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Dec 31, 2023
Cal Water Q4 2023 Earnings Report
Announced 2023 earnings for year and fourth quarter.
Key Takeaways
California Water Service Group reported a net income attributable to CWT of $30.1 million and diluted earnings per share of $0.52 for the fourth quarter of 2023, compared to a net income of $19.6 million and diluted earnings per share of $0.35 for the fourth quarter of 2022. The increase was primarily due to revenue increase from a decrease in deferred revenue, increase in income tax benefit, and an increase in net other income, partially offset by expense increases.
Net income attributable to CWT was $30.1 million, an increase from $19.6 million in Q4 2022.
Diluted earnings per share was $0.52, compared to $0.35 in Q4 2022.
Operating revenue increased by $13.6 million (6.8%) to $214.5 million.
Net other income increased by $2.7 million to $7.0 million.
Cal Water
Cal Water
Forward Guidance
The company expects the California regulatory delay to be resolved soon and remains focused on executing its strategy and serving customers.