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Jun 30, 2021
Cal Water Q2 2021 Earnings Report
Announced second quarter 2021 results, with net income significantly increased due to rate increases authorized by the CPUC's 2018 General Rate Case decision.
Key Takeaways
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.
Net income increased significantly to $38.2 million, or $0.75 per share, compared to $5.3 million, or $0.11 per share in Q2 2020.
The increase in net income was primarily due to the December 2020 decision on the 2018 General Rate Case (GRC).
Operating revenue increased by 21.4% to $213.1 million compared to $175.5 million in Q2 2020.
Cal Water submitted its 2022-2024 infrastructure improvement plans in its General Rate Case filing with the CPUC, requesting approval to invest $1.02 billion.
Forward Guidance
Cal Water is focused on infrastructure improvements and drought response, with a commitment to affordability and water-use reduction targets.
Positive Outlook
- Finalizing California Infrastructure Improvement Plans and General Rate Case for 2023-2025.
- Reactivating the drought response team.
- Submitting 2022-2024 infrastructure improvement plans.
- Requesting approval to invest $1.02 billion over three years in water system infrastructure.
- Supporting Governor Gavin Newsom’s call for a 15% reduction in water use.
Historical Earnings Impact
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