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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 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.
Washington Water Service, a subsidiary of California Water Service Group, has signed an agreement with Stroh’s Water Company to operate and maintain its water system, servicing approximately 1,000 customers. This two-year contract allows for the potential purchase of the system in the future. Washington Water aims to enhance service reliability by interconnecting its East Pierce system with Stroh's. The agreement includes comprehensive operation, maintenance, billing, and customer service responsibilities.
California Water Service (CWT) has announced its agreement to acquire the water system assets of Skylonda Mutual Water Company, serving 176 connections near its Bear Gulch District. The deal, awaiting regulatory approval, aims to enhance service quality for Skylonda’s customers. Cal Water will invest in infrastructure to ensure reliability for both everyday needs and emergencies. This acquisition complements their existing customer base of approximately 60,900 people in nearby areas. The transaction is expected to be finalized in 2022.
Hawaii Water Service, a subsidiary of California Water Service Group (CWT), has received approval from the Hawaii Public Utilities Commission to acquire the assets of Kapalua Water Company and Kapalua Waste Treatment Company from Maui Land and Pineapple Company. This acquisition allows Hawaii Water to provide services to 1,000 connections in the Kapalua resort area, including homes and businesses. Hawaii Water currently serves 5,000 customers across various Hawaiian communities. This strategic acquisition aims to enhance service quality and expand operational capacity for future developments.
California Water Service Group (NYSE: CWT) reported a net income of $96.8 million for 2020, up from $63.1 million in 2019, with diluted earnings per share of $1.97 compared to $1.31. The increase was attributed to a $40.9 million rise in operating revenue, mainly from the adoption of the 2018 general rate case and other rate increases. Despite this, total operating expenses rose by $42.5 million. The company plans to continue investing in infrastructure and has authorized $700 million in long-term debt and equity financing to support its capital improvement program.
California Water Service Group (NYSE: CWT) will announce its fourth quarter and year-end 2020 earnings on February 25, 2021, at 9:00 a.m. ET, followed by a teleconference at 11:00 a.m. ET. Stockholders and investors can join the call by dialing 1-833-832-5130 or 1-509-844-0151, using ID# 6114986. A replay of the call will be accessible until April 22, 2021. The call will feature key executives, including President and CEO Martin A. Kropelnicki. A slide presentation will be available on their website at the same time as the earnings release.
The California Water Service Group (NYSE: CWT) announced a quarterly dividend of $0.23 per share, marking its 304th consecutive payment. This reflects an annual increase of 8.2%, raising the total dividend from $0.85 to $0.92. This increase represents the company's 54th consecutive annual dividend rise. The dividend will be paid on February 19, 2021, to stockholders on record by February 8, 2021. The company serves approximately 2 million customers across four states.
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California Water Service (CWT) announced the launch of the seventh annual Cal Water H2O Challenge, encouraging K-12 students to engage in water conservation projects. This year's initiative incorporates distance learning and offers resources like expert Teacher Ambassadors and virtual meetings. Participants are tasked with identifying and developing solutions for local water issues over four to eight weeks. The winning classroom will receive $3,500, and each student will earn a $1,000 scholarship. The project aims to enhance science education and community connection.
California Water Service (CWT) has received the Division Best Paper award from the American Water Works Association (AWWA) for its collaboration with San Jose State University. The award recognizes their article, “Spatiotemporal and Deterioration Assessment of Water Main Failures,” highlighting significant findings that aid water utilities in understanding water main failures. This partnership, established in 2015, aims at improving operational decision-making in the water sector. Cal Water serves approximately 2 million people in California and has been operating since 1926.