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Dec 31, 2022
Cal Water Q4 2022 Earnings Report
Net income attributable to CWT increased due to rise in accrued unbilled revenue, rate increases, and a change in deferred revenue.
Key Takeaways
California Water Service Group's net income attributable to CWT for Q4 2022 was $19.6 million, with diluted earnings per share of $0.35. This represents an increase compared to Q4 2021, driven by higher accrued unbilled revenue, rate increases, and changes in deferred revenue, partially offset by increased operating expenses.
Net income attributable to CWT increased by $16.1 million compared to Q4 2021.
Operating revenue increased by $27.6 million, or 15.9%, to $200.9 million.
Diluted earnings per share was $0.35, compared to $0.07 in Q4 2021.
Total operating expenses for the quarter increased by $11.8 million to $174.7 million.
Cal Water
Cal Water
Forward Guidance
No specific forward guidance was provided in the release.