SAN JOSE, Calif., May 22, 2024 (GLOBE NEWSWIRE) -- As part of its dedication to enhancing the transparency of its environmental, social, and governance (ESG) program, California Water Service Group (Group or Company) (NYSE: CWT) today released its 2023 ESG Report and ESG Analyst Download. The ESG Report—which is aligned with recognized reporting frameworks and standards, including the Sustainability Accounting Standards Board Water Utilities & Services Industry Standards, the Recommendations of the Task For ...

SAN JOSE, Calif., May 22, 2024 (GLOBE NEWSWIRE) -- As part of its dedication to enhancing the transparency of its environmental, social, and governance (ESG) program, California Water Service Group (Group or Company) (NYSE: CWT) today released its 2023 ESG Report and ESG Analyst Download. The ESG Report—which is aligned with recognized reporting frameworks and standards, including the Sustainability Accounting Standards Board Water Utilities & Services Industry Standards, the Recommendations of the Task For ...

California Water Service Group is a member of the Utilities sector. This group includes 106 individual stocks and currently holds a Zacks Sector Rank of #12. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups. The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estima ...

James Lynch Sr. Vice President, CFO & Treasurer Forward-Looking Statements INVESTOR RELATIONS 2 First Quarter 2024 Highlights • Authorization to invest $1.2 billion in water system improvement projects (2021-2024) • Adoption of progressive rate design • Recognition of interim rates (FY 2023 -Q1 2024) $83 million in additional state funding to relieve California customers of past-due balances accumulated during the COVID-19 pandemic Commitment to reducing absolute Scope 1 and 2 greenhouse gas (GHG) emissions ...

Financial Data and Key Metrics Changes - Reported net income for the first quarter was $69.9 million, up nearly 415% compared to a loss of $22.2 million in the first quarter of 2023 [71] - Diluted earnings per share for the first quarter 2024 was $1.21, compared to a loss of $0.48 per share in the first quarter of 2023 [102] - Net interest expense increased 25.5% to $15 million during the first quarter compared to $12 million for the first quarter of 2023 [5] Business Line Data and Key Metrics Changes - Operating revenue for the quarter increased 106.5% to $270.7 million compared to $131.1 million in the prior year [101] - First quarter operating expenses increased to $192.9 million from $148.6 million, primarily driven by higher water production costs and deferred costs associated with recognized revenue [80] Market Data and Key Metrics Changes - The overall rate base grew to an estimated $2.2 billion by the end of 2023, an increase of 15.4% over 2022 [72] - The company anticipates making approximately $380 million in capital investments for the year, including an estimated $20 million in developer-funded projects [81] Company Strategy and Development Direction - The company is committed to investing in infrastructure improvements and addressing PFAS treatment, with plans to spend between $12 million and $20 million this year on PFAS treatment [89] - The company aims to maintain a strong liquidity position with cash and cash equivalents of $88.3 million and additional short-term borrowing capacity of $320 million [82] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the water supply situation in California, noting good snowpack levels and replenishment of underground aquifers [117] - The company is focused on achieving a return on equity (ROE) of 10.27% for 2024 and aims to drive towards hitting that ROE despite regulatory lag and inflation concerns [41] Other Important Information - The company received approximately $83 million under the State of California Extended Arrearage Program to assist customers with past due balances from the COVID-19 pandemic [73] - The company has a commitment to reduce absolute Scope 1 and Scope 2 greenhouse gases by 63% by 2023 from a 2021 baseline [111] Q&A Session All Questions and Answers Question: How should we think about the timing of the cash recovery of the retroactive 2023 GRC revenues? - The company will start requesting it in the third quarter, with cash flows expected to come in more during 2025 and 2026 [58][60] Question: Will you be booking AFUDC earnings associated with PFAS CapEx? - The company will accrue AFUDC on capital projects, which will flow through the income statement [90] Question: Is dividend growth a lever to adjust downwards if there are higher equity needs? - The company aims to maintain a dividend growth rate above inflation and considers market conditions and capital needs when making decisions [144]

The California Water and Wastewater Arrearages Payment Program was created by the California Legislature to be administered by the Water Board in order to provide relief to community water and wastewater systems for unpaid bills (arrearages) related to the COVID-19 pandemic. In 2023, the California Extended Water and Wastewater Arrearages Payment Program was established and extended the relief period to include arrearages accrued from June 16, 2021 to December 31, 2022. In response to the extended program, ...

California Water Service Group (CWT) recorded first-quarter 2024 adjusted earnings of $1.21 per share, which surpassed the Zacks Consensus Estimate of 21 cents by 476.2%. The company reported a loss of 40 cents per share in the year-ago quarter.Total RevenuesOperating revenues totaled $270.7 million, which surpassed the Zacks Consensus Estimate of $169 million by 60%. The top line also increased 106.5% from $131.1 million recorded in the prior-year quarter. The year-over-year increase was due to the adoptio ...

SAN JOSE, Calif., April 25, 2024 (GLOBE NEWSWIRE) -- California Water Service Group (("Group" or "Company, NYSE:CWT), a leading publicly traded water utility serving California, Hawaii, New Mexico, Washington, and Texas, today reported results for the first quarter of 2024. Highlights included: Diluted earnings per share of $1.21 in Q1 2024, compared to a loss of $0.40 in Q1 2023.A decision on the 2021 California General Rate Case and Infrastructure Improvement Plan (2021 GRC) that authorizes implementation ...

San Jose, Calif. California Water Service Group ("Group" or "Company," NYSE: CWT), a leading publicly traded water utility serving California, Hawaii, New Mexico, Washington, and Texas, today reported results for the first quarter of 2024. According to Chairman and Chief Executive Officer Martin A. Kropelnicki, the finalized 2021 GRC decision provided welcome clarity to stakeholders while enabling the Company to make critical infrastructure investments. ● Net income attributable to Group was $69.9 million i ...

SAN JOSE, Calif., April 24, 2024 (GLOBE NEWSWIRE) -- At its meeting on April 24, 2024, the California Water Service Group (NYSE:CWT) Board of Directors declared the company's 317th consecutive quarterly dividend in the amount of $0.28 per common share. It will be payable on May 17, 2024 to stockholders of record as of the close of business on May 6, 2024. California Water Service Group is the parent company of regulated utilities California Water Service, Hawaii Water Service, New Mexico Water Service, and ...