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California Water Service(CWT) - 2025 Q1 - Quarterly Results
CWTCalifornia Water Service(CWT)2025-05-01 13:15

Financial Performance - Q1 2025 net income attributable to the Group was 13.3million,or13.3 million, or 0.22 per diluted share, a decrease of 56.6millionand56.6 million and 0.99 per share compared to the same period in the prior year[6]. - Operating revenue for Q1 2025 was 204.0million,adecreaseof204.0 million, a decrease of 66.7 million compared to Q1 2024, but an increase of 23.5millioncomparedtothenon−GAAPoperatingrevenueof23.5 million compared to the non-GAAP operating revenue of 180.5 million for Q1 2024[11]. - Q1 2025 operating expenses were 181.6million,adecreaseof181.6 million, a decrease of 11.3 million compared to Q1 2024[11]. - Net income attributable to California Water Service Group for Q1 2025 was 13,331,000,down80.113,331,000, down 80.1% from 69,917,000 in Q1 2024[25]. - Adjusted revenue (non-GAAP) for Q1 2025 was 203,973,000,comparedto203,973,000, compared to 180,483,000 in Q1 2024, reflecting a 13.0% increase when excluding the 2023 interim rate relief[27]. - Adjusted net income (non-GAAP) for Q1 2025 was 13,331,000,significantlyhigherthan13,331,000, significantly higher than 4,104,000 in Q1 2024[27]. - Basic earnings per share for Q1 2025 was 0.22,adecreaseof81.80.22, a decrease of 81.8% from 1.21 in Q1 2024[25]. - The company reported a net operating income of 22,345,000forQ12025,adeclineof71.422,345,000 for Q1 2025, a decline of 71.4% from 77,894,000 in Q1 2024[25]. Dividends - The Company declared its 321st consecutive quarterly dividend of 0.30pershare,contributingtoanexpectedannualdividendyieldof0.30 per share, contributing to an expected annual dividend yield of 1.24 per common share[19]. - Dividends per share increased to 0.34inQ12025,upfrom0.34 in Q1 2025, up from 0.28 in Q1 2024, representing a 21.4% increase[25]. Capital Investments - Capital investments during Q1 2025 were 110.1million,slightlyaheadofthesameperiodlastyear[10].RegulatoryMatters−The2024CaliforniaGeneralRateCaseproposestoincreasetotalrevenueby110.1 million, slightly ahead of the same period last year[10]. Regulatory Matters - The 2024 California General Rate Case proposes to increase total revenue by 140.6 million, or 17.1%, in 2026, and 74.2million,or7.774.2 million, or 7.7%, in 2027[12]. - The Company is focused on achieving a timely resolution to the 2024 California GRC, which is critical for infrastructure investment and long-term service reliability[7]. - The 2024 California GRC is progressing on schedule, with evidentiary hearings expected to occur in May 2025[14]. Financial Position - As of March 31, 2025, the Group's cash and cash equivalents were 90.1 million, with 45.7millionrestricted[9].−Totalassetsincreasedto45.7 million restricted[9]. - Total assets increased to 5,257,751,000 as of March 31, 2025, compared to 5,180,283,000attheendof2024[24].−Totalcurrentliabilitiesroseto5,180,283,000 at the end of 2024[24]. - Total current liabilities rose to 604,084,000 in Q1 2025, up from 538,364,000inQ42024,indicatinga12.2538,364,000 in Q4 2024, indicating a 12.2% increase[24]. - Long-term debt remained stable at approximately 1,104,373,000 as of March 31, 2025, compared to 1,104,571,000attheendof2024[24].CostManagement−IncrementalCostBalancingAccount(ICBA)expensedecreasedby1,104,571,000 at the end of 2024[24]. Cost Management - Incremental Cost Balancing Account (ICBA) expense decreased by 9.3 million in Q1 2025[11].