California Water Service Group

NYSE:CWTUnited States

Oct 31, 2024

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• -- Earnings Flash (CWT) CALIFORNIA WATER SERVICE GROUP Reports Q3 Revenue $299.6M, from 9:01AM ET on Thursday Oct 31, 2024 by MT Newswires

  9:01AM ET on Thursday Oct 31, 2024 by MT Newswires
  Companies Mentioned: CWT
  09:01 AM EDT, 10/31/2024 (MT Newswires) -- ...

• California Water Service Group Reports Third Quarter Results, from 9:00AM ET on Thursday Oct 31, 2024 by Dow Jones

  9:00AM ET on Thursday Oct 31, 2024 by Dow Jones
  Companies Mentioned: CWT
  revenue, net 55,971 36,999 Materials and supplies 19,872 16,170 Taxes, prepaid expenses, and other assets 21,487 18,130 Total current assets 362,951 296,285 Other assets: Regulatory assets 340,419 257,621 Goodwill 37,039 37,039 Other assets 233,615 231,333 Total other assets 611,073 525,993 TOTAL ASSETS $ 5,014,908 $ 4,595,533 CAPITALIZATION AND LIABILITIES Capitalization: Common stock, $0.01 par value; 136,000 shares authorized, 59,473 and 57,724 outstanding on September 30, 2024 and December 31, 2023, respectively $ 595 $ 577 Additional paid-in capital 965,278 876,583 Retained earnings 671,913 549,573 Accumulated other comprehensive loss (9,197) -- Noncontrolling interests 3,043 3,579 Total equity 1,631,632 1,430,312 Long-term debt, net 1,051,585 1,052,768 Total capitalization 2,683,217 2,483,080 Current liabilities: Current maturities of long-term debt, net 890 672 Short-term borrowings 260,000 180,000 Accounts payable 171,501 157,305 Regulatory balancing accounts 24,133 21,540 Accrued interest 17,131 6,625 Accrued expenses and other liabilities 97,074 64,197 Total current liabilities 570,729 430,339 Deferred income taxes 365,598 352,762 Regulatory liabilities 734,925 683,717 Pension 83,412 82,920 Advances for construction 201,417 199,448 Contributions in aid of construction 292,540 286,491 Other 83,070 76,776 Commitments and contingencies TOTAL CAPITALIZATION AND LIABILITIES $ 5,014,908 $ 4,595,533 CALIFORNIA WATER SERVICE GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (In thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 ------------------------ ------------------------ Operating revenue $ 299,563 $ 254,976 $ 814,611 $ 580,120 Operating expenses: Operations: Water production costs 95,091 92,347 236,920 218,222 Administrative and general 35,453 34,216 103,091 105,177 Other operations 33,618 32,331 86,169 74,758 Maintenance 9,264 8,930 26,064 24,063 Depreciation and amortization 33,065 29,897 98,887 89,636 Income tax expense (benefit) 15,483 3,949 39,710 (1,366) Property and other taxes 10,841 9,832 30,962 27,731 Total operating expenses 232,815 211,502 621,803 538,221 Net operating income 66,748 43,474 192,808 41,899 Other income and expenses: Non-regulated revenue 4,133 4,535 14,744 13,643 Non-regulated expenses (934) (5,992) (7,013) (11,224) Other components of net periodic benefit credit 4,451 4,776 12,062 14,753 Allowance for equity funds used during construction 1,691 1,387 5,252 4,146 Income tax expense on other income and expenses (1,939) (1,063) (4,566) (4,302) Net other income 7,402 3,643 20,479 17,016 Interest expense: Interest expense 14,384 13,482 45,024 39,791 Allowance for borrowed funds used during construction (788) (690) (2,358) (2,314) Net interest expense 13,596 12,792 42,666 37,477 Net income 60,554 34,325 170,621 21,438 Net loss attributable to noncontrolling interests (126) (113) (527) (345) Net income attributable to California Water Service Group $ 60,680 $ 34,438 $ 171,148 $ 21,783 Earnings per share of common stock: Basic $ 1.03 $ 0.60 $ 2.93 $ 0.38 Diluted $ 1.03 $ 0.60 $ 2.93 $ 0.38 Weighted average shares outstanding: Basic 58,931 57,704 58,321 56,695 Diluted 58,982 57,740 58,358 56,731 Dividends per share of common stock $ 0.28 $ 0.26 $ 0.84 $ 0.78
  

• Press Release: California Water Service Group Reports Third Quarter Results, from 9:00AM ET on Thursday Oct 31, 2024 by Dow Jones

  9:00AM ET on Thursday Oct 31, 2024 by Dow Jones
  Companies Mentioned: CWT