California Water Service Group ( (CWT) ) has released its Q3 earnings. Here is a breakdown of the information California Water Service Group presented to its investors.
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California Water Service Group is a prominent water utility company that provides regulated and non-regulated water and wastewater services across California, Hawaii, New Mexico, Washington, and Texas. It is listed on the New York Stock Exchange under the symbol ‘CWT’.
In the third quarter of 2024, California Water Service Group reported strong financial results, with significant increases in earnings per share and net income compared to the previous year. The company also highlighted its substantial capital investment in infrastructure and consistent dividend payments.
Key financial metrics for the third quarter included a diluted earnings per share of $1.03, up from $0.60 in the same quarter of 2023. Net income rose to $60.7 million compared to $34.4 million in the prior year. The company achieved an increase in operating revenue to $299.6 million, driven by higher rates and customer usage. Despite an increase in operating expenses, the company maintained a solid financial performance.
California Water Service Group continues to focus on improving infrastructure, as evidenced by a record $332.2 million investment over the first nine months of 2024. The company has also received regulatory approvals for mechanisms that will aid in cash recovery over the next three years, strengthening its financial position.
Looking ahead, California Water Service Group remains committed to its strategic goals, including significant infrastructure investments and maintaining reliable water services. The company’s management expects to sustain its financial growth and operational excellence, reinforcing its leadership in the water utility sector.
