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Mar 31, 2020
Cal Water Q1 2020 Earnings Report
Announced first quarter 2020 results, with a net loss primarily due to the lack of resolution of the California General Rate Case.
Key Takeaways
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.
Net loss was $20.3 million, or $0.42 net loss per diluted common share, compared to a net loss of $7.6 million, or $0.16 net loss per diluted common share for the first quarter of 2019.
Total revenue decreased slightly to $125.6 million compared to $126.1 million in the first quarter of 2019.
Total operating expenses increased $6.9 million, or 5.5%, to $132.5 million.
Company-funded and developer-funded capital investments were $65.3 million, an increase of $5.4 million, or 9.0%.
Cal Water
Cal Water
Forward Guidance
The Company expects that the difference in interim and approved rates will be collected through customer surcharges over 12 months.