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Jun 30, 2023
Cal Water Q2 2023 Earnings Report
Announced second quarter 2023 results, reflecting the impact of the delayed proposed decision from the CPUC on Cal Water's 2021 general rate case.
Key Takeaways
California Water Service Group reported a decrease in net income and diluted earnings per share for the quarter ended June 30, 2023, compared to the same period in 2022, primarily due to the delayed decision from the California Public Utilities Commission on California Water Service Company’s 2021 general rate case.
Net income attributable to Group was $9.6 million, compared to $19.5 million for the quarter ended June 30, 2022.
Diluted earnings per share were $0.17, compared to $0.36 for the quarter ended June 30, 2022.
Operating revenue was $194.0 million, compared to $206.2 million for the same period in 2022.
The CPUC extended the GRC completion date to December 31, 2023, and co-assigned a second Administrative Law Judge to facilitate the process.
Cal Water
Cal Water
Forward Guidance
The company is hopeful that having an additional Administrative Law Judge on the case will expedite the process.