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Mar 31, 2021
Cal Water Q1 2021 Earnings Report
Announced first quarter 2021 results with a net loss decrease primarily due to the 2018 General Rate Case decision.
Key Takeaways
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.
Net loss decreased by $17.3 million due to the 2018 General Rate Case decision.
Operating revenue increased 17.7% to $147.7 million.
Rate relief and regulatory cost offset mechanisms added $14.0 million to revenue.
The Company invested $66.8 million in infrastructure improvements during the first quarter of 2021.
Cal Water
Cal Water
Forward Guidance
2021 is shaping up to be a busy year, particularly on the regulatory front. The Company is on track to file California’s GRC for calendar years 2023 through 2025 during the second quarter of 2021 and is filing an application to set their cost of capital for 2022 through 2024.