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California Water (CWT) Incurs Loss in Q1, Revenues Beat

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California Water Service (CWT - Free Report) incurred first-quarter 2021 loss of 6 cents per share, wider than the Zacks Consensus Estimate of a loss of 3 cents by 100%. However, the bottom line improved from the loss 42 cents reported in the year-ago quarter.

Total Revenues

Operating revenues of $147.7 million beat the Zacks Consensus Estimate of $131 million by 12.7%. The top line also improved 17.7% from $125.6 million in the prior-year quarter.

Operational Update

In the quarter under review, California Water’s total operating expenses were $144.8 million, up 9.3% year over year.

In the first quarter, net operating income was $2.9 million against the year-ago quarter’s loss of $6.9 million.

Net interest expenses were $9.9 million, up 0.8% year over year.

Financial Update

As of Mar 31, 2021, the company had cash and cash equivalents of $84.4 million compared with $44.6 million as of Dec 31, 2020.

As of Mar 31, 2021, the company’s net long-term debt was down to $781 million from $781.1 million as of Dec 31, 2020.

Guidance

The company reaffirmed its capital expenditure in the range of $270-$300 million for 2021.

Zacks Rank

The utility currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.

NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.

FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2021 operating earnings of 69 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.

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