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Jun 30, 2022
Cal Water Q2 2022 Earnings Report
Announced second quarter 2022 results, with net income attributable to Group decreasing due to a reduction in accrued unbilled revenue and unrealized gains on non-qualified benefit plan investments, partially offset by general rate increases and a change in deferred revenue.
Key Takeaways
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.
Net income attributable to Group decreased by $18.7 million compared to Q2 2021.
Operating revenue decreased by 3.3% to $206.2 million.
Total operating expenses increased by $8.0 million, or 4.7%.
The company maintained $61.7 million of cash as of June 30, 2022, and had additional short-term borrowing capacity of more than $480.0 million.
Cal Water
Cal Water
Forward Guidance
Given the state of the economy and the uncertain timing of the conclusion of our general rate case in California, I expect the remainder of the year to be challenging.