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Dec 31, 2020
Cal Water Q4 2020 Earnings Report
Announced 2020 earnings for the year and fourth quarter.
Key Takeaways
California Water Service Group reported a net income increase of $4.2 million for Q4 2020, driven by rate increases and income tax benefits, despite increased expenses in employee wages, bad debt, and depreciation.
Net income for the fourth quarter of 2020 was $15.5 million, with diluted earnings per share at $0.31.
Operating revenue for the fourth quarter increased by 7.0% to $189.2 million, primarily due to rate increases.
Total operating expenses for the quarter increased to $164.1 million.
The company maintained $44.6 million of cash as of December 31, 2020, with additional short-term borrowing capacity of over $180 million.
Cal Water
Cal Water
Forward Guidance
California Water Service Group plans to use the net proceeds from the sale of the Bonds to refinance existing indebtedness and for general corporate purposes, as set forth in California Public Utilities Code Section 817 and will continue its 2021 infrastructure improvement investment program, estimated between $270.0 and $300.0 million.