California Water Service Group (NYSE: CWT) (“Company” or “CWT”)
today announced 2023 full year net income attributable to CWT of
$51.9 million and diluted earnings per share of $0.91 for 2023, as
compared to net income attributable to CWT of $96.0 million and
diluted earnings per share of $1.77 for 2022.
The $44.1 million decrease in net income was primarily due to
the delayed final decision from the California Public Utilities
Commission ("CPUC") on California Water Service Company’s (“Cal
Water”) pending 2021 General Rate Case (“2021 GRC”) to set new
revenue, rates, and regulatory mechanisms. The 2021 GRC was
originally scheduled to be completed on December 31, 2022 with new
rates effective on January 1, 2023. On January 24, 2024, the
assigned CPUC Administrative Law Judges (“ALJs”) issued a Proposed
Decision (“PD”) on the fully litigated 2021 GRC, and concurrently,
the assigned CPUC Commissioner issued an Alternate Proposed
Decision (“APD”) opposing and modifying certain decisions made by
the ALJs. The PD issued by the ALJs was more closely aligned to Cal
Water’s requested revenue requirement whereas the APD issued by the
assigned Commissioner was more closely aligned to the Public
Advocates’ requested revenue requirement. On February 13, 2024, Cal
Water filed a request to change several elements in the PD and APD,
including correction of possible technical issues. We
are unable to determine which of the two proposed decisions will be
adopted by the CPUC, or if a second alternate proposed decision
will be issued. As a result of the uncertainty regarding the
decision that will ultimately be made by the CPUC, we are unable to
reasonably estimate the impact on 2023 operating revenue and
expenses. Once approved by the CPUC, the 2021 GRC
cumulative adjustment plus interest, which is retroactive to
January 1, 2023, will be recorded.
Financial Results for 2023
Net income was positively impacted by increases of $18.4 million
in income tax benefit and $12.1 million in net other income, which
were partially offset by operating expense increases of $3.2
million in water production, $9.5 million in administrative and
general, $6.6 million in depreciation and amortization, and $5.5
million in financing costs.
Operating revenue in 2023 was $794.6 million, a $51.8 million
decrease from 2022 operating revenue of $846.4 million. The
decrease was primarily due to a $66.9 million decrease in Water
Revenue Adjustment Mechanism (WRAM) and Modified Cost Balancing
Account (MCBA) revenue as these mechanisms concluded on December
31, 2022, a $23.1 million decrease in customer usage, and a $7.7
million revenue decrease from an increase in deferred revenue,
which was partially offset by rate increases of $30.7 million,
revenue increases from new customers of $6.7 million, and an
increase in accrued unbilled revenue of $3.5 million. 2023
operating revenue does not include rate relief tracked in the
Interim Rates Memorandum Account (IRMA) or any benefit of the
proposed Monterey-Style Water Revenue Adjustment Mechanism (MWRAM)
and Drought Response Memorandum Account (DREMA) due to the delay in
CPUC approval of our 2021 GRC.
Total operating expenses in 2023 were $717.5 million, a $1.3
million decrease from 2022 operating expenses of $718.8
million.
Water production costs increased $3.2 million, or 1.0%, to
$288.5 million in 2023 compared to the prior year. The increase in
water production costs was primarily attributable to rate increases
in purchased power and pump taxes.
Administrative and general expenses increased $9.5 million, or
7.2%, in 2023 compared to 2022. The increase was mostly due to
increases of $9.0 million in employee wages and $1.2 million in
employee benefit costs, which was partially offset by a $1.8
million decrease in uninsured loss costs.
Other operations expenses decreased $3.7 million, or 3.2%, to
$112.5 million compared to 2022. The decrease was due mainly to a
$6.3 million decrease in costs associated with an increase in
deferred revenue, a $2.2 million decrease in conservation expenses,
and a $1.7 million decrease in bad debt costs, which was partially
offset by a $3.6 million increase in labor costs and $1.4 million
increase in water quality testing costs.
Maintenance expense was $32.0 million in 2023 and $31.7 million
in 2022. The $0.3 million increase was due to increases in
reservoir, tank, well, and pumping equipment repairs.
Depreciation and amortization increased $6.6 million, or 5.8%,
to $121.2 million in 2023 primarily due to utility plant placed
in-service in 2022.
Income tax benefit increased $18.5 million to $15.2 million
compared to 2022. The increase in 2023 was primarily from a
decrease in pre-tax operating income due to the delay in the
regulatory approval of the 2021 GRC.
Property and other taxes increased $1.2 million, or 3.4%, to
$36.3 million, due mostly to an increase in our assessed property
values for utility plant placed in service during the year.
Net other income increased $12.1 million, or 101.4%, to $24.1
million in 2023 compared to 2022. The increase was primarily due to
a $12.1 million increase in unrealized gains on certain
non-qualified benefit plan investments due to market conditions,
$5.7 million increase in other components of net periodic benefit
credit, and a $1.4 million increase in allowance for equity funds
used during construction, which was partially offset by a $2.8
million decrease in non-regulated revenue and $5.3 million increase
in income tax expense.
In 2023, net interest expense increased $5.5 million, or 12.4%,
to $49.8 million compared to 2022. The increase was due mostly to
higher short-term borrowing rates and higher outstanding borrowings
on our short-term credit facilities.
According to Chairman and Chief Executive Officer Martin A.
Kropelnicki, the Company achieved several positive outcomes in
2023, despite the continued California 2021 GRC regulatory
delays.
“The continued delay in Cal Water’s 2021 GRC clearly had an
adverse impact on full year 2023 earnings results. I am hopeful the
issuance of the PD and APD on January 24, 2024 will result in a
final decision during the first half of 2024. While the continued
delay coupled with inflation was challenging, there are other
updates to report at year-end:
- The CPUC postponed Cal Water’s Cost of Capital filing to May 1,
2025. As a result, Cal Water’s authorized return on equity will be
10.27% in 2024, and in 2025 it will be 10.27% plus or minus any
changes from the Water Cost of Capital Adjustment Mechanism.
- The Company invested $383.7 million in infrastructure
improvements in 2023, which was a 17.1% increase from the same
period last year. We continue to invest diligently in our water
system infrastructure so that we are positioned to provide reliable
quality service to our customers and adapt to the effects of
climate change.
- Our efforts to reduce customer monthly bills include requesting
$83.0 million from the State of California Water Arrearages Payment
Program in November 2023 to pay residential and commercial customer
delinquent and uncollected account balances. Our request is pending
approval.
- We remain focused on the ESG topics that we believe are most
important to our business and to our key stakeholders, and we are
proud of the significant progress made in 2023 in the areas of
climate change, affordability, infrastructure investment, and
sustainability. The details of our accomplishments will be reported
in our 2023 ESG Report, which we expect to publish in May
2024.
- We declared our 316th consecutive quarterly dividend and
increased the Company’s 2024 annual dividends by 7.7%.
The bottom line, we expect the California regulatory delay to be
resolved soon, and we remain laser focused on executing our
strategy and serving our customers,” Kropelnicki said.
Fourth Quarter 2023 Results
For the fourth quarter of 2023, net income attributable to CWT
was $30.1 million and diluted earnings per share was $0.52 compared
to a net income attributable to CWT of $19.6 million and diluted
earnings per share was or $0.35 for the fourth quarter of 2022. The
$10.6 million increase was primarily due to a $12.3 million revenue
increase from a decrease in deferred revenue, $11.2 million
increase in income tax benefit, and a $2.8 million increase in net
other income, which was partially offset by expense increases of
$6.2 million in water production expenses, $5.3 million in employee
wages, $3.4 million in depreciation and amortization, and $1.2
million in financing costs.
Results for the fourth quarter of 2023 were negatively impacted
by the delayed decision on Cal Water’s pending 2021 GRC to
establish new revenue, rates, and regulatory mechanisms.
Operating revenue for the fourth quarter increased $13.6
million, or 6.8%, to $214.5 million primarily due to rate increases
of $13.8 million, an increase of $12.3 million in revenue from a
decrease in deferred revenue, an increase in customer usage of $3.3
million, and an increase in accrued unbilled revenue of $2.1
million, which was partially offset by a decrease in WRAM and MCBA
balancing account revenues of $18.1 million.
Total operating expenses for the fourth quarter increased $4.6
million to $179.3 million. The increase was mainly due to increases
of $6.2 million in water production expenses, $5.3 million in
employee wages, $3.4 million in depreciation and amortization, and
$1.2 million in financing costs, which was partially offset by an
$11.2 million increase in income tax benefits.
Income tax benefit for the fourth quarter of 2023 increased
$11.2 million to $13.8 million compared to the fourth quarter of
2022. The increase was primarily from a decrease in pre-tax
operating income due to the delay in the regulatory approval of the
2021 GRC.
In the fourth quarter of 2023, net other income increased $2.7
million to $7.0 million from $4.3 million in the fourth quarter of
2022. The fourth quarter increase was mostly due to a $2.0 million
increase in unrealized gains on non-qualified benefit plan
investments and a $2.5 million increase in other components of net
periodic benefit credit.
Net interest expense in the fourth quarter of 2023 increased
$1.2 million, or 11.2%, to $29.9 million compared to the same
period in 2022, primarily due to increases in short-term borrowing
rates and higher outstanding borrowings on our short-term credit
facilities.
Liquidity and Financing
CWT’s liquidity remains strong. As of December 31, 2023, CWT
maintained $85.0 million of cash, of which $45.4 million was
classified as restricted, and had additional short-term borrowing
capacity of $420.0 million, subject to meeting the borrowing
conditions on the CWT and Cal Water lines of credit.
CWT’s At-the-Market equity program and Employee Stock Purchase
Program provided cash of $115.1 million in 2023. Cal
Water requested $83.0 million from the State of California Water
Arrearages Payment Program in November 2023 to pay residential and
commercial customer delinquent and uncollected account balances
during the period from June 16, 2021 to December 31, 2022. Our
request is pending approval. CWT’s customer accounts receivable
balances more than 60 days as of December 31, 2023 was $15.5
million, a decrease of $2.1 million compared to customer accounts
receivable balances more than 60 days as of December 31, 2022.
CWT’s capital investments in 2023 was $383.7 million which was a
17.1% increase from the same period last year.
On January 25, 2024, the Board of Directors increased the
quarterly cash dividend by 7.7% and approved a quarterly cash
dividend of $0.28 per share of common stock.
Other Information
All stockholders and interested investors are invited to attend
the conference call on February 29, 2024 at 8:00 a.m. PT (11:00
a.m. ET) by dialing 1-800-715-9871 or 1-646-307-1963 and keying in
ID# 4241548, or you may access the live audio webcast at
https://edge.media-server.com/mmc/p/denrydyv. Please join at least
15 minutes in advance to ensure a timely connection to the call. A
replay of the call will be available from 2:00 p.m. ET on Thursday,
February 29, 2024 through Monday, April 29, 2024, at 1-800-770-2030
or 1-609-800-9909, ID# 4241548, or by accessing the webcast above.
The call will be hosted by Chairman and Chief Executive Officer
Martin A. Kropelnicki, Senior Vice President, Chief Financial
Officer and Treasurer James P. Lynch, Principal Financial Officer
David B. Healey, and Vice President, Rates and Regulatory Affairs
Greg A. Milleman. Prior to the call, Cal Water will furnish a slide
presentation on its website at 9:00 a.m. ET.
About California Water Service Group California
Water Service Group is the parent company of regulated utilities
California Water Service, Hawaii Water Service, New Mexico Water
Service, and Washington Water Service, as well as Texas Water
Service, a utility holding company. Together, these companies
provide regulated and non-regulated water and wastewater service to
more than 2.1 million people in California, Hawaii, New Mexico,
Washington, and Texas. California Water Service Group’s common
stock trades on the New York Stock Exchange under the symbol “CWT.”
Additional information is available online at
www.calwatergroup.com.
This news release contains forward-looking statements
within the meaning established by the Private Securities Litigation
Reform Act of 1995 ("PSLRA"). The forward-looking statements are
intended to qualify under provisions of the federal securities laws
for "safe harbor" treatment established by the PSLRA.
Forward-looking statements in this news release are based on
currently available information, expectations, estimates,
assumptions and projections, and our management’s beliefs,
assumptions, judgments and expectations about us, the water utility
industry and general economic conditions. These statements are not
statements of historical fact. When used in our documents,
statements that are not historical in nature, including words like
will, would, expects, intends, plans, believes, may, could,
estimates, assumes, anticipates, projects, progress, predicts,
hopes, targets, forecasts, should, seeks or variations of these
words or similar expressions are intended to identify
forward-looking statements. Examples of forward-looking statements
in this news release include, but are not limited to, statements
describing Cal Water’s expected financial performance, authorized
return on equity and expectations regarding the 2021 GRC Filing and
the regulatory process, including timing and business and financial
impact. Forward-looking statements are not guarantees of future
performance. They are based on numerous assumptions that we believe
are reasonable, but they are open to a wide range of uncertainties
and business risks. Consequently, actual results may vary
materially from what is contained in a forward-looking statement.
Factors that may cause actual results to be different than those
expected or anticipated include, but are not limited to: our
ability to invest or apply the proceeds from the issuance of common
stock in an accretive manner; governmental and regulatory
commissions' decisions, including decisions on proper disposition
of property; consequences of eminent domain actions relating to our
water systems; changes in regulatory commissions' policies and
procedures, such as the CPUC’s decision in 2020 to
preclude companies from proposing fully decoupled WRAMs, which
impacted the 2021 GRC Filing; the outcome and
timeliness of regulatory commissions' actions concerning rate
relief and other matters, including with respect to the 2021 GRC
Filing; increased risk of inverse condemnation losses as a result
of climate change and drought; our ability to renew leases to
operate water systems owned by others on beneficial terms; changes
in California State Water Resources Control Board water quality
standards; changes in environmental compliance and water quality
requirements; electric power interruptions, especially as a result
of Public Safety Power Shutoff (PSPS) programs; housing and
customer growth; the impact of opposition to rate increases; our
ability to recover costs; availability of water supplies; issues
with the implementation, maintenance or security of our information
technology systems; civil disturbances or terrorist threats or
acts; the adequacy of our efforts to mitigate physical and cyber
security risks and threats; the ability of our enterprise risk
management processes to identify or address risks adequately; labor
relations matters as we negotiate with the unions; changes in
customer water use patterns and the effects of conservation,
including as a result of drought conditions; our ability to
complete, in a timely manner or at all, successfully integrate and
achieve anticipated benefits from announced acquisitions; the
impact of weather, climate change, natural disasters, and actual or
threatened public health emergencies, including disease outbreaks,
on our operations, water quality, water availability, water sales
and operating results and the adequacy of our emergency
preparedness; restrictive covenants in or changes to the credit
ratings on our current or future debt that could increase our
financing costs or affect our ability to borrow, make payments on
debt or pay dividends; risks associated with expanding our business
and operations geographically; the impact of stagnating or
worsening business and economic conditions, including inflationary
pressures, general economic slowdown or a recession, increasing
interest rates, instability of certain financial institutions,
changes in monetary policy, adverse capital markets activity or
macroeconomic conditions as a result of the geopolitical conflicts,
and the prospect of a shutdown of the U.S. federal government; the
impact of market conditions and volatility on unrealized gains or
losses on our non-qualified benefit plan investments and our
operating results; the impact of weather and timing of meter reads
on our accrued unbilled revenue; the impact of evolving legal and
regulatory requirements, including emerging environmental, social
and governance requirements; and other risks and unforeseen events
described in our SEC filings. In light of these risks,
uncertainties and assumptions, investors are cautioned not to place
undue reliance on forward-looking statements, which speak only as
of the date of this news release. When considering forward-looking
statements, you should keep in mind the cautionary statements
included in this paragraph, as well as the Annual 10-K, Quarterly
10-Q, and other reports filed from time-to-time with the Securities
and Exchange Commission (SEC). We are not under any obligation, and
we expressly disclaim any obligation to update or alter any
forward-looking statements, whether as a result of new information,
future events or otherwise.
ContactJames P, Lynch (408) 367-8200
(analysts)
Shannon Dean (408) 367-8243 (media)
CALIFORNIA WATER SERVICE GROUP |
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
December 31 |
|
December 31 |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
ASSETS |
|
|
|
|
|
Utility plant: |
|
|
|
|
|
Utility plant |
$ |
4,925,483 |
|
|
$ |
4,536,272 |
|
|
|
Less accumulated depreciation and amortization |
|
(1,152,228 |
) |
|
|
(1,063,341 |
) |
|
|
|
Net utility plant |
|
3,773,255 |
|
|
|
3,472,931 |
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
39,591 |
|
|
|
62,100 |
|
|
|
Restricted cash |
|
45,375 |
|
|
|
22,925 |
|
|
|
Receivables: |
|
|
|
|
|
|
Customers,net |
|
59,349 |
|
|
|
55,079 |
|
|
|
|
Regulatory balancing accounts |
|
64,240 |
|
|
|
66,826 |
|
|
|
|
Other, net |
|
16,431 |
|
|
|
20,932 |
|
|
|
Unbilled revenue, net |
|
36,999 |
|
|
|
33,140 |
|
|
|
Materials and supplies |
|
16,170 |
|
|
|
12,564 |
|
|
|
Taxes, prepaid expenses, and other assets |
|
18,130 |
|
|
|
21,969 |
|
|
|
|
Total current assets |
|
296,285 |
|
|
|
295,535 |
|
|
Other assets: |
|
|
|
|
|
Regulatory assets |
|
257,621 |
|
|
|
283,620 |
|
|
|
Goodwill |
|
37,039 |
|
|
|
36,814 |
|
|
|
Other assets |
|
231,333 |
|
|
|
175,913 |
|
|
|
|
Total other assets |
|
525,993 |
|
|
|
496,347 |
|
|
TOTAL ASSETS |
$ |
4,595,533 |
|
|
$ |
4,264,813 |
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND LIABILITIES |
|
|
|
|
Capitalization: |
|
|
|
|
|
Common stock, $.01 par value; 136,000 shares authorized, 57,724 and
55,598 outstanding in 2023 and 2022, respectively |
$ |
577 |
|
|
$ |
556 |
|
|
|
Additional paid-in capital |
|
876,583 |
|
|
|
760,336 |
|
|
|
Retained earnings |
|
549,573 |
|
|
|
556,698 |
|
|
|
Noncontrolling interests |
|
3,579 |
|
|
|
4,804 |
|
|
|
|
Total equity |
|
1,430,312 |
|
|
|
1,322,394 |
|
|
|
Long-term debt, net |
|
1,052,768 |
|
|
|
1,052,487 |
|
|
|
|
Total capitalization |
|
2,483,080 |
|
|
|
2,374,881 |
|
|
Current liabilities: |
|
|
|
|
|
Current maturities of long-term debt, net |
|
672 |
|
|
|
3,310 |
|
|
|
Short-term borrowings |
|
180,000 |
|
|
|
70,000 |
|
|
|
Accounts payable |
|
157,305 |
|
|
|
140,986 |
|
|
|
Regulatory balancing accounts |
|
21,540 |
|
|
|
12,240 |
|
|
|
Accrued interest |
|
6,625 |
|
|
|
6,490 |
|
|
|
Accrued other liabilities |
|
64,197 |
|
|
|
61,624 |
|
|
|
|
Total current liabilities |
|
430,339 |
|
|
|
294,650 |
|
|
Deferred income taxes |
|
352,762 |
|
|
|
330,251 |
|
|
Pension |
|
82,920 |
|
|
|
78,443 |
|
|
Regulatory liabilities and other |
|
760,493 |
|
|
|
701,355 |
|
|
Advances for construction |
|
199,448 |
|
|
|
199,832 |
|
|
Contributions in aid of construction |
|
286,491 |
|
|
|
285,401 |
|
|
Commitments and contingencies |
|
|
|
|
TOTAL CAPITALIZATION AND LIABILITIES |
$ |
4,595,533 |
|
|
$ |
4,264,813 |
|
|
|
CALIFORNIA WATER SERVICE GROUP |
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
|
Unaudited |
|
|
|
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
For the Three Months ended: |
|
|
|
|
|
|
December 31 |
|
December 31 |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
Operating revenue |
$ |
214,512 |
|
|
$ |
200,937 |
|
Operating expenses: |
|
|
|
|
Operations: |
|
|
|
|
|
Water production costs |
|
70,290 |
|
|
|
64,069 |
|
|
|
Administrative and general |
|
37,058 |
|
|
|
33,293 |
|
|
|
Other operations |
|
37,723 |
|
|
|
34,227 |
|
|
Maintenance |
|
7,912 |
|
|
|
8,326 |
|
|
Depreciation and amortization |
|
31,576 |
|
|
|
28,188 |
|
|
Income tax benefit |
|
(13,823 |
) |
|
|
(2,665 |
) |
|
Property and other taxes |
|
8,540 |
|
|
|
9,212 |
|
|
Total operating expenses |
|
179,276 |
|
|
|
174,650 |
|
|
|
Net operating income |
|
35,236 |
|
|
|
26,287 |
|
Other income and expenses: |
|
|
|
|
Non-regulated revenue |
|
4,866 |
|
|
|
4,504 |
|
|
Non-regulated expenses |
|
(583 |
) |
|
|
(2,389 |
) |
|
Other components of net periodic benefit credit |
|
5,462 |
|
|
|
2,960 |
|
|
Allowance for equity funds used during construction |
|
1,405 |
|
|
|
1,106 |
|
|
Income tax expense on other income and expenses |
|
(4,106 |
) |
|
|
(1,903 |
) |
|
|
Net other income |
|
7,044 |
|
|
|
4,278 |
|
Interest expense: |
|
|
|
|
Interest expense |
|
13,018 |
|
|
|
11,714 |
|
|
Allowance for borrowed funds used during construction |
|
(676 |
) |
|
|
(620 |
) |
|
|
Net interest expense |
|
12,342 |
|
|
|
11,094 |
|
Net income |
|
29,938 |
|
|
|
19,471 |
|
Net loss attributable to noncontrolling
interests |
|
(190 |
) |
|
|
(98 |
) |
Net income attributable to California Water Service
Group |
$ |
30,128 |
|
|
$ |
19,569 |
|
Earnings per share of common stock |
|
|
|
|
Basic |
$ |
0.52 |
|
|
$ |
0.36 |
|
|
Diluted |
$ |
0.52 |
|
|
$ |
0.35 |
|
Weighted average shares outstanding |
|
|
|
|
Basic |
|
57,715 |
|
|
|
55,083 |
|
|
Diluted |
|
57,756 |
|
|
|
55,133 |
|
Dividends per share of common stock |
$ |
0.26 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA WATER SERVICE GROUP |
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
|
Unaudited |
|
|
|
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
For the Twelve Months ended: |
|
|
|
|
|
|
December 31 |
|
December 31 |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
Operating revenue |
$ |
794,632 |
|
|
$ |
846,431 |
|
Operating expenses: |
|
|
|
|
Operations: |
|
|
|
|
|
Water production costs |
|
288,512 |
|
- |
|
285,264 |
|
|
|
Administrative and general |
|
142,235 |
|
|
|
132,718 |
|
|
|
Other operations |
|
112,481 |
|
|
|
116,172 |
|
|
Maintenance |
|
31,975 |
|
|
|
31,715 |
|
|
Depreciation and amortization |
|
121,212 |
|
|
|
114,575 |
|
|
Income tax (benefit) expense |
|
(15,189 |
) |
|
|
3,262 |
|
|
Property and other taxes |
|
36,271 |
|
|
|
35,065 |
|
|
Total operating expenses |
|
717,497 |
|
|
|
718,771 |
|
|
|
Net operating income |
|
77,135 |
|
|
|
127,660 |
|
Other income and expenses: |
|
|
|
|
Non-regulated revenue |
|
18,509 |
|
|
|
21,276 |
|
|
Non-regulated expenses |
|
(11,807 |
) |
|
|
(24,821 |
) |
|
Other components of net periodic benefit credit |
|
20,215 |
|
|
|
14,476 |
|
|
Allowance for equity funds used during construction |
|
5,551 |
|
|
|
4,127 |
|
|
Income tax expense on other income and expenses |
|
(8,408 |
) |
|
|
(3,113 |
) |
|
|
Net other income |
|
24,060 |
|
|
|
11,945 |
|
Interest expense: |
|
|
|
|
Interest expense |
|
52,809 |
|
|
|
46,686 |
|
|
Allowance for borrowed funds used during construction |
|
(2,990 |
) |
|
|
(2,344 |
) |
|
|
Net interest expense |
|
49,819 |
|
|
|
44,342 |
|
Net income |
|
51,376 |
|
|
|
95,263 |
|
Net loss attributable to noncontrolling
interests |
|
(535 |
) |
|
|
(748 |
) |
Net income attributable to California Water Service
Group |
$ |
51,911 |
|
|
$ |
96,011 |
|
Earnings per share of common stock |
|
|
|
|
Basic |
$ |
0.91 |
|
|
$ |
1.77 |
|
|
Diluted |
$ |
0.91 |
|
|
$ |
1.77 |
|
Weighted average shares outstanding |
|
|
|
|
Basic |
|
56,952 |
|
|
|
54,320 |
|
|
Diluted |
|
56,983 |
|
|
|
54,363 |
|
Dividends per share of common stock |
$ |
1.04 |
|
|
$ |
1.00 |
|
|
California Water Service (NYSE:CWT)
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