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Sep 30, 2021
Cal Water Q3 2021 Earnings Report
Announced third quarter 2021 results
Key Takeaways
California Water Service Group reported a decrease in net income for the third quarter of 2021, with $62.5 million or $1.20 earnings per diluted common share, compared to $96.4 million or $1.94 earnings per diluted common share for the third quarter of 2020. The decrease was primarily driven by the timing of rate relief and regulatory balancing account revenues.
Net income for the third quarter of 2021 was $62.5 million, or $1.20 per diluted share, compared to $96.4 million, or $1.94 per diluted share, for the third quarter of 2020.
Operating revenue decreased by $47.4 million to $256.7 million in the third quarter of 2021, a 15.6% decrease compared to $304.1 million in the third quarter of 2020.
Total operating expenses decreased by $12.5 million, or 6.3%, to $185.6 million in the third quarter of 2021 compared to the prior year.
The company invested $207.7 million in infrastructure improvements during the first nine months of 2021 and estimates annual investments for 2021 between $270.0 and $300.0 million.