California Water Service Group (CWT - Free Report) recorded first-quarter 2024 adjusted earnings of $1.21 per share, which surpassed the Zacks Consensus Estimate of 21 cents by 476.2%. The company reported a loss of 40 cents per share in the year-ago quarter.
Total Revenues
Operating revenues totaled $270.7 million, which surpassed the Zacks Consensus Estimate of $169 million by 60%. The top line also increased 106.5% from $131.1 million recorded in the prior-year quarter. The year-over-year increase was due to the adoption of the 2021 General Rate Case decision and retroactive interim rate relief related to 2023.
Operational Update
California Water’s total operating expenses were $192.9 million, up 29.8% from the year-ago quarter’s level of $148.6 million. This was due to an increase in water production costs and other operations.
CWT reported maintenance expenses of $8 million, up 0.4% year over year.
Net operating income was $77.9 million against the year-ago quarter’s reported loss of $17.5 million.
Net interest expenses were $15 million, up 25% from the prior-year quarter’s figure of $12 million. The year-over-year rise was primarily due to an increase in short-term borrowing rates and higher credit balances.
Financial Update
As of Mar 31, 2024, CWT had cash and cash equivalents of $42.8 million compared with $39.6 million as of Dec 31, 2023.
As of Mar 31, 2024, its net long-term debt totaled $1.052 billion compared with $1.053 billion as of Dec 31, 2023.
Zacks Rank
Currently, CWT carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
American Water Works Company (AWK - Free Report) is scheduled to report first-quarter results on May 1, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1 per share.
AWK’s long-term (three to five years) earnings growth rate is 8%. It delivered an average earnings surprise of 6% in the last four quarters.
Essential Utilities Inc. (WTRG - Free Report) is scheduled to report first-quarter results on May 2, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at 76 cents per share.
WTRG’s long-term earnings growth rate is 5.8%. It delivered an average earnings surprise of 0.7% in the last four quarters.
Global Water Resources (GWRS - Free Report) is scheduled to report first-quarter results on May 8, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at 4 cents per share.
GWRS’ long-term earnings growth rate is 15%. It delivered an average earnings surprise of 28.8% in the last four quarters.
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California Water Service Group (CWT - Free Report) recorded first-quarter 2024 adjusted earnings of $1.21 per share, which surpassed the Zacks Consensus Estimate of 21 cents by 476.2%. The company reported a loss of 40 cents per share in the year-ago quarter.
Total Revenues
Operating revenues totaled $270.7 million, which surpassed the Zacks Consensus Estimate of $169 million by 60%. The top line also increased 106.5% from $131.1 million recorded in the prior-year quarter. The year-over-year increase was due to the adoption of the 2021 General Rate Case decision and retroactive interim rate relief related to 2023.
Operational Update
California Water’s total operating expenses were $192.9 million, up 29.8% from the year-ago quarter’s level of $148.6 million. This was due to an increase in water production costs and other operations.
CWT reported maintenance expenses of $8 million, up 0.4% year over year.
Net operating income was $77.9 million against the year-ago quarter’s reported loss of $17.5 million.
Net interest expenses were $15 million, up 25% from the prior-year quarter’s figure of $12 million. The year-over-year rise was primarily due to an increase in short-term borrowing rates and higher credit balances.
Financial Update
As of Mar 31, 2024, CWT had cash and cash equivalents of $42.8 million compared with $39.6 million as of Dec 31, 2023.
As of Mar 31, 2024, its net long-term debt totaled $1.052 billion compared with $1.053 billion as of Dec 31, 2023.
Zacks Rank
Currently, CWT carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
American Water Works Company (AWK - Free Report) is scheduled to report first-quarter results on May 1, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1 per share.
AWK’s long-term (three to five years) earnings growth rate is 8%. It delivered an average earnings surprise of 6% in the last four quarters.
Essential Utilities Inc. (WTRG - Free Report) is scheduled to report first-quarter results on May 2, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at 76 cents per share.
WTRG’s long-term earnings growth rate is 5.8%. It delivered an average earnings surprise of 0.7% in the last four quarters.
Global Water Resources (GWRS - Free Report) is scheduled to report first-quarter results on May 8, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at 4 cents per share.
GWRS’ long-term earnings growth rate is 15%. It delivered an average earnings surprise of 28.8% in the last four quarters.
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5 Dividend Stocks to Include in Your Retirement Strategy is packed with unconventional wisdom and insights you won’t get from your neighborhood financial planner.
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