California Wtr Svc Group Stock Price, News & Analysis

California Water Service Group (CWT) has awarded $80,000 in scholarships to students in California, Hawaii, New Mexico, and Washington for the 2022-2023 academic year. Over 300 applicants vied for the scholarships, which are based on academic achievement, community service, and financial need. To date, the Group has distributed $600,000 through its scholarship program. Notable winners include students attending Yale, Columbia, and Princeton. The next scholarship cycle opens in spring 2023, with eligibility for students residing in the Group's service areas.

California Water Service Group (NYSE: CWT) announced that it will release its second quarter 2022 earnings on July 28, 2022, at 9:00 a.m. ET, followed by a conference call at 11:00 a.m. ET. Interested investors can join the call by dialing 1-833-832-5130, or access it via a live audio webcast. A replay of the call will be available from 2:00 p.m. ET on the same day until September 28, 2022. The call will feature key executives including CEO Martin A. Kropelnicki and CFO Thomas F. Smegal.

Hawaii Water Service has received approval from the Hawaii Public Utilities Commission to acquire HOH Utilities, LLC, enhancing its operations on Kauai. HOH Utilities, serving nearly 1,800 customers in the Poipu and Koloa regions, includes various residential and commercial properties. The acquisition is subject to customary closing conditions. Hawaii Water, a subsidiary of California Water Service Group, currently serves 6,000 customers across multiple Hawaiian islands, providing essential utility services. This strategic move is expected to expand Hawaii Water's market presence and service offerings.

California Water Service Group (NYSE:CWT) announced the acquisition of Railyard Utility’s wastewater system, now named Spanish Trail Utility, through its subsidiary Texas Water Service and BVRT Utility Holding Company. This acquisition expands their service to 345 customers in the Austin area, with potential for an additional 150 customers as development occurs. The CEO emphasized a commitment to quality and reliable service in Texas amidst future growth opportunities.

California Water Service (CWT) has officially activated Stage 2 of its Water Shortage Contingency Plan across all districts, including Antelope Valley and Salinas, in response to severe drought conditions. This plan, aligning with Governor Newsom's emergency regulations, imposes watering limits and increased penalties for water waste. Customers are urged to conserve water, with restrictions now allowing landscape irrigation only two days a week. Cal Water offers various conservation programs, including rebates for water-efficient appliances and landscaping changes, to support customers in reducing consumption.

California Water Service (CWT) received approval from the California Public Utilities Commission to acquire Skylonda Mutual Water Company's assets. The acquisition, expected to close later this year, will enable CWT to serve Skylonda's 176 customer connections from its adjacent Bear Gulch District, which currently serves approximately 60,900 residents. Post-acquisition, CWT plans to enhance Skylonda's infrastructure and improve water supply reliability across interconnected areas, benefiting both customers and emergency services.

California Water Service has secured nearly $2.4 million in grants from the State Department of Water Resources to support water supply reliability projects in drought-affected areas. The funds will enhance systems in Kernville, Coast Springs, and Tulco, benefiting approximately 2,053 service connections. Key projects include a new water intake facility and storage tanks to improve reliability and fire protection, aiming for minimal impact on customers' water bills.

California Water Service Group (NYSE: CWT) reported a net income of $1.1 million, translating to diluted earnings per share of $0.02 for Q1 2022, reversing a net loss of $3.0 million in Q1 2021. The increase was propelled by rate hikes and prior year acquisitions, despite higher expenses in wages, depreciation, and interest. Operating revenue climbed 17.1% to $173 million, while total operating expenses rose 13.2% to $163.9 million. The company anticipates further regulatory approvals for its capital programs and ongoing investments in infrastructure.