California Wtr Svc Group Stock Price, News & Analysis

California Water Service Group (NYSE: CWT) reported a net income of $101.1 million and diluted earnings per share of $1.96 for 2021, up from $96.8 million or $1.97 per share in 2020. Key growth drivers included rate increases of $14 million and a reduction in operating tax expenses of $8.6 million. However, total operating revenue decreased to $790.9 million, affected by $11.7 million in deferred revenue. The company increased its dividend by 8.7% amid challenges from drought conditions and supply chain issues.

California Water Service Group (CWT) has received regulatory approval from the New Mexico Public Regulation Commission to acquire the Morningstar Water System from Animas Valley Land and Water, LLC. This acquisition will extend New Mexico Water Service's reach to 2,000 customers in the northwest region of the state, enhancing its service offerings. The deal is expected to close in the first half of 2022, pending final approval from the San Juan County Court. Group President and CEO Martin A. Kropelnicki expressed optimism about the integration and service enhancement for new customers.

Washington Water Service, a subsidiary of California Water Service Group, has signed an agreement to acquire the water utility assets of Driftwood Valley Association, which serves 62 customers in Yelm, Washington. This acquisition is pending customary closing conditions and approval from the Washington Utilities and Transportation Commission. The deal will also enable Washington Water to serve potential new customers as 21 empty lots are developed. Group's President and CEO highlighted the commitment to quality service for Driftwood Valley residents.

California Water Service Group (CWT) announced the acquisition of the Hi Mesa Water System in New Mexico through its subsidiary, New Mexico Water Service. The New Mexico Public Regulation Commission approved the purchase, allowing operations to start immediately. The Hi Mesa Water System serves approximately 85 customer connections in Los Lunas, N.M., and integrates into the existing Meadow Lake system, which serves around 16,000 residents across various regions. This acquisition aims to enhance service and infrastructure in the area.

California Water Service Group (NYSE: CWT) will announce its fourth quarter and year-end 2022 earnings results on February 24, 2022, at 9:00 a.m. ET, followed by a conference call at 11:00 a.m. ET. Investors and stakeholders can join via phone or access the audio webcast on the company's website. The call features key executives, including CEO Martin A. Kropelnicki and CFO Thomas F. Smegal. A replay will be available after the call. The company serves over 2 million people across multiple states.

California Water Service Group's subsidiary, New Mexico Water Service, has received approval from the New Mexico Public Regulation Commission to acquire Valencia Mesa, LLC, known as the Hi Mesa water system. This acquisition will extend regulated water utility services to approximately 85 customer connections in unincorporated Valencia County. The transaction is expected to close by the end of 2021, contingent upon the fulfillment of conditions outlined in the purchase agreement. CEO Martin A. Kropelnicki expressed appreciation for the regulatory review process and anticipates continued quality service for Hi Mesa customers.

California Water Service has applied for and secured $20.8 million from the California Water and Wastewater Arrearage Payment Program to assist customers facing financial hardship due to pandemic-related past-due water bills.

Administered by the State Water Resources Control Board, these funds will be credited to affected customers' accounts within two months. This initiative, part of the American Rescue Plan Act, aims to support customers struggling since March 2020. Additionally, Cal Water offers payment plans and assistance programs to further help customers manage their bills.

California Water Service Group (CWT) declared a quarterly dividend of $0.25 per share, reflecting an annual increase of $0.08 or 8.7%, bringing the total annual dividend to $1.00. This marks the company's 308th consecutive quarterly dividend and the 55th annual increase. The dividend will be payable on February 18, 2022, to stockholders of record by February 7, 2022. With regulated utilities serving over 2 million customers across multiple states, California Water Service Group continues to demonstrate commitment to shareholder returns.

California Water Service Group (NYSE: CWT) has launched its ninth annual College Scholarship Program, offering $80,000 in scholarships to students in its service areas across California, Hawaii, New Mexico, and Washington. The program includes four $10,000 scholarships and additional awards ranging from $2,500 to $5,000. Scholarships will be based on academic performance, community service, and financial need. Applications are open until March 31, 2022, with winners announced in the summer. This initiative is part of the company’s stockholder-funded philanthropic efforts.