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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.
California Water Service Group Price, Consensus and EPS Surprise
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%.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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California Water (CWT) Incurs Loss in Q1, Revenues Beat
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.
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
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%.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>