California Water Service(US:CWT)2024-02-29 15:27Financial 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]