California Wtr Svc Group Stock Price, News & Analysis

California Water Service Group (NYSE: CWT) reported a net loss of $22.2 million or $0.40 diluted loss per share for Q1 2023, a significant decline from a net income of $1.1 million or $0.02 per share in Q1 2022. The loss is attributed to delayed decisions by the California Public Utilities Commission (CPUC) regarding new rate structures and revenue mechanisms from its pending general rate case. Estimated revenue loss due to these delays ranges from $24 million to $34 million. Operating revenue decreased 24.2% year-over-year, totaling $131.1 million. However, operating expenses also declined by 9.3% to $148.6 million. The company maintained $52.3 million in cash and has secured credit facilities of up to $600 million to support future capital expenditures. President Martin A. Kropelnicki emphasized strategic focus despite regulatory delays.

California Water Service (CWT) received the Outstanding Social Responsibility Award from the Los Angeles Business Journal at the 2023 Nonprofit & Corporate Citizenship Awards for its efforts to improve community welfare in Los Angeles County.

With services to approximately 530,000 individuals in the East Los Angeles and Rancho Dominguez districts, CWT supports various local organizations aiding at-risk youth, veterans, the unhoused, and food-insecure individuals.

The utility promotes youth development, sustainability, and economic growth, alongside its own initiatives like the Firefighter Grant Program and College Scholarship Program. CEO Martin A. Kropelnicki emphasized their commitment to providing safe and reliable water, while also enhancing community life through corporate citizenship.

California Water Service Group (NYSE: CWT) announced its 313^th consecutive quarterly dividend of $0.26 per common share, payable on May 19, 2023, to stockholders of record on May 8, 2023. This consistent dividend demonstrates the company's commitment to returning value to shareholders.
The company serves over 2.1 million customers across various states, including California, Hawaii, New Mexico, Washington, and Texas, through its regulated utilities. These consistent dividends highlight the company's financial strength and stability within the water utility sector.

California Water Service announced the winners of the annual Cal Water H₂O Challenge, with Heidi Ballard's fifth-grade class from Bonita Street STEAM Academy winning the grand prize. The competition focuses on local water conservation solutions amid ongoing drought conditions in California. Ballard's class project, D.R.I.P. (Drought Intelligence Repair Plan), involved measuring water waste and creating educational materials for peers and the community. They received a $3,500 classroom grant and various prizes. Other winners included second-place Sierra View Elementary and third-place Bonita Street STEAM Academy, each addressing water issues through innovative projects. Cal Water emphasizes the importance of water conservation through educational initiatives and community engagement.

California Water Service (CWT) has secured a grant of $4,274,800 from the State Department of Water Resources (DWR) as part of the Small Community Drought Relief Program. This funding aims to connect several disadvantaged communities near Middlefield Road in the Salinas Valley to Cal Water's system. The project will consolidate 195 customer connections across Gabilan, Lagunita, Trihorn, Livingston, Morris, and Martin, allowing for the installation of approximately 7,300 feet of water main. Cal Water, in partnership with the Rural Community Assistance Corps, plans to complete this project by the second quarter of 2025.

The initiative underlines Cal Water's commitment to providing reliable water services while enhancing community well-being.

California Water Service (CWT) is promoting the Low Income Household Water Assistance Program (LIHWAP), which provides financial aid up to $15,000 for eligible customers struggling to pay their water bills. This initiative underscores Cal Water's commitment to assisting low-income households. Customers can check their eligibility based on income and residency through local organizations. Additional assistance programs, including the Customer Assistance Program (CAP), PromisePay Payment Arrangements, and Payment Extensions, are available to help manage bills. CEO Martin A. Kropelnicki emphasized the importance of reliable and affordable water services. The LIHWAP, federally funded since December 2020, aims to ease utility costs for low-income Californians.

California Water Service Group (NYSE: CWT) is set to release its financial results for the first quarter of 2023 on April 27, 2023, at 9:00 a.m. ET. Following the release, a conference call will be held at 11:00 a.m. ET, where key executives including CEO Martin A. Kropelnicki and CFO Thomas F. Smegal will provide insights. Stakeholders are encouraged to join the call by dialing 1-800-715-9871 or accessing the audio webcast. A replay will be available from April 27 through June 26, 2023. The company operates several regulated utilities serving over 2 million customers across multiple states. Further details are accessible on their website.