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California Water (CWT) Q1 Earnings & Sales Lag Estimates
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California Water Service Group (CWT - Free Report) recorded a first-quarter 2023 adjusted loss of 40 cents per share, which missed the Zacks Consensus Estimate of earnings of 8 cents by 600%. The bottom line also depreciated from the year-ago quarter’s earnings of 2 cents per share.
Total Revenues
Operating revenues totaled $131.1 million, which missed the Zacks Consensus Estimate of $180 million by 27.2%. The top line also declined 24.2% from $172.9 million recorded in the prior-year quarter.
California Water Service Group Price, Consensus and EPS Surprise
SJW Group (SJW - Free Report) is set to release first-quarter 2023 results on May 1, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at 28 cents per share, implying a year-over-year increase of 211.1%.
The consensus estimate for 2023 EPS stands at $2.45, indicating a year-over-year improvement of 1.24%. The company had delivered an average earnings surprise of 5.6% in the last four quarters.
Primo Water (PRMW - Free Report) is set to release first-quarter 2023 results on May 4, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at 11 cents per share, implying a year-over-year increase of 22.2%.
The consensus estimate for 2023 EPS stands at 84 cents, indicating a year-over-year improvement of 25.4%. The company delivered an average earnings surprise of 17.76% in the last four quarters.
Essential Utilities Inc. (WTRG - Free Report) is set to release first-quarter 2023 results on May 8, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at 73 cents per share.
WTRG’s long-term (three- to five-year) earnings growth is projected at 6%. The consensus estimate for 2023 EPS stands at $1.87, indicating a year-over-year improvement of 5.65%.
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California Water (CWT) Q1 Earnings & Sales Lag Estimates
California Water Service Group (CWT - Free Report) recorded a first-quarter 2023 adjusted loss of 40 cents per share, which missed the Zacks Consensus Estimate of earnings of 8 cents by 600%. The bottom line also depreciated from the year-ago quarter’s earnings of 2 cents per share.
Total Revenues
Operating revenues totaled $131.1 million, which missed the Zacks Consensus Estimate of $180 million by 27.2%. The top line also declined 24.2% from $172.9 million recorded 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 were $148.6 million, down 9.3% from the year-ago quarter’s $163.8 million.
CWT reported net operating loss of $17.5 million against the year-ago quarter’s income of $9.1 million.
Net interest expenses were $11.9 million, up 9.2% from the year-ago quarter’s $10.9 million.
Financial Update
As of Mar 31, 2023, CWT had cash and cash equivalents of $52.3 million compared with $62.1 million as of Dec 31, 2022.
As of Mar 31, 2023, net long-term debt was $1,052.3 million compared with $1,052.5 million as of Dec 31, 2022.
The company invested $82 million in infrastructure improvements during the first quarter compared with $68.5 million during the prior-year period.
Zacks Rank
Currently, CWT carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
SJW Group (SJW - Free Report) is set to release first-quarter 2023 results on May 1, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at 28 cents per share, implying a year-over-year increase of 211.1%.
The consensus estimate for 2023 EPS stands at $2.45, indicating a year-over-year improvement of 1.24%. The company had delivered an average earnings surprise of 5.6% in the last four quarters.
Primo Water (PRMW - Free Report) is set to release first-quarter 2023 results on May 4, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at 11 cents per share, implying a year-over-year increase of 22.2%.
The consensus estimate for 2023 EPS stands at 84 cents, indicating a year-over-year improvement of 25.4%. The company delivered an average earnings surprise of 17.76% in the last four quarters.
Essential Utilities Inc. (WTRG - Free Report) is set to release first-quarter 2023 results on May 8, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at 73 cents per share.
WTRG’s long-term (three- to five-year) earnings growth is projected at 6%. The consensus estimate for 2023 EPS stands at $1.87, indicating a year-over-year improvement of 5.65%.