California Wtr Svc Group Stock Price, News & Analysis

California Water Service (Cal Water) has been awarded the WaterSense® Excellence in Promoting WaterSense Labeled Products Award by the U.S. Environmental Protection Agency (EPA) for the second consecutive year. This national recognition highlights Cal Water's commitment to promoting water efficiency among its customers.

Key achievements in 2023 include:

• Installation of over 1,660 WaterSense-labeled, weather-based irrigation controllers
• Installation of 8,000 WaterSense-labeled spray sprinkler bodies
• Distribution of conservation kits to sixth-grade students
• An estimated water savings of 395.1 million gallons over the lifetime of installed devices

Cal Water's efforts align with EPA's focus on promoting water-use efficiency, particularly important in the face of climate change and increasingly frequent dry periods. The utility remains committed to responsible stewardship of water resources through efficiency, conservation, and sustainability initiatives.

California Water Service (Cal Water) has launched its 11th annual water conservation education program, Tap Into Learning, for K-12 students in partnership with DoGoodery. The program offers various opportunities for students and classrooms in Cal Water service areas to engage in water conservation and sustainability activities throughout the 2024-25 academic year. Key components include:

• Aqua Adventures: Free water-and nature-based field trips for grades 4-6
• A Splash of Creativity: Art competition focused on water care
• Water Smart Grants: $100 grants for classroom water projects
• H2Oath: Water conservation pledges for students and classrooms

The program aims to inspire students to become ambassadors for water resource sustainability and conservation.

John (Kani) Kadowaki, Maui Operations Manager of Hawaii Water Service, a subsidiary of California Water Service Group (NYSE: CWT), has been honored with the Living Water Award by the National Association of Water Companies. This recognition comes for his exceptional leadership during the Lahaina wildfire in 2023. Despite personal impact from the fire, Kadowaki led his team to maintain uninterrupted water supply in Ka'anapali and Kapalua service areas, supporting firefighters, residents, and displaced individuals.

Under Kadowaki's guidance, Hawaii Water was the only water provider in West Maui that avoided implementing a boil water advisory or experiencing service outages during and after the tragedy. This was achieved despite significant challenges including communication disruptions, power outages, and access to fuel for generators.

California Water Service Group (NYSE: CWT) has been recognized as one of the "World's Most Trustworthy Companies" by Newsweek for the second consecutive year. The utility was among only five water utilities honored in the energy and utilities category, which included 57 companies. The 2024 list features 1,000 companies across 23 industries and 20 countries, selected from stock exchange-listed firms with annual revenues exceeding $500 million USD.

The ranking was based on feedback from over 70,000 participants and a social listening analysis of more than 995,000 company mentions. Group Chairman & CEO Martin A. Kropelnicki expressed pride in the company's commitment to trustworthiness and service to stakeholders. This recognition follows Group's inclusion in Newsweek's "America's Most Trustworthy Companies" list in March 2024.

California Water Service (Cal Water) has launched its sixth annual Firefighter Grant Program, inviting professional and volunteer fire departments in its service areas to apply for funding. This initiative, part of Cal Water's commitment to supporting local first responders, aims to offset costs for fire protection efforts, equipment, training, and education. Since 2019, the program has provided over $854,000 in grants to local fire departments.

Last year's grants ranged from $5,400 to $36,900, funding essential equipment such as ballistic helmets, thermal imaging cameras, and rescue equipment. The application period for the 2024 cycle is open through September, with recipients to be notified in late fall. This program is funded by California Water Service Group's stockholder-funded philanthropic giving program and does not affect customer rates.

California Water Service Group (NYSE: CWT) has been named a Great Place to Work® for the ninth consecutive year by the Great Place to Work® Institute. This certification is based on employee feedback and includes a Culture Audit© and Trust Index©. The company has focused on enhancing employee engagement through increased communications, in-person events, and a new at-risk pay program. This program allows participating employees to share in the company's success when certain performance metrics are achieved, including safety, water quality, and customer service.

Martin A. Kropelnicki, Group Chairman and CEO, emphasized the company's commitment to supporting its employees, which in turn enables them to better serve customers and communities. California Water Service Group serves over 2 million people and encourages job seekers to explore career opportunities with the company.

California Water Service Group (NYSE: CWT) has been named a Top Workplace in the Bay Area for the 12th year by the San Francisco Chronicle. This recognition is based on employee feedback from Cal Water, the Group's largest subsidiary. The company has implemented several initiatives to enhance the employee experience, including:

• Improved communication and feedback channels
• An at-risk pay program tied to company success
• Competitive compensation and benefits
• Opportunities for growth
• Emotional wellness resources

Cal Water employs nearly 400 people in the Bay Area, serving about 393,500 people through 125,000 customer connections across various districts. Statewide, the company serves over 2 million people through 497,700 customer connections.

California Water Service Group (NYSE: CWT) reported Q2 2024 earnings with diluted EPS of $0.70, up from $0.17 in Q2 2023. Key highlights include:

- Operating revenue increased to $244.3 million, up $50.3 million from Q2 2023
- Net income rose to $40.6 million, compared to $9.6 million in Q2 2023
- $214.4 million invested in water system infrastructure in H1 2024
- Filed 2024 General Rate Case with California Public Utilities Commission
- Proposed Low-Use Water Equity Program to assist low-income customers
- S&P Global affirmed A+ Stable credit rating for California Water Service Company

The company benefited from the 2021 California General Rate Case decision and plans to invest $1.6 billion in California water systems from 2025-2027.

California Water Service Group (NYSE: CWT) has declared its 318th consecutive quarterly dividend of $0.28 per common share. The dividend will be payable on August 23, 2024 to stockholders of record as of the close of business on August 12, 2024. This announcement demonstrates the company's consistent commitment to providing returns to its shareholders.

CWT is the parent company of regulated utilities serving over 2.1 million people across five states: California, Hawaii, New Mexico, Washington, and Texas. The company provides both regulated and non-regulated water and wastewater services through its subsidiaries. This diverse portfolio and long-standing dividend history highlight CWT's stability in the utility sector.