717.5 million, with significant increases in labor costs, water production costs, and depreciation and amortization expenses [29] - Capital investment totaled approximately $384 million in 2023, with $326 million invested in the Cal Water service territory [38] Market Data and Key Metrics Changes - The rate base grew to $2.25 billion by the end of 2023, an increase of 15.4% over 2022 [66] - Operating revenue for the fourth quarter of 2023 increased by $13.6 million to $214.5 million compared to the same period last year, driven by rate increases and a decrease in deferred revenue [67] Company Strategy and Development Direction - The company is focused on balancing affordability with infrastructure needs and building resiliency against climate change [62] - Plans for 2024 include capital investments totaling $365 million, subject to the outcome of the delayed 2021 general rate case [32] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the delays in the 2021 general rate case, which has created uncertainty and impacted financial results [81] - The company anticipates a decision from the CPUC in the first half of the year, with several upcoming meetings scheduled [86] Other Important Information - The company declared a dividend of $0.08 for 2024, marking the 316th consecutive quarterly dividend and a 7.7% increase from the previous dividend [69] - The company is actively participating in the California Arrearage Payment Program, with an application accepted for $83 million to cover past due accounts [48] Q&A Session Summary Question: What is the status of the Supreme Court arguments on decoupling? - The court is expected to set a date for arguments later this year, which is a positive sign for the utilities involved [92][93] Question: When can a GRC outcome be expected? - The next CPUC meeting is on March 7, where a decision could be made, and the company remains hopeful for a resolution in the first half of the year [94] Question: How does the dividend increase relate to the differences between the PD and APD? - The company believes the fundamentals are strong, which supports the decision to raise the dividend despite the ongoing regulatory uncertainties [97][98] Question: How might the capital budget change based on the GRC outcome? - The capital budget could be affected by the GRC outcome, but the company is prepared to continue necessary investments regardless of the decision [99][100]

California Water Service Group (CWT) recorded a fourth-quarter 2023 adjusted earnings of 52 cents per share, which missed the Zacks Consensus Estimate of $1.50 by 65.3%. The bottom line, however, increased from the year-ago quarter’s figure of 35 cents.Full-year 2023 earnings came in at 91 cents per share, down 48.6% from the previous year’s $1.77.Total RevenuesOperating revenues totaled $214.5 million, which missed the Zacks Consensus Estimate of $278 million by 22.8%. The top line, however, increased 6.7% ...

California Water Service Group (CWT) came out with quarterly earnings of $0.52 per share, missing the Zacks Consensus Estimate of $1.50 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -65.33%. A quarter ago, it was expected that this water utility would post earnings of $0.54 per share when it actually produced earnings of $0.60, delivering a surprise of 11.11%.Over the last four q ...

C A L I F O R N I A WATER SERVICE GROUP I N V E S T I N G F O R L I F E CWT L I S T E D NYSE 2023 Year and Fourth Quarter Earnings Results Presentations February 29, (2024) Forward-Looking Statements This presentation contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the PSLRA. For ...

SAN JOSE, Calif., Feb. 29, 2024 (GLOBE NEWSWIRE) -- California Water Service Group (NYSE:CWT) ("Company" or "CWT") today announced 2023 full year net income attributable to CWT of $51.9 million and diluted earnings per share of $0.91 for 2023, as compared to net income attributable to CWT of $96.0 million and diluted earnings per share of $1.77 for 2022. The $44.1 million decrease in net income was primarily due to the delayed final decision from the California Public Utilities Commission ("CPUC") on Califo ...

Exhibit 99.1 February 29, 2024 For immediate release CALIFORNIA WATER SERVICE GROUP ANNOUNCES 2023 Earnings for Year and Fourth Quarter SAN JOSE, CA – California Water Service Group (NYSE: CWT) ("Company" or "CWT") today announced 2023 full year net income attributable to CWT of $51.9 million and diluted earnings per share of $0.91 for 2023, as compared to net income attributable to CWT of $96.0 million and diluted earnings per share of $1.77 for 2022. Net income was positively impacted by increases of $18. ...

Non-Regulated Activities Fees for non-regulated activities are based on contracts negotiated between the parties. Under our non-regulated contract arrangements, we operate municipally owned water systems and privately owned water and recycled water distribution systems, but are not responsible for all operating costs. Non-regulated revenue received from non-leased water system operations is generally determined on a fee-per-customer basis. Growth Geographical Service Areas and Number of Customer Connections ...

California Water Service Group (CWT) is scheduled to release fourth-quarter 2023 earnings on Feb 29 before market close. The company delivered a positive earnings surprise of 11.11% in the last quarter.Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.Factors at PlayDuring the fourth quarter, California Water is expected to have benefited from new rate implementations in its service territories. Contributions from acquired assets also boosted earnings in the fourth ...

SAN JOSE, Calif., Feb. 08, 2024 (GLOBE NEWSWIRE) -- California Water Service Group (NYSE:CWT) today announced that its 2023 full-year and fourth-quarter earnings results will be released at 9:00 a.m. ET with its earnings conference call to follow at 11:00 a.m. ET on Thursday, February 29, 2024. All stockholders and interested investors are invited to attend the conference call. To attend, please dial 1-800-715-9871 or 1-646-307-1963 and key in ID# 4241548, or you may access the live audio webcast at https:/ ...

SAN JOSE, Calif., Feb. 08, 2024 (GLOBE NEWSWIRE) -- California Water Service Group (NYSE: CWT) today announced that its 2023 full-year and fourth-quarter earnings results will be released at 9:00 a.m. ET with its earnings conference call to follow at 11:00 a.m. ET on Thursday, February 29, 2024. All stockholders and interested investors are invited to attend the conference call. To attend, please dial 1-800-715-9871 or 1-646-307-1963 and key in ID# 4241548, or you may access the live audio webcast at https: ...