California Water Service Group

Latest Results (20.08.2024):

Q2 2024 Financial Results

California Water Service Group reported net income attributable to the Group of $40.6 million in Q2 2024, compared to $9.6 million in Q2 2023. Operating revenue for the quarter was $244.3 million, an increase of $50.3 million from the same period last year. The increase in revenue was driven by higher rates, accrued unbilled revenue, and rate mechanisms approved in the 2021 California General Rate Case (GRC).

Year-to-Date 2024 Financial Results

For the six-month period ended June 30, 2024, California Water Service Group reported net income of $110.5 million, or $1.90 diluted earnings per share, compared to a net loss of $12.7 million in the same period last year. Operating revenue for the first half of 2024 was $515.0 million, an increase of $189.9 million from the same period in 2023. The increase was largely due to the cumulative adjustment for the impacts of the 2021 California GRC decision.

Liquidity, Financing, and Capital Investment

As of June 30, 2024, California Water Service Group had $82.7 million in cash, with $45.4 million classified as restricted, and additional short-term borrowing capacity of $355 million. The Group's capital investments for the first six months of 2024 totaled $214.4 million, representing 56% of the estimated $385 million capital investment target for the year.

Infrastructure Improvement Plan

On July 8, 2024, California Water Service Group's largest subsidiary, California Water Service (Cal Water), submitted Infrastructure Improvement Plans for 2025-2027 as part of its triennial GRC filing. The application proposes to invest over $1.6 billion in its districts from 2025-2027, including approximately $1.3 billion in new capital investments. The plan also includes a Low-Use Water Equity Program to assist low-water-using, lower-income customers.

Dividends

California Water Service Group declared its 318th consecutive quarterly dividend in the amount of $0.28 per share. This consistent dividend declaration underscores the company's commitment to providing value to its shareholders while maintaining financial stability and growth.