California Water Service Group ( (CWT) ) has released its Q4 earnings. Here is a breakdown of the information California Water Service Group presented to its investors.
California Water Service Group, a publicly traded water utility company, provides water and wastewater services to over 2.1 million people across California, Hawaii, New Mexico, Washington, and Texas. The company recently announced its financial results for the fourth quarter and full year of 2024, showcasing significant growth and strategic advancements.
In 2024, California Water Service Group reported operating revenue of $1.037 billion, a notable increase from $794.6 million in 2023. The company’s diluted earnings per share also saw a substantial rise to $3.25 from $0.91 in the previous year. A key highlight was the record capital investment of $471 million in water system infrastructure, underscoring the company’s commitment to enhancing its service capabilities.
The company achieved a net income of $190.8 million for the full year, driven by increased rates and consumption. Operating expenses rose to $811.8 million, primarily due to higher water production costs and increased depreciation and amortization. The company’s strategic initiatives included a successful General Rate Case filing in California and the issuance of $125 million in First Mortgage Bonds.
Looking ahead, California Water Service Group remains focused on advancing its infrastructure improvement plans and maintaining its cost of capital structure through 2026. The company is optimistic about reaching a timely decision on its General Rate Case, which aims to support sustainable water supply and customer service enhancements.