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California Water (CWT) Q1 Earnings Lag Estimates, Revenues Beat
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California Water Service Group (CWT - Free Report) recorded first-quarter 2022 operating earnings per share (EPS) of 2 cents, which missed the Zacks Consensus Estimate of 5 cents by 60%. However, the bottom line improved by 133% from the year-ago quarter’s tally of a loss of 6 cents per share.
Total Revenues
Operating revenues of $173 million surpassed the Zacks Consensus Estimate of $154 million by 12.3%. The top line improved by 17% from $147.7 million in the prior-year quarter.
California Water Service Group Price, Consensus and EPS Surprise
California Water’s total operating expenses in the first quarter were $163.9 million, up 13.2% from the year-ago quarter’s $144.8 million, due to an increase in water-production costs, maintenance costs and other operations costs.
Net operating income in the first quarter was $9.1 million, up 213.8% from the year-ago quarter’s reading of $2.9 million.
Net interest expenses were $10.9 million, up 10% from the year-ago quarter’s reading of $9.9 million.
Financial Update
As of Mar 31, 2022, CWT had cash and cash equivalents of $68.4 million compared with $78.4 million as of Dec 31, 2021.
As of Mar 31, 2022, California Water’s net long-term debt was $1,055.6 million, up 35.2% from $1,055.8 million as of Dec 31, 2021.
California Water invested $68.5 million in infrastructure improvements in the first quarter of 2022.
Guidance
California Water reiterated the capital expenditure plan of $355 million, $360 million and $365 million for 2022, 2023 and 2024, respectively.
American States Water Co. (AWR - Free Report) is slated to report first-quarter 2022 earnings on May 2 after market close. The Zacks Consensus Estimate for American States Water’s first-quarter EPS is pegged at 54 cents.
The Zacks Consensus Estimate for AWR’s 2022 earnings implies year-over-year growth of 6.5%.
Global Water Resources (GWRS - Free Report) is slated to report first-quarter 2022 earnings on May 5 before market open. Global Water Resources’ long-term earnings growth is currently pegged at 15%.
The Zacks Consensus Estimate for GWRS’ 2023 earnings implies year-over-year growth of 25%.
Essential Utilities Inc. (WTRG - Free Report) is slated to report first-quarter 2022 earnings on May 9 after market close. The Zacks Consensus Estimate for Essential Utilities’ first-quarter EPS is pegged at 74 cents.
The Zacks Consensus Estimate for WTRG’s 2022 earnings implies year-over-year growth of 6.6%.
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California Water (CWT) Q1 Earnings Lag Estimates, Revenues Beat
California Water Service Group (CWT - Free Report) recorded first-quarter 2022 operating earnings per share (EPS) of 2 cents, which missed the Zacks Consensus Estimate of 5 cents by 60%. However, the bottom line improved by 133% from the year-ago quarter’s tally of a loss of 6 cents per share.
Total Revenues
Operating revenues of $173 million surpassed the Zacks Consensus Estimate of $154 million by 12.3%. The top line improved by 17% from $147.7 million in the prior-year quarter.
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 first quarter were $163.9 million, up 13.2% from the year-ago quarter’s $144.8 million, due to an increase in water-production costs, maintenance costs and other operations costs.
Net operating income in the first quarter was $9.1 million, up 213.8% from the year-ago quarter’s reading of $2.9 million.
Net interest expenses were $10.9 million, up 10% from the year-ago quarter’s reading of $9.9 million.
Financial Update
As of Mar 31, 2022, CWT had cash and cash equivalents of $68.4 million compared with $78.4 million as of Dec 31, 2021.
As of Mar 31, 2022, California Water’s net long-term debt was $1,055.6 million, up 35.2% from $1,055.8 million as of Dec 31, 2021.
California Water invested $68.5 million in infrastructure improvements in the first quarter of 2022.
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, CWT carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
American States Water Co. (AWR - Free Report) is slated to report first-quarter 2022 earnings on May 2 after market close. The Zacks Consensus Estimate for American States Water’s first-quarter EPS is pegged at 54 cents.
The Zacks Consensus Estimate for AWR’s 2022 earnings implies year-over-year growth of 6.5%.
Global Water Resources (GWRS - Free Report) is slated to report first-quarter 2022 earnings on May 5 before market open. Global Water Resources’ long-term earnings growth is currently pegged at 15%.
The Zacks Consensus Estimate for GWRS’ 2023 earnings implies year-over-year growth of 25%.
Essential Utilities Inc. (WTRG - Free Report) is slated to report first-quarter 2022 earnings on May 9 after market close. The Zacks Consensus Estimate for Essential Utilities’ first-quarter EPS is pegged at 74 cents.
The Zacks Consensus Estimate for WTRG’s 2022 earnings implies year-over-year growth of 6.6%.