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California Water (CWT) Q4 Earnings Lag, Revenues Beat Mark

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California Water Service (CWT - Free Report) generated fourth-quarter 2020 earnings of 31 cents per share, which missed the Zacks Consensus Estimate of 35 cents by 11.4%. However, the bottom line improved 29.2% from 24 cents in the year-ago quarter.

Total Revenues

Operating revenues of $189.2 million beat the Zacks Consensus Estimate of $184 million by 2.8%. The top line also improved 6.9% from $176.9 million in the prior-year quarter.

Operational Update

In the quarter under review, California Water’s total operating expenses were $164.1 million, up 4.9% year over year.

In the fourth quarter, net operating income was $25 million, up 23% from the year-ago quarter.

Interest expenses were $11.5 million, up 1% year over year.

Financial Update

As of Dec 31, 2020, the company had cash and cash equivalents of $44.6 million compared with $42.7 million as of Dec 31, 2019.

As of Dec 31, 2020, the company’s net long-term debt was down to $781.1 million from $786.8 million as of Dec 31, 2019.

Guidance

The company expects to invest $270-$300 million in 2021.

Zacks Rank

The utility currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.

WEC Energy Group (WEC - Free Report) delivered fourth-quarter 2020 earnings per share of 76 cents, which surpassed the Zacks Consensus Estimate of 74 cents by 2.7%.

American States Water Co. (AWR - Free Report) reported fourth-quarter 2020 operating earnings of 54 cents per share, which surpassed the Zacks Consensus Estimate of 49 cents by 10.2%.

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