California Wtr Svc Group - CWT STOCK NEWS

The California Public Utilities Commission (CPUC) has approved California Water Service's (CWT) 2018 General Rate Case and Infrastructure Improvement Plan. This decision allows CWT to invest $828 million to enhance water infrastructure and permits a revenue increase of $4.4 million for 2020 and up to $20.9 million in 2021, contingent on CPUC's escalation earnings test. The approval also supports the continuation of decoupling balancing accounts through 2022. CWT aims to provide reliable water service to nearly 2 million customers in California.

California Water Service Group (NYSE: CWT) announced a Q3 2020 net income of $96.4 million ($1.94 per diluted share), a significant increase from $42.4 million ($0.88 per diluted share) in Q3 2019. This growth is attributed to interim rate recovery and regulatory assets from the California 2018 General Rate Case. Total operating revenues rose to $304.1 million from $232.5 million, while operating expenses increased by 9.4% to $198.0 million. Liquidity remains strong with $113.3 million in cash. The proposed decision from the CPUC could further enhance regulatory conditions.

Hawaii Water Service, a subsidiary of California Water Service Group (CWT), has completed the acquisition of Kalaeloa Water Company from Hunt Companies Inc., expanding its service area in Kapolei, Honolulu. This utility serves a 3,700-acre area formerly known as Barbers Point Naval Air Station. The company aims to maintain reliable water and wastewater services for residential and commercial customers in the region. CEO Martin Kropelnicki expressed commitment to delivering high-quality utility services to Kalaeloa residents.

California Water Service (CWT) announced plans to acquire the wastewater system assets of Gunner Ranch Inc., serving southern Madera County, including Valley Children’s Hospital. The acquisition will enable the new Gunner Ranch West system to support a planned development of 2,840 residential units and commercial facilities. Expected to close by early 2021, this strategic move signifies Cal Water's expansion in the growing Madera County region, ensuring reliable wastewater services for local communities.

The California Water Service Group (NYSE: CWT) has announced the declaration of its 303rd consecutive quarterly dividend at $0.2125 per common share. This dividend is set to be paid on November 20, 2020, to shareholders on record by November 9, 2020. The group serves approximately 2 million customers across various states including California, Washington, New Mexico, and Hawaii. The company remains committed to providing water services while navigating potential risks such as regulatory changes and environmental standards.

California Water Service Group (NYSE: CWT) will release its third quarter 2020 earnings results on November 6, 2020, at 9:00 a.m. ET. The teleconference will follow at 11:00 a.m. ET, where stakeholders can dial in using 1-833-832-5130 or 1-509-844-0151, ID# 3858077. A replay of the call will be available until February 5, 2021. The company, serving nearly 2 million customers, operates under several brands across multiple states, emphasizing its essential role in providing water services.

California Water Service (CWT) received a proposed decision from the CPUC in its 2018 General Rate Case. If adopted on Nov. 19, 2020, it would validate a 2019 settlement and authorize CWT to invest $828 million for infrastructure upgrades. The proposal suggests a revenue increase of approximately $6.6 million in 2020, escalating to $20.9 million by 2022. The decision also allows CWT to retain certain balancing accounts. Management expresses gratitude for the ruling, emphasizing their commitment to delivering reliable water services while controlling costs.

California Water Service (CWT) has successfully completed the Palos Verdes Peninsula Water Reliability Project, marking the largest water infrastructure upgrade in its history. This extensive project involved over 15 years of planning and 7 miles of new pipeline installation, enhancing the reliability of water service for residents and firefighters. The upgrade includes a second pump station aimed at preventing service outages during natural disasters. Serving approximately 2 million people, CWT emphasizes the vital role of this project amid challenges like climate change and wildfires.

New Mexico Water Service, a subsidiary of California Water Service Group (CWT), has signed a purchase agreement to acquire the Morning Star Water System assets from Animas Valley Land and Water Co. This acquisition will provide regulated water service to approximately 2,000 customers in northwest New Mexico. The deal is pending court and regulatory approval and is expected to close in early 2021. Group's CEO, Martin A. Kropelnicki, expressed commitment to delivering high-quality water service to all customers.