California Water Service Group reports strong financial results with plans for future investments

From GlobeNewswire: 2024-08-01 09:00:00

California Water Service Group reported strong financial results for the second quarter of 2024, including diluted earnings per share of $0.70 and $214.4 million invested in water system infrastructure. The company also filed the 2024 General Rate Case and Infrastructure Improvement Plans with the CPUC. Cal Water has proposed a Low-Use Water Equity Program to assist low-water-using, lower-income customers. The company affirms its S&P Global credit rating of A+ Stable. During Q2 2024, net income was $40.6 million, operating revenue was $244.3 million, and operating expenses were $196.1 million. Year-to-date 2024, net income was $110.5 million, operating revenue was $515.0 million, and operating expenses were $389.0 million. Group maintained $82.7 million in cash and had $355 million in short-term borrowing capacity. Cal Water plans to invest $1.6 billion in its California water systems from 2025-2027, including a proposed Low-Use Water Equity Program to assist low-water-using, lower-income customers. The company has filed for changes to rates in 2024, 2026, 2027, and 2028. Cal Water hosted emergency response exercises in Hawaii and responded to the Butte County Thompson Fire. The company continues to pursue recovery for PFAS contamination costs as it prepares to comply with new regulations and seeks financial recovery from responsible parties.



Read more at GlobeNewswire:: California Water Service Group Reports Second Quarter