California Wtr Svc Group Stock Price, News & Analysis

California Water Service encourages conservation efforts following the addition of 39 counties to the drought emergency declaration by Governor Newsom, impacting 12 of its districts. To combat potential water shortages, Cal Water is implementing a range of initiatives, including infrastructure upgrades, leak repairs, and the development of 30-year master plans. They offer rebates on high-efficiency appliances and free conservation kits to assist customers. The company serves approximately 2 million residents through 492,600 connections, emphasizing customer partnership in water conservation efforts.

Texas Water Service Enters into Strategic Partnership

California Water Service Group's Texas subsidiary, TWSC, Inc., has acquired a majority stake in BVRT Utility Holding Company, enhancing its presence in Texas. BVRT operates four wastewater utilities serving over 2,500 connections with potential growth to more than 61,000 connections. This partnership aims to leverage BVRT's strategic relationships to expand wastewater services in rapidly growing areas near Austin and San Antonio. Investment will focus on infrastructure development, aiming for future acquisitions within BVRT’s portfolio.

California Water Service Group's subsidiary, Hawaii Water Service, has completed the acquisition of Kapalua Water Company and Kapalua Waste Treatment Company from Maui Land & Pineapple Company. This acquisition allows Hawaii Water to serve 1,000 customer connections in the Kapalua, Maui resort area, enhancing their infrastructure and service quality. The company aims to maintain reliable water and wastewater services, committing to high standards and customer satisfaction. This strategic expansion supports Hawaii Water's growth in the region.

California Water Service Group (CWT) received a Silver Stevie® Award for its outstanding response during the COVID-19 pandemic. The award, given by the American Business Awards®, recognized the company for its extensive support to employees and communities. Actions included providing essential resources, additional time off, personal protective equipment, bill forgiveness for struggling customers, and significant community donations. The award underscores the company's commitment to prioritizing health and safety over profits. CWT serves over 2 million customers across multiple states.

California Water Service Group (CWT) reported a net loss of $3.0 million ($0.06 per share) for Q1 2021, a significant improvement from a net loss of $20.3 million ($0.42 per share) in Q1 2020. This reduction is credited to the resolution of its 2018 General Rate Case, which issued rate increases totaling $6.4 million. Operating revenue rose by 17.7% to $147.7 million, driven by regulatory mechanisms and accrued unbilled revenue. However, operating expenses also increased by 9.3%. The company maintains $84.4 million in cash and is set to invest $270-$300 million in infrastructure this year.

California Water Service Group (NYSE: CWT) announced a quarterly dividend of $0.23 per common share, marking its 305th consecutive dividend. The dividend is payable on May 21, 2021, to shareholders of record as of May 10, 2021. This announcement reinforces the company's commitment to providing returns to its investors while managing regulated utilities across multiple states.

California Water Service Group (NYSE: CWT) has nominated Dr. Yvonne A. Maldonado as an independent director for election at the 2021 Annual Meeting scheduled for May 26, 2021. Dr. Maldonado, a pediatric infectious diseases expert and professor at Stanford University, has advised the company on pandemic response. Group Chairman Peter C. Nelson emphasized her extensive knowledge in infectious disease control as a valuable addition to the Board, aiming to enhance diversity in thought and experience. This nomination is seen as a strategic move to strengthen leadership and insight into health-related matters.

California Water Service Group (NYSE: CWT) will release its first quarter 2021 earnings results on April 29, 2021, at 9:00 a.m. ET, followed by a teleconference at 11:00 a.m. ET. Interested parties can access the call by dialing the provided numbers, and a replay will be available until June 29, 2021. Hosted by key executives, the conference will include a slide presentation ahead of the call. The company serves over 2 million customers through its regulated utilities across multiple states.