California Water Service reports Q1 EPS (40c), consensus 0c

Reports Q1 revenue $131,100M vs $172.993M last year. According to President and Chief Executive Officer Martin Kropelnicki, first quarter operating results were in line with the Group’s expectations. "Given the continuing delay on our 2021 General Rate Case for California, our results are not surprising to us and in line with our expectations given the regulatory lag. Eventually, the regulatory process will conclude, but while we wait, we continue to focus on our strategic priorities. In Q1, we completed our purchase of Bethel Greenacres Association in Washington and signed an agreement to purchase Lake Section Water in New Mexico; we introduced PromisePay to provide our customers with an even more convenient way to set up flexible payment plans with us; and we invested $82.0 million in water system improvements that should help us deliver a reliable, high-quality water supply to our communities," he said.