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California Water (CWT) Q1 Earnings & Revenues Beat Estimates
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California Water Service Group (CWT - Free Report) recorded first-quarter 2024 adjusted earnings of $1.21 per share, which surpassed the Zacks Consensus Estimate of 21 cents by 476.2%. The company reported a loss of 40 cents per share in the year-ago quarter.
Total Revenues
Operating revenues totaled $270.7 million, which surpassed the Zacks Consensus Estimate of $169 million by 60%. The top line also increased 106.5% from $131.1 million recorded in the prior-year quarter. The year-over-year increase was due to the adoption of the 2021 General Rate Case decision and retroactive interim rate relief related to 2023.
California Water Service Group Price, Consensus and EPS Surprise
California Water’s total operating expenses were $192.9 million, up 29.8% from the year-ago quarter’s level of $148.6 million. This was due to an increase in water production costs and other operations.
CWT reported maintenance expenses of $8 million, up 0.4% year over year.
Net operating income was $77.9 million against the year-ago quarter’s reported loss of $17.5 million.
Net interest expenses were $15 million, up 25% from the prior-year quarter’s figure of $12 million. The year-over-year rise was primarily due to an increase in short-term borrowing rates and higher credit balances.
Financial Update
As of Mar 31, 2024, CWT had cash and cash equivalents of $42.8 million compared with $39.6 million as of Dec 31, 2023.
As of Mar 31, 2024, its net long-term debt totaled $1.052 billion compared with $1.053 billion as of Dec 31, 2023.
American Water Works Company (AWK - Free Report) is scheduled to report first-quarter results on May 1, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1 per share.
AWK’s long-term (three to five years) earnings growth rate is 8%. It delivered an average earnings surprise of 6% in the last four quarters.
Essential Utilities Inc. (WTRG - Free Report) is scheduled to report first-quarter results on May 2, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at 76 cents per share.
WTRG’s long-term earnings growth rate is 5.8%. It delivered an average earnings surprise of 0.7% in the last four quarters.
Global Water Resources (GWRS - Free Report) is scheduled to report first-quarter results on May 8, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at 4 cents per share.
GWRS’ long-term earnings growth rate is 15%. It delivered an average earnings surprise of 28.8% in the last four quarters.
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California Water (CWT) Q1 Earnings & Revenues Beat Estimates
California Water Service Group (CWT - Free Report) recorded first-quarter 2024 adjusted earnings of $1.21 per share, which surpassed the Zacks Consensus Estimate of 21 cents by 476.2%. The company reported a loss of 40 cents per share in the year-ago quarter.
Total Revenues
Operating revenues totaled $270.7 million, which surpassed the Zacks Consensus Estimate of $169 million by 60%. The top line also increased 106.5% from $131.1 million recorded in the prior-year quarter. The year-over-year increase was due to the adoption of the 2021 General Rate Case decision and retroactive interim rate relief related to 2023.
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 $192.9 million, up 29.8% from the year-ago quarter’s level of $148.6 million. This was due to an increase in water production costs and other operations.
CWT reported maintenance expenses of $8 million, up 0.4% year over year.
Net operating income was $77.9 million against the year-ago quarter’s reported loss of $17.5 million.
Net interest expenses were $15 million, up 25% from the prior-year quarter’s figure of $12 million. The year-over-year rise was primarily due to an increase in short-term borrowing rates and higher credit balances.
Financial Update
As of Mar 31, 2024, CWT had cash and cash equivalents of $42.8 million compared with $39.6 million as of Dec 31, 2023.
As of Mar 31, 2024, its net long-term debt totaled $1.052 billion compared with $1.053 billion as of Dec 31, 2023.
Zacks Rank
Currently, CWT carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
American Water Works Company (AWK - Free Report) is scheduled to report first-quarter results on May 1, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1 per share.
AWK’s long-term (three to five years) earnings growth rate is 8%. It delivered an average earnings surprise of 6% in the last four quarters.
Essential Utilities Inc. (WTRG - Free Report) is scheduled to report first-quarter results on May 2, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at 76 cents per share.
WTRG’s long-term earnings growth rate is 5.8%. It delivered an average earnings surprise of 0.7% in the last four quarters.
Global Water Resources (GWRS - Free Report) is scheduled to report first-quarter results on May 8, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at 4 cents per share.
GWRS’ long-term earnings growth rate is 15%. It delivered an average earnings surprise of 28.8% in the last four quarters.