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California Water (CWT) Q2 Earnings & Revenues Beat Estimates
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California Water Service Group (CWT - Free Report) recorded second-quarter 2024 adjusted earnings of 70 cents per share, which surpassed the Zacks Consensus Estimate of 39 cents by 79.5%. The bottom line also increased from the year-ago quarter’s figure of 17 cents.
Total Revenues
Operating revenues totaled $244.3 million, which surpassed the Zacks Consensus Estimate of $200 million by 22%. The top line also increased 25.9% from $194 million recorded in the prior-year quarter. The quarterly results continued to benefit from the effects of the 2021 California General Rate Case decision received on Mar 7, 2024.
California Water Service Group Price, Consensus and EPS Surprise
Total operating expenses were $196.1 million, up 10.1% from the year-ago quarter’s level of $178.1 million. Water production costs increased $6.8 million, primarily due to an increase in wholesale rates and water usage.
CWT reported maintenance expenses of $8.8 million, up 22.8% year over year.
Net operating income was $48.2 million compared with the year-ago quarter’s reported figure of $15.9 million.
Net interest expenses were $14 million, up 10.2% from the prior-year quarter’s figure of $12.7 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 Jun 30, 2024, CWT had cash and cash equivalents of $37.3 million compared with $39.6 million as of Dec 31, 2023.
As of Jun 30, 2024, its net long-term debt totaled $1.052 billion compared with $1.053 billion as of Dec 31, 2023.
Essential Utilities Inc. (WTRG - Free Report) is scheduled to report second-quarter results on Aug 5, after market close. The Zacks Consensus Estimate for earnings is pegged at 30 cents per share.
WTRG’s long-term (three to five years) earnings growth rate is 5.75%. It delivered an average earnings surprise of 0.4% in the past four quarters.
American States Water (AWR - Free Report) is scheduled to report second-quarter results on Aug 6, after market close. The Zacks Consensus Estimate for earnings is pegged at 84 cents per share.
AWR’s long-term earnings growth rate is 6.3%. It delivered an average earnings surprise of 4.4% in the past four quarters.
Global Water Resources (GWRS - Free Report) is scheduled to report second-quarter results on Aug 8, after market close. The Zacks Consensus Estimate for earnings is pegged at 8 cents per share.
GWRS’ long-term earnings growth rate is 15%. It delivered an average earnings surprise of 16.3% in the past four quarters.
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California Water (CWT) Q2 Earnings & Revenues Beat Estimates
California Water Service Group (CWT - Free Report) recorded second-quarter 2024 adjusted earnings of 70 cents per share, which surpassed the Zacks Consensus Estimate of 39 cents by 79.5%. The bottom line also increased from the year-ago quarter’s figure of 17 cents.
Total Revenues
Operating revenues totaled $244.3 million, which surpassed the Zacks Consensus Estimate of $200 million by 22%. The top line also increased 25.9% from $194 million recorded in the prior-year quarter. The quarterly results continued to benefit from the effects of the 2021 California General Rate Case decision received on Mar 7, 2024.
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
Total operating expenses were $196.1 million, up 10.1% from the year-ago quarter’s level of $178.1 million. Water production costs increased $6.8 million, primarily due to an increase in wholesale rates and water usage.
CWT reported maintenance expenses of $8.8 million, up 22.8% year over year.
Net operating income was $48.2 million compared with the year-ago quarter’s reported figure of $15.9 million.
Net interest expenses were $14 million, up 10.2% from the prior-year quarter’s figure of $12.7 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 Jun 30, 2024, CWT had cash and cash equivalents of $37.3 million compared with $39.6 million as of Dec 31, 2023.
As of Jun 30, 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 #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Essential Utilities Inc. (WTRG - Free Report) is scheduled to report second-quarter results on Aug 5, after market close. The Zacks Consensus Estimate for earnings is pegged at 30 cents per share.
WTRG’s long-term (three to five years) earnings growth rate is 5.75%. It delivered an average earnings surprise of 0.4% in the past four quarters.
American States Water (AWR - Free Report) is scheduled to report second-quarter results on Aug 6, after market close. The Zacks Consensus Estimate for earnings is pegged at 84 cents per share.
AWR’s long-term earnings growth rate is 6.3%. It delivered an average earnings surprise of 4.4% in the past four quarters.
Global Water Resources (GWRS - Free Report) is scheduled to report second-quarter results on Aug 8, after market close. The Zacks Consensus Estimate for earnings is pegged at 8 cents per share.
GWRS’ long-term earnings growth rate is 15%. It delivered an average earnings surprise of 16.3% in the past four quarters.