SAN JOSE, Calif., Jan. 31, 2024 (GLOBE NEWSWIRE) -- California Water Service Group (Group) (NYSE:CWT) contributed $1.56 million in 2023 to charitable organizations and first responders in its communities, just one of the many ways it demonstrates its commitment to enhancing the quality of life for those it serves. Last year, Group allocated 22% of its community giving efforts to support at-risk, underserved, and disadvantaged communities. An additional 22% went to community improvement efforts across the ut ...

A downtrend has been apparent in California Water Service Group (CWT) lately with too much selling pressure. The stock has declined 12.5% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.Guide to Identifying Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical ...

SAN JOSE, Calif., Jan. 26, 2024 (GLOBE NEWSWIRE) -- On January 24, 2024, the California Public Utilities Commission (CPUC) Administrative Law Judges assigned to California Water Service's (Cal Water) 2021 General Rate Case issued a proposed decision; the assigned Commissioner issued an alternate proposed decision. Cal Water is currently reviewing both the proposed decision and the alternate proposed decision. The decisions are available on the CPUC's website at docs.cpuc.ca.gov/SearchRes.aspx?DocFormat=ALL& ...

SAN JOSE, Calif., Jan. 25, 2024 (GLOBE NEWSWIRE) -- At its meeting on January 25, 2024, the California Water Service Group (NYSE:CWT) Board of Directors declared the company's 316th consecutive quarterly dividend, increasing the annual dividend by $0.08, or 7.7% from $1.04 to $1.12. This represents the company's 57th consecutive annual dividend increase. The quarterly dividend of $0.26 per common share will be payable on February 23, 2024 to stockholders of record as of the close of business on February 12, ...

California Water Service Group (NYSE:CWT) Q3 2023 Earnings Conference Call October 26, 2023 11:00 AM ET Company Participants David Healey - Vice President Chief Financial Officer & Treasurer Greg Milleman - Vice President, Rates and Regulatory Affairs Officer Marty Kropelnicki - Chairman & Chief Executive Officer Conference Call Participants Davis Sunderland - Baird Jonathan Reeder - Wells Fargo Agnieszka Storozynski - Seaport Operator Good morning. My name is Christa, and I'll be your conference operator t ...

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. Forward-looking statements in this presentation are based on currently available information, expectations, estimates, assumptions and projections, and our management's beliefs, assumptions, judgments an ...

Administrative and general expenses increased $5.8 million, or 5.8%, to $105.2 million in the first nine months of 2023, as compared to $99.4 million in the first nine months of 2022. The increase was primarily due to higher labor costs of $4.9 million primarily driven by annual increases in employee wages. Income tax expense decreased $7.3 million to a $1.4 million income tax benefit in the first nine months of 2023, as compared to income tax expense of $5.9 million in the first nine months of 2022. The de ...

California Water Service Group (NYSE:CWT) Q2 2023 Results Conference Call July 27, 2023 11:00 AM ET Company Participants Marty Kropelnicki - Chairman, President and Chief Executive Officer Dave Healey - Interim Vice President and Chief Financial Officer Greg Milleman - Vice President, Rates and Regulatory Affairs Conference Call Participants Angie Storozynski - Seaport Jonathan Reeder - Wells Fargo Davis Sunderland - Baird Operator Thank you for your patience, and welcome, everyone, to the California Water ...

Financial Performance - Operating revenue for the three months ended June 30, 2023, was $194,044,000, a decrease of 5.5% from $206,194,000 in the same period of 2022[27]. - Net operating income for the six months ended June 30, 2023, was a loss of $1,575,000 compared to a profit of $36,427,000 for the same period in 2022[27]. - Net income attributable to California Water Service Group for the three months ended June 30, 2023, was $9,556,000, down from $19,484,000 in the same period of 2022[27]. - For the six months ended June 30, 2023, the company reported a net loss of $12,887,000 compared to a net income of $20,109,000 for the same period in 2022, representing a significant decline[41]. - The company reported a net loss of $12.7 million for the six months ended June 30, 2023, compared to a net income of $20.1 million for the same period in 2022[109]. - Earnings per share (EPS) for the six months ended June 30, 2023, was $(0.23), a decrease from $(0.38) in the same period of 2022[109]. Revenue and Expenses - Total operating expenses for the three months ended June 30, 2023, were $178,095,000, slightly down from $178,905,000 in the prior year[27]. - Total revenue from contracts with customers for the six months ended June 30, 2023, was $339,431,000, down from $357,592,000 in the same period of 2022, reflecting a decrease of approximately 5%[53]. - Total operating revenue for the three months ended June 30, 2023, was $194,044, a decrease of 5.6% from $206,194 in the same period of 2022[68]. - Revenue from contracts with customers for the three months ended June 30, 2023, was $194,206, down from $198,660 in the prior year, reflecting a decline of 2.3%[72]. - Operating revenue decreased by $54.1 million, or 14.3%, to $325.1 million for the first six months of 2023 compared to the same period in 2022, primarily due to a 9.7% decrease in customer usage[185]. - Total operating expenses decreased by $16.1 million, or 4.7%, to $326.7 million for the first six months of 2023 compared to $342.8 million for the same period in 2022[207]. Cash and Assets - Total assets as of June 30, 2023, were $3,990,201,000, an increase from $3,850,752,000 as of December 31, 2022[38]. - Cash and cash equivalents decreased to $55,595,000 as of June 30, 2023, from $62,100,000 at the end of 2022[38]. - The company reported cash, cash equivalents, and restricted cash of $89,664,000 at the end of the period, an increase from $64,230,000 at the end of the previous year[41]. - As of June 30, 2023, total cash, cash equivalents, and restricted cash amounted to $89,664, an increase from $85,025 as of December 31, 2022[101]. Debt and Liabilities - Long-term debt, net, remained stable at $1,052,070,000 as of June 30, 2023, compared to $1,052,487,000 at the end of 2022[38]. - Current liabilities increased to $362,657,000 as of June 30, 2023, from $294,650,000 at the end of 2022[38]. - Short-term borrowings net of issuance costs increased to $148,448,000 in 2023 from $55,000,000 in 2022, indicating a significant rise in financing activities[41]. - The average borrowing rate for the Company and Cal Water facilities increased significantly to 5.78% in 2023 from 1.35% in the previous year[128]. Regulatory and Tax Matters - The company did not benefit from any regulatory revenue mechanisms in the first six months of 2023 due to a delay in the resolution of the most recent General Rate Case filing[53]. - The effective tax rate increased to 14.9% as of June 30, 2023, compared to 11.5% as of June 30, 2022, primarily due to a decrease in refunds of excess deferred federal income taxes[98]. - The company had unrecognized tax benefits of approximately $14.4 million as of June 30, 2023, down from $16.5 million in 2022[114]. - The income tax benefit increased to $2.1 million for the first six months of 2023, compared to a $0.9 million expense in the same period of 2022[113]. Operational Highlights - Utility plant expenditures for the six months ended June 30, 2023, were $177,189,000, compared to $144,588,000 in the same period of 2022, representing an increase of approximately 22%[41]. - The company implemented increased interim inflation rates on May 5, 2023, following a request for inflationary rate increases[215]. - In July 2023, Cal Water requested offsets for increases in purchased water costs, pump taxes, and purchased power costs totaling $24.6 million across 11 regulated districts[221]. - New rates related to the cost offsets are expected to be implemented on July 31, 2023[221].

California Water Service Group (NYSE:CWT) Q1 2023 Earnings Conference Call April 27, 2023 11:00 AM ET Company Participants Tom Scanlon - Corporate Controller Marty Kropelnicki - President and CEO Tom Smegal - VP, CFO and Treasurer Conference Call Participants Jonathan Reeder - Wells Fargo Gregg Orrill - UBS Davis Sunderland - Baird Operator Good day, and welcome to the California Water Service Group Q1 2023 Earnings Call. [Operator Instructions] I'd now like to welcome Mr. Tom Scanlon, Corporate Controller, ...