Cal Water Earnings Reports

California Water Service Group reported Q1 2025 net income attributable to the Group of $13.3 million, or $0.22 per diluted share, a decrease from the prior year due to the non-recurrence of 2023 interim rate relief. However, non-GAAP net income and diluted earnings per share increased compared to Q1 2024 non-GAAP figures. Operating revenue was $204.0 million, a decrease from Q1 2024 GAAP revenue but an increase compared to Q1 2024 non-GAAP operating revenue.

California Water Service Group reported strong operational and financial performance in 2024, with a key milestone being the filing of the 2024 California GRC, which includes investments to provide a safe and sustainable water supply to customers.

California Water Service Group reported solid financial results for the third quarter of 2024, benefiting from the 2021 California General Rate Case decision. The company invested $117.8 million in infrastructure and received several awards for water conservation, emergency response, and workplace leadership.

California Water Service Group reported financial results for the second quarter of 2024, which benefited from the effects of the 2021 California General Rate Case decision.

California Water Service Group reported its Q1 2024 results, which were positively influenced by the finalized 2021 GRC decision, allowing for critical infrastructure investments. The decision increases adopted revenues for 2023 by approximately $41.5 million, retroactive to January 1, 2023, and potentially increases revenues by up to approximately $30.0 million for 2024 and $30.6 million for 2025, subject to CPUC's earnings test and inflationary adjustments.

California Water Service Group reported a net income attributable to CWT of $30.1 million and diluted earnings per share of $0.52 for the fourth quarter of 2023, compared to a net income of $19.6 million and diluted earnings per share of $0.35 for the fourth quarter of 2022. The increase was primarily due to revenue increase from a decrease in deferred revenue, increase in income tax benefit, and an increase in net other income, partially offset by expense increases.

California Water Service Group reported a decrease in net income and earnings per share for the third quarter of 2023 compared to the same period in 2022, primarily due to the delayed decision from the California Public Utilities Commission on California Water Service Company’s pending 2021 general rate case.

California Water Service Group reported a decrease in net income and diluted earnings per share for the quarter ended June 30, 2023, compared to the same period in 2022, primarily due to the delayed decision from the California Public Utilities Commission on California Water Service Company’s 2021 general rate case.

California Water Service Group's net income attributable to CWT for Q4 2022 was $19.6 million, with diluted earnings per share of $0.35. This represents an increase compared to Q4 2021, driven by higher accrued unbilled revenue, rate increases, and changes in deferred revenue, partially offset by increased operating expenses.

California Water Service Group announced a decrease in net income for the third quarter of 2022, primarily due to increased operating expenses. The decrease was partially offset by higher operating revenue driven by rate increases.

California Water Service Group reported a decrease in net income attributable to Group for the second quarter of 2022, primarily due to a reduction in accrued unbilled revenue and unrealized gains on non-qualified benefit plan investments, despite general rate increases and a change in deferred revenue.

California Water Service Group reported a net income of $1.1 million and diluted earnings per share of $0.02 for the first quarter of 2022. Operating revenue increased by 17.1% to $173.0 million, driven by rate increases and acquisitions.

For the fourth quarter of 2021, net income attributable to CWT was $3.5 million and diluted earnings per share was $0.07, compared to net income attributable to CWT of $15.5 million and diluted earnings per share of $0.31 in the fourth quarter of 2020. Operating revenue for the fourth quarter decreased $15.8 million, or 8.4%, to $173.3 million.

California Water Service Group reported a decrease in net income for the third quarter of 2021, with $62.5 million or $1.20 earnings per diluted common share, compared to $96.4 million or $1.94 earnings per diluted common share for the third quarter of 2020. The decrease was primarily driven by the timing of rate relief and regulatory balancing account revenues.

California Water Service Group reported a significant increase in net income for the second quarter of 2021, primarily driven by rate increases authorized in the 2018 General Rate Case (GRC) decision. Net income rose to $38.2 million, or $0.75 per share, compared to $5.3 million, or $0.11 per share, in the second quarter of 2020. Operating revenue also increased by 21.4% to $213.1 million.

California Water Service Group reported a net loss of $3.0 million, or $0.06 net loss per diluted common share, for the first quarter of 2021, compared to a net loss of $20.3 million, or $0.42 net loss per diluted common share, for the first quarter of 2020. The decrease in net loss was primarily due to the December 2020 decision by the California Public Utilities Commission resolving California Water Service Company’s 2018 General Rate Case.

California Water Service Group reported a net income increase of $4.2 million for Q4 2020, driven by rate increases and income tax benefits, despite increased expenses in employee wages, bad debt, and depreciation.

California Water Service Group reported a net income of $96.4 million, or $1.94 earnings per diluted common share, for the third quarter of 2020, compared to a net income of $42.4 million, or $0.88 earnings per diluted common share, for the third quarter of 2019. The increase was primarily due to the October 14, 2020 proposed decision in the California 2018 General Rate Case.

California Water Service Group announced its financial results for the second quarter of 2020.

California Water Service Group reported a net loss of $20.3 million, or $0.42 net loss per diluted common share, for the first quarter of 2020, compared to a net loss of $7.6 million, or $0.16 net loss per diluted common share, for the first quarter of 2019. The increase in net loss was primarily due to the lack of resolution of the California General Rate Case.

For the fourth quarter of 2019, net income was $11.3 million and diluted earnings per share was $0.24, compared to net income of $15.4 million and diluted earnings per share of $0.32 in the fourth quarter of 2018.