California Water Service Group reports developments for a regulated water and wastewater utility holding company serving California, Hawaii, New Mexico, Washington, and Texas. Its subsidiaries include California Water Service, Hawaii Water Service, New Mexico Water Service, Washington Water Service, and Texas Water Service, a utility holding company.
Recurring news centers on California Public Utilities Commission rate-case decisions, infrastructure improvement plans, water system investment, quarterly earnings, dividend declarations, and updates tied to safe, reliable service. Company releases also address regulatory mechanisms, operating results, sustainability initiatives, and corporate governance or recognition items.
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 310th 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.
California Water Service has launched its fourth annual Firefighter Grant Program, inviting fire departments in its service areas to apply for funding. The program, initiated in 2019, has grown significantly, distributing $175,000 in grants in 2021 alone. Grants range from $7,500 to $38,000 for essential equipment like hoses and safety tools. The program aims to enhance community safety and support firefighters' efforts. Interested parties can apply until September 2, 2022, and the grant recipients will be announced later in September.
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.