SAN JOSE, Calif., April 04, 2024 (GLOBE NEWSWIRE) -- California Water Service Group (NYSE:CWT) today announced that its 2024 first 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, April 25, 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# 8751121, or you may access the live audio webcast at https://edge.media-serve ...

SAN JOSE, Calif., April 04, 2024 (GLOBE NEWSWIRE) -- California Water Service Group (NYSE: CWT) today announced that its 2024 first 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, April 25, 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# 8751121, or you may access the live audio webcast at https://edge.media-serv ...

SAN JOSE, Calif., March 18, 2024 (GLOBE NEWSWIRE) -- California Water Service Group (Group) (NYSE:CWT) today announced its commitment to reducing absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 63% by 2035 from a 2021 base year, a target which is science-aligned and supports limiting global temperature increases to 1.5-degree Celsius above preindustrial levels. According to Chairman, President & Chief Executive Officer Martin A. Kropelnicki, Group took a thoughtful, data-driven approach, partnering ...

The Zacks Utility - Water Supply industry includes companies that are involved in providing drinking water and wastewater services to industrial, commercial and residential customer classes, along with numerous military bases across the country.A continuous and uninterrupted supply of clean potable water and reliable sewer services are essential for healthy and hygienic living. Water utilities across the United States are silently doing this critical task day in and day out to meet the increasing demand of ...

SAN JOSE, Calif., March 11, 2024 (GLOBE NEWSWIRE) -- The California Public Utilities Commission (CPUC) issued a decision on March 7, 2024 on the 2021 General Rate Case and Infrastructure Improvement Plan for California Water Service (Cal Water), the largest subsidiary of California Water Service Group (NYSE:CWT). The decision marks the end of an extensive review of the utility's water system improvement plans, costs, and rates. The decision adopts a revised version of the alternate proposed decision issued ...

California Water Service Group’s (CWT) investment plans in infrastructure and efficient services are expected to help expand its customer base. The company is expanding its operations through acquisitions and regulated and non-regulated activities that will further boost its performance. Given its growth opportunities, CWT makes for a solid investment option in the utility sector.Let’s focus on the factors that make this currently Zacks Rank #2 (Buy) company a strong investment pick at the moment.Growth Pro ...

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 ...

Financial Performance - Full Year 2023 - Operating revenue decreased by $51.8 million, a 6.1% decrease compared to the previous year[80, 96] - Net income attributable to CWT decreased by $44.1 million, a 45.9% decrease, resulting in a diluted EPS of $0.91, a 48.4% decrease[7, 96] - Capital investments increased to $383.7 million, a 17.1% increase over 2022[11, 96] - Net interest expense increased by $5.5 million, a 12.4% increase[96] Financial Performance - Fourth Quarter 2023 - Operating revenue increased by $13.6 million, a 6.8% increase compared to the fourth quarter of 2022[17, 21] - Net income increased by $10.5 million, a 53.8% increase, with diluted EPS attributable to CWT increasing to $0.52, a 47.0% increase[21] - Capital investments increased to $109.6 million, a 3.7% increase[21] Regulatory Updates & Other Factors - The delayed final decision from the California Public Utilities Commission (CPUC) on Cal Water's 2021 General Rate Case (GRC) significantly impacted 2023 earnings[7, 73] - A $66.9 million decrease in WRAM and MCBA revenue due to the conclusion of these mechanisms on December 31, 2022[8] - The company declared its 316th consecutive quarterly dividend and increased 2024 annual dividends by 7.7%[23] - Potential capital investments of approximately $215 million may be needed to comply with draft Maximum Contaminant Levels (MCLs) for PFAS compounds, if the regulation is adopted in its current proposed form[71]