California Water Service(CWT) - 2024 Q4 - Annual Results

Financial Performance - 2024 operating revenue reached $1.037 billion, a 30.9% increase from $794.6 million in 2023[6] - Diluted earnings per share for 2024 were $3.25, compared to $0.91 in 2023, marking a significant increase[6] - Net income attributable to the Group was $190.8 million in 2024, up from $51.9 million in 2023[9] - Operating revenue for the twelve months ended December 31, 2024, increased to $1,036,806,000, up 30.5% from $794,632,000 in 2023[26] - Net income for the twelve months ended December 31, 2024, was $190,085,000, compared to $51,376,000 in 2023, representing a significant increase of 269.5%[26] - Basic earnings per share for the twelve months ended December 31, 2024, was $3.26, compared to $0.91 in 2023, marking a substantial increase[26] - Dividends per share increased to $1.12 in 2024 from $1.04 in 2023, reflecting a growth of 7.7%[26] Capital Investments - Capital investments in 2024 totaled a record $471.0 million, representing a 23% increase year-over-year[12] - The Group plans to invest over $1.6 billion from 2025-2027 to enhance water supply reliability and sustainability[13] Operating Expenses - Operating expenses for 2024 were $811.8 million, an increase from $717.5 million in 2023, driven by higher water production costs[9] - Operating expenses for the twelve months ended December 31, 2024, totaled $811,752,000, an increase of 13.1% from $717,497,000 in 2023[26] - Interest expense for the twelve months ended December 31, 2024, was $60,698,000, up from $52,809,000 in 2023, indicating a rise of 15.5%[26] Assets and Equity - Total assets as of December 31, 2024, reached $5,180,283,000, a 12.7% increase from $4,595,533,000 in 2023[25] - Net utility plant increased to $4,158,704,000 in 2024, up 10.2% from $3,773,255,000 in 2023[25] - Total current assets rose to $324,136,000, reflecting an increase of 9.4% from $296,285,000 in 2023[25] - Total equity increased to $1,638,286,000, a growth of 14.5% from $1,430,312,000 in 2023[25] Rate Adjustments - Proposed rate adjustments include a 17.1% increase in 2026, a 7.7% increase in 2027, and an 8.1% increase in 2028[13] Regulatory Updates - The California Public Utilities Commission (CPUC) authorized a postponement of the 2025 Cost of Capital Application to May 1, 2026, maintaining a 10.27% return on equity[6][16] Revenue Adjustments - The Monterey-style Water Revenue Adjustment Mechanism (MWRAM) revenue increased by $5.5 million due to lower higher-tier water sales[8]