California Wtr Svc Group Stock Price, News & Analysis

California Water Service (CWT) reported a 12.4% reduction in water use for July 2022 compared to July 2020, marking the third consecutive month of conservation progress. All districts contributed, with ten districts achieving savings over 15%. Notable reductions included 39.7% in Westlake and 33.2% in Antelope Valley. The company emphasized ongoing customer engagement in water-efficient practices as drought conditions persist. Cal Water continues to provide resources and incentives to enhance conservation efforts and support its customer base.

California Water Service (CWT) applauds the passage of SB 1469, aimed at enhancing water conservation efforts. The bill, supported by a diverse coalition, now awaits Governor Newsom's signature. It introduces a decoupling regulatory tool, enabling water providers to focus on conservation without worrying about financial loss from reduced water sales. This strategic move aligns with California's urgent need to address water resource challenges amidst changing climate conditions. With approximately 2 million customers served, Cal Water emphasizes its commitment to improving water supply reliability.

California Water Service (CWT) announced a company-wide water use reduction of 11.6% in June 2022 compared to June 2020, exceeding the statewide average reduction of 7.6%. The utility praised its customers for achieving water savings 52% higher than the average, with seven districts recognized among the state’s top performers. Districts such as Westlake showed impressive savings of 33.4%. Cal Water encourages ongoing conservation efforts through available rebates and programs as summer presents opportunities for further savings.

California Water Service Group subsidiary, Texas Water Service, has expanded its investment in Texas by entering a long-term water supply agreement with the Guadalupe Blanco River Authority. The agreement allows Camino Real Utility to receive up to 2,419 acre-feet of potable water annually, serving the fast-growing Mustang Ridge area. Texas Water Service will invest over $40 million in the first phase of the project, enhancing water and wastewater infrastructure to support community growth.

California Water Service has secured a $4.23 million grant from the Water Replenishment District to fund treatment equipment for removing PFOS and PFOA contaminants from groundwater in East Los Angeles. The treatment plant, operational since January 2022, aims to restore vital water supplies. Although no maximum contaminant levels are set for PFOS or PFOA, the utility proactively tests water sources and has temporarily taken some offline for treatment. Cal Water has also filed a lawsuit against PFOS and PFOA manufacturers to prevent cost burdens on customers.

California Water Service Group (CWT) reported a net income of $19.5 million, or $0.36 per diluted share, for Q2 2022, down from $38.2 million or $0.75 per diluted share in Q2 2021. This decrease of $18.7 million was primarily driven by a $15.2 million drop in accrued unbilled revenue and a $6.2 million decline in unrealized gains on investments. Operating revenue fell 3.3% to $206.2 million, influenced by a $15.2 million decrease in accrued unbilled revenue. Despite challenges, the company completed acquisitions and secured $2.4 million in grants for infrastructure improvements.

California Water Service Group (NYSE:CWT) announced agreements to acquire water system assets from two utilities: King’s Mountain Park Mutual Water Company and Bethel Green Acres Water Association. The acquisitions aim to enhance service in existing districts, with King’s Mountain serving 23 connections in the Bay Area, and Bethel Green Acres serving around 200 connections in Washington. Both acquisitions are pending regulatory approval, and the company expresses commitment to providing quality service to new customers.

On July 27, 2022, California Water Service Group (NYSE: CWT) declared its 310^th consecutive quarterly dividend of $0.25 per share, payable on August 19, 2022, to stockholders on record by August 8, 2022. Earnings results will be announced on July 28, 2022, at 9 AM ET, followed by a conference call at 11 AM ET. The company serves over 2 million customers across several states, including California and Texas. Stockholder participation is encouraged via dial-in or live audio webcast.

California Water Service Group (NYSE: CWT) announced its second quarter 2022 earnings results will be released on July 28, 2022, at 9:00 a.m. ET, followed by a conference call at 11:00 a.m. ET. Updated dial-in information for attendees has been provided due to a vendor change. Investors can access the call via phone or through a live webcast. A replay will be available from 2:00 p.m. ET on the same day until September 28, 2022. The call will feature executives including CEO Martin A. Kropelnicki.