Core Points - California Water Service Group has been certified as a Great Place To Work for the 10th consecutive year, reflecting its commitment to employee experience and company culture [1][3] - The company has introduced new programs such as the Career Pathways program and revamped the Season of Service program to enhance employee engagement and community support [2] - California Water Service Group serves over 2.1 million people across multiple states, providing reliable water and wastewater services through its regulated subsidiaries [4][5] Employee Programs - The Career Pathways program aims to help employees develop their current roles or prepare for future opportunities [2] - The Season of Service program encourages employees to give back to their communities, particularly during the holiday season [2] - The company has a comprehensive benefits package and wellness programs to support employee well-being [2] Customer Initiatives - New customer programs have been launched to improve convenience and affordability, including Walmart Bill Pay for cash or debit card bill payments [2] - A new rate structure has been implemented in California, significantly discounting the first nearly 4,500 gallons of water used each month [2] Company Values and Recognition - The company is dedicated to enhancing the quality of life for customers, communities, employees, and stockholders through responsible investments in infrastructure and sustainability [5] - California Water Service Group has received accolades such as being named one of "America's Most Responsible Companies" and one of the "World's Most Trustworthy Companies" by Newsweek [5]

Core Viewpoint - Artesian Resources Corporation reported strong financial results for the second quarter and year-to-date of 2025, highlighting increased net income and revenues driven by higher water sales and a growing customer base in wastewater services [1][10]. Financial Performance - Net income for Q2 2025 was $6.3 million, an increase of $1.0 million or 18.1% compared to Q2 2024 [2]. - Diluted net income per share rose 17.3% to $0.61 from $0.52 in the same period last year [2]. - Year-to-date net income reached $11.7 million, a $2.0 million or 20.4% increase compared to the first half of 2024 [10]. - Year-to-date diluted net income per share increased 20.0% to $1.14 from $0.95 in 2024 [10]. Revenue Breakdown - Total revenues for Q2 2025 were $28.5 million, up $1.1 million or 4.1% from Q2 2024 [4]. - Water sales revenue increased by $0.6 million or 2.6%, attributed to higher Distribution System Improvement Charges (DSIC) and an increase in the number of customers served [5]. - Other utility operating revenue rose approximately $0.4 million or 10.7%, driven by increased wastewater revenue from a growing customer base [6]. - Non-utility operating revenue increased by approximately $0.2 million or 12.3%, due to higher Service Line Protection Plan (SLPP) revenue [6]. Operating Expenses - Operating expenses, excluding depreciation and income taxes, increased by $0.3 million or 1.8% [7]. - Utility operating expenses rose by $0.3 million or 2.7%, influenced by higher costs in transmission, distribution, and collection systems [7]. - Non-utility operating expenses decreased by $0.1 million or 11.9%, due to lower administrative and payroll costs [8]. Capital Expenditures - Artesian invested $26.3 million in water and wastewater infrastructure projects in the first half of 2025, focusing on renewing aging infrastructure and enhancing service capabilities [16]. - The company is addressing emerging contaminants and replacing aging infrastructure to meet future regulatory standards [17]. Company Overview - Artesian Resources Corporation operates as a holding company providing water and wastewater services on the Delmarva Peninsula, with its principal subsidiary being the oldest and largest regulated water utility in the region [18]. - The company supplies 9.4 billion gallons of water annually through 1,491 miles of mains to over a third of Delaware's population [18].

Core Viewpoint - Artesian Resources Corporation has declared a quarterly dividend of $0.3074 per share, marking its 131st consecutive quarterly dividend payment to shareholders [1]. Group 1: Dividend Announcement - The quarterly dividend is payable on August 25, 2025, to shareholders of record as of August 15, 2025 [1]. - The annualized dividend amounts to $1.2296 per share [1]. Group 2: Company Overview - Artesian Resources Corporation operates as a holding company for wholly-owned subsidiaries that provide water and wastewater services on the Delmarva Peninsula [2]. - Artesian Water Company, the principal subsidiary, is the oldest and largest regulated water utility on the Delmarva Peninsula, providing water service since 1905 [2]. - The company supplies 9.5 billion gallons of water annually through 1,491 miles of water main to over a third of Delaware's population [2].

Second Quarter 2025 Earnings Presentation July 31, 2025 Today's Speakers Marty Kropelnicki Chairman & CEO James Lynch Sr. Vice President, CFO & Treasurer Shilen Patel Chief Business Development Officer and Vice President, TWSC, Inc. 2 Signed agreements to add up to 15,000+ new wastewater connections through a master planned community in Silverwood, California 5 Received first PFAS settlement payment for California, Washington, and New Mexico Maintained industry leading credit rating for Cal Water of A+/stab ...

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q2 2025 were $1.48, up from $1.42 in Q2 2024, while year-to-date EPS was $2.53, compared to $2.37 in the same period of 2024 [5][11] - The company expects to achieve the top half of its initial EPS guidance range for 2025, now narrowed to $5.7 to $5.75 per share [6][17] - Total debt to capital ratio was 58%, within the target of less than 60% [18] Business Line Data and Key Metrics Changes - The company invested $1.3 billion in capital projects year-to-date, reflecting strong execution by teams [6][20] - Operating and maintenance costs increased by $0.17 per share, primarily due to employee-related expenses and technology costs [10][11] Market Data and Key Metrics Changes - Revenue increases were driven by authorized rate increases and organic customer growth, with a revenue increase of $0.50 per share year-over-year [9][11] - Weather had an unfavorable impact estimated at $0.06 per share due to wet conditions in 2025 [10] Company Strategy and Development Direction - The company aims for long-term earnings and dividend growth of 7% to 9%, supported by a capital growth plan focused on water and wastewater infrastructure [8][18] - The company is pursuing acquisitions to expand its customer base, with 87,000 customer connections under agreement totaling over $500 million [7][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving consistent EPS growth within the 7% to 9% range through 2029 and beyond [18] - The company noted strong customer usage and regulatory execution as key drivers of performance in 2025 [17][53] Other Important Information - The company has several active rate cases in progress across multiple jurisdictions, including West Virginia and California, seeking significant revenue increases [12][15] - A decoupling bill related to water utilities has passed out of the California Senate and is awaiting action in the Assembly [16][44] Q&A Session Summary Question: How is the company managing stakeholder relationships in Pennsylvania ahead of the next rate case? - Management has been actively engaging with stakeholders and providing excellent customer service to maintain positive relationships [25][26] Question: Is the company considering forward equity issuance for 2026 needs? - The company is evaluating all options but plans to issue equity in 2026 [27][28] Question: What is the earnings potential of the Nexus acquisition compared to municipal M&A? - The Nexus acquisition is seen as a strategic opportunity to expand the customer base in existing states, with no expected negative impact on profitability [31][32][35] Question: What is the landscape for fair market value deals in Pennsylvania? - The company anticipates more fair market value deals and is actively managing a pipeline of acquisitions [37][41] Question: Can you elaborate on the decoupling bill in California? - The bill aims to facilitate full decoupling for California water utilities, pending further legislative approval [43][46]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q2 2025 were $1.48, up from $1.42 in Q2 2024, while year-to-date EPS was $2.53, an increase from $2.37 in the same period of 2024 [5][11] - The company expects to achieve the top half of its initial EPS guidance range for 2025, now narrowed to $5.7 to $5.75 per share [6][16] - Total debt to capital ratio was 58%, within the target of less than 60% [17] Business Line Data and Key Metrics Changes - Consolidated revenues increased by $0.50 per share due to authorized rate increases and organic customer growth [9] - Operating and maintenance (O&M) costs rose by $0.17 per share, primarily due to employee-related expenses and technology costs [10] - Capital investments totaled $1.3 billion year-to-date, with a goal of approximately $3.3 billion for 2025 [19] Market Data and Key Metrics Changes - The company reported unfavorable weather impacts estimated at $0.06 per share year-over-year, with wet weather in 2025 affecting revenues [10][11] - The company has 87,000 customer connections under agreement, totaling over $500 million across its business development platform [6][20] Company Strategy and Development Direction - The company aims for long-term earnings and dividend growth of 7% to 9%, driven by 8% to 9% rate base growth [7][17] - The acquisition of NEXUS Water Group systems is expected to add nearly 47,000 customer connections and approximately $200 million to the rate base [6][20] - The company is pursuing regulatory execution and infrastructure investments to enhance shareholder returns [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving consistent EPS growth within the 7% to 9% range through 2029 and beyond [17] - The company anticipates continued revenue increases year-over-year in several states through Q3 2025 [16] - Management highlighted the importance of stakeholder relationships in Pennsylvania ahead of the next rate case application [25][26] Other Important Information - The company has filed general rate cases in multiple jurisdictions, including West Virginia, Kentucky, and California, seeking additional annual revenue [12][14][15] - A decoupling bill related to water utilities has passed out of the California Senate and is awaiting action in the Assembly [15][46] Q&A Session Summary Question: How is the company managing stakeholder relationships in Pennsylvania? - The company has been actively engaging with stakeholders and providing excellent customer service to maintain positive relationships ahead of the next rate case application [25][26] Question: Is the company considering forward issuance for equity needs in 2026? - The company is evaluating all options for equity issuance but plans to issue equity in 2026 [28] Question: What is the earnings power of the Nexus acquisition compared to municipal M&A? - The Nexus acquisition is seen as a strategic opportunity to expand the customer base in existing service areas, with no expected negative impact on profitability [32][36] Question: What is the landscape for fair market value deals in Pennsylvania? - The company expects more fair market value deals to emerge, indicating ongoing consolidation needs in the region [42] Question: What are the goals of the decoupling bill in California? - The bill aims to close gaps in the regulatory framework for decoupling, with hopes for it to pass through the legislature [46][47] Question: What drove the strength in 2025 guidance? - Strong customer usage and consistent regulatory execution were the primary drivers for the improved guidance [53][54]

Core Viewpoint - Middlesex Water Company is set to report its financial results for the second quarter of 2025 on July 31, 2025, after market close, with the press release and Form 10-Q available on its website [1] Company Overview - Middlesex Water Company is a leading investor-owned water and wastewater utility in the United States, established in 1897 [2] - The company serves over half a million people in New Jersey and Delaware, focusing on employee engagement, operational excellence, superior customer experience, infrastructure investment, and sustainable growth [2]

Core Viewpoint - H2O America is set to announce its financial results for the second quarter of 2025 on July 28, 2025, with a conference call scheduled for July 29, 2025, to discuss these results [1][2]. Company Overview - H2O America (NASDAQ: HTO) operates as a national investor-owned network of local water and wastewater utilities, focusing on delivering clean, high-quality water to communities [3]. - The company serves over 1.6 million people through its four regional water utilities: Connecticut Water, Maine Water, San Jose Water, and Texas Water [5]. Infrastructure and Community Engagement - H2O America manages approximately 407,000 water and wastewater service connections and invests in critical infrastructure to ensure sustainable water supply for future generations [4]. - The company emphasizes operational excellence and aims to deliver long-term value to its investors while remaining actively engaged in local communities [4].

Core Viewpoint - American States Water Company (AWR) is benefiting from strategic investments in infrastructure and a growing customer base, but its heavy reliance on California for earnings poses challenges [1][5]. Group 1: Positive Factors - AWR's subsidiary, American States Utility Services (ASUS), has successfully begun operating water and wastewater systems at two new military bases, enhancing revenue stability through long-term defense contracts [2]. - ASUS is projected to contribute between 59-63 cents per share to AWR's total earnings for the full year 2025, indicating strong future earnings potential [3]. - The company has approved rate cases for regulated utilities, which will facilitate revenue and earnings growth, with capital expenditures expected to reach $573.1 million from 2025 to 2027 [4]. Group 2: Challenges - AWR's financial performance is significantly tied to California, particularly Southern California, making it vulnerable to various risks including political conditions, water supply issues, and natural disasters [5]. - There is an ongoing risk of groundwater contamination, which may lead to additional costs for AWR in the future [6]. Group 3: Stock Performance - Over the past six months, AWR's stock has increased by 1.7%, while the industry has seen a growth of 13.7% [7]. Group 4: Comparisons with Peers - Other companies in the sector, such as American Water Works (AWK), Essential Utilities (WTRG), and CenterPoint Energy (CNP), have better rankings and growth rates, with AWK showing a long-term earnings growth rate of 7.4% [9][10].

Financial Data and Key Metrics Changes - Quarterly revenues were $5 million, with gross profits of approximately $3.2 million, reflecting a gross margin of about 63% [7] - Net income for the quarter was over $2 million, translating to earnings per share of $0.09, while year-to-date net income reached $7 million, or $0.29 per share [9][15] - Revenue trends showed a slight decline from previous quarters due to weighted deliveries of lots, particularly from the largest homebuilder, D.R. Horton [9][10] Business Line Data and Key Metrics Changes - The water utility segment saw growth driven by annual customer additions and strong tap fees, particularly from Phase 2B, with about 230 lots delivered last year [16][18] - The oil and gas segment is expected to normalize in fiscal 2026 after a weaker performance in 2025 due to permitting issues [19][20] - The land development segment is on track to deliver approximately 900 lots in Phase 2C, with ongoing work in Phase 2D [21][43] Market Data and Key Metrics Changes - The company operates in a low inventory environment for entry-level homes in the Denver area, which is beneficial for its market positioning [55] - The housing market faces headwinds from consumer confidence and affordability, but the company remains well-positioned due to its unique entry-level master plan community offerings [54][56] Company Strategy and Development Direction - The company focuses on maintaining liquidity to invest in business segments and capitalize on market opportunities, particularly in land acquisition and water rights [52][53] - The strategy includes a phased delivery model to manage inventory levels effectively, ensuring that neither the company nor its homebuilder partners are burdened with excess inventory [56] Management's Comments on Operating Environment and Future Outlook - Management highlighted that consumer confidence is a significant factor affecting the housing market, but the company is well-positioned to meet demand due to its unique offerings [54] - The company anticipates stronger performance in the single-family rental segment over the next 18 months, with plans to increase the number of units [51] Other Important Information - The company has a strong balance sheet with high liquidity, allowing it to navigate volatile markets effectively [52] - A groundbreaking for a new high school project was announced, which is expected to enhance community appeal and support home sales [45] Q&A Session Summary Question: Is there any development on the reservoir sites? - Management indicated that while there are no immediate developments, they are exploring partnership opportunities related to water rights and surface reservoirs [69][70] Question: Where will the water for the new parcel development be sourced? - The water will be sourced from the city of Aurora, as the property has been annexed to the city for over 20 years [71][72] Question: What is the status of the water rights application mentioned in the 10-K? - The company is negotiating with opposing groups regarding a new water right application that was initially turned down, with hopes for a resolution [73][75]