Loading...
•
Mar 31, 2022
Cal Water Q1 2022 Earnings Report
Net income increased due to general rate increases and revenue from acquisitions, offset by increased expenses.
Key Takeaways
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.
Net income attributable to Group increased by $4.1 million compared to Q1 2021.
Operating revenue increased by 17.1% to $173.0 million.
Water production expenses increased by $6.7 million, or 12.2%.
The company invested $68.5 million in infrastructure improvements during the first quarter of 2022.
Cal Water
Cal Water
Forward Guidance
The company proposed to the CPUC spending $1.0 billion on new projects in 2022-2024. Capital expenditures in California are evaluated in the context of the pending GRC and may change as the case moves forward.