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California Water (CWT) Q4 Earnings & Revenues Miss Estimates
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California Water Service Group (CWT - Free Report) recorded fourth-quarter 2021 operating earnings per share (EPS) of 7 cents, which missed the Zacks Consensus Estimate of 20 cents by 65%.The bottom line declined 77.4% from the year-ago quarter’s tally of 31 cents per share.
California Water reported operating EPS of $1.96 in 2021, down 0.51% from $1.97 in 2020. Total earnings lagged the Zacks Consensus Estimate of $1.98 by 1%.
Total Revenues
Operating revenues of $173.3 million missed the Zacks Consensus Estimate of $197 million by 12%. The top line fell 5.2% from $189.2 million in the prior-year quarter.
California Water reported total revenues of $791 million in 2021, down 0.4% from $794.3 million in 2020. Total revenues also missed the Zacks Consensus Estimate of $814 million by 2.8%.
California Water Service Group Price, Consensus and EPS Surprise
California Water’s total operating expenses in the fourth quarter were $162.9 million, down 0.7% from the year-ago quarter’s $164.1 million, due to a decrease in water-production costs and other operations costs.
Net operating income in the fourth quarter was $10.5 million, down 58% from the year-ago quarter’s reading of $25 million.
Net interest expenses were $11.8 million, up 2.5% from the year-ago quarter’s reading of $11.5 million.
Financial Update
As of Dec 31, 2021, CWT had cash and cash equivalents of $78.4 million compared with $44.6 million as of Dec 31, 2020.
As of Dec 31, 2021, California Water’s net long-term debt was $1,055.8 million, up 35.2% from $781.1 million as of Dec 31, 2020.
Strategic Update
California Water invested $293.2 million in infrastructure in 2021 compared with $298.7 million in 2020, within the estimated range of $270.0-$300.0 million.
Currently, CWT has six acquisitions pending to be closed following regulatory approvals, which will add up to 2,238 water connections and up to 3,650 wastewater connections.
Guidance
California Water reiterated the capital expenditure plan of $355 million, $360 million and $365 million for 2022, 2023 and 2024, respectively.
Algonquin Power & Utilities (AQN - Free Report) is slated to report fourth-quarter 2021 earnings on Mar 3 after market close. The Zacks Consensus Estimate for the fourth quarter’s EPS is pegged at 21 cents.
Algonquin Power & Utilities’ long-term (three to five years) earnings growth is currently pegged at 8.7%. The Zacks Consensus Estimate for AQN’s 2022 earnings implies year-over-year growth of 4.5%.
Global Water Resources Inc. (GWRS - Free Report) is slated to report fourth-quarter 2021 earnings on Mar 10 before market open. The Zacks Consensus Estimate for the fourth quarter’s EPS is pegged at 1 cent.
Global Water Resources’ long-term earnings growth is currently pegged at 15%. The Zacks Consensus Estimate for GWRS’ 2022 earnings implies year-over-year growth of 6.7%.
Consolidated Water Company Ltd. (CWCO - Free Report) is slated to report fourth-quarter 2021 earnings on Mar 30 before market open. The Zacks Consensus Estimate for the fourth quarter’s EPS is pegged at 7 cents.
Consolidated Water’s long-term earnings growth is currently pegged at 8%. The Zacks Consensus Estimate for CWCO’s 2022 earnings implies year-over-year growth of 76.5%.
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California Water (CWT) Q4 Earnings & Revenues Miss Estimates
California Water Service Group (CWT - Free Report) recorded fourth-quarter 2021 operating earnings per share (EPS) of 7 cents, which missed the Zacks Consensus Estimate of 20 cents by 65%.The bottom line declined 77.4% from the year-ago quarter’s tally of 31 cents per share.
California Water reported operating EPS of $1.96 in 2021, down 0.51% from $1.97 in 2020. Total earnings lagged the Zacks Consensus Estimate of $1.98 by 1%.
Total Revenues
Operating revenues of $173.3 million missed the Zacks Consensus Estimate of $197 million by 12%. The top line fell 5.2% from $189.2 million in the prior-year quarter.
California Water reported total revenues of $791 million in 2021, down 0.4% from $794.3 million in 2020. Total revenues also missed the Zacks Consensus Estimate of $814 million by 2.8%.
California Water Service Group Price, Consensus and EPS Surprise
California Water Service Group price-consensus-eps-surprise-chart | California Water Service Group Quote
Operational Update
California Water’s total operating expenses in the fourth quarter were $162.9 million, down 0.7% from the year-ago quarter’s $164.1 million, due to a decrease in water-production costs and other operations costs.
Net operating income in the fourth quarter was $10.5 million, down 58% from the year-ago quarter’s reading of $25 million.
Net interest expenses were $11.8 million, up 2.5% from the year-ago quarter’s reading of $11.5 million.
Financial Update
As of Dec 31, 2021, CWT had cash and cash equivalents of $78.4 million compared with $44.6 million as of Dec 31, 2020.
As of Dec 31, 2021, California Water’s net long-term debt was $1,055.8 million, up 35.2% from $781.1 million as of Dec 31, 2020.
Strategic Update
California Water invested $293.2 million in infrastructure in 2021 compared with $298.7 million in 2020, within the estimated range of $270.0-$300.0 million.
Currently, CWT has six acquisitions pending to be closed following regulatory approvals, which will add up to 2,238 water connections and up to 3,650 wastewater connections.
Guidance
California Water reiterated the capital expenditure plan of $355 million, $360 million and $365 million for 2022, 2023 and 2024, respectively.
Zacks Rank
Currently, California Water carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Algonquin Power & Utilities (AQN - Free Report) is slated to report fourth-quarter 2021 earnings on Mar 3 after market close. The Zacks Consensus Estimate for the fourth quarter’s EPS is pegged at 21 cents.
Algonquin Power & Utilities’ long-term (three to five years) earnings growth is currently pegged at 8.7%. The Zacks Consensus Estimate for AQN’s 2022 earnings implies year-over-year growth of 4.5%.
Global Water Resources Inc. (GWRS - Free Report) is slated to report fourth-quarter 2021 earnings on Mar 10 before market open. The Zacks Consensus Estimate for the fourth quarter’s EPS is pegged at 1 cent.
Global Water Resources’ long-term earnings growth is currently pegged at 15%. The Zacks Consensus Estimate for GWRS’ 2022 earnings implies year-over-year growth of 6.7%.
Consolidated Water Company Ltd. (CWCO - Free Report) is slated to report fourth-quarter 2021 earnings on Mar 30 before market open. The Zacks Consensus Estimate for the fourth quarter’s EPS is pegged at 7 cents.
Consolidated Water’s long-term earnings growth is currently pegged at 8%. The Zacks Consensus Estimate for CWCO’s 2022 earnings implies year-over-year growth of 76.5%.