California Water Service Group Announces Third Quarter 2024 Financial Results

On October 31, 2024, California Water Service Group (NYSE:CWT) released its financial report for the third quarter of 2024, which ended on September 30, 2024. The company revealed that it will be hosting a conference call on the same day at 11:00 am EDT to discuss the financial outcomes and provide insights into its business outlook.

In the financial results announcement, California Water Service Group outlined details on how interested parties can access the conference call and webcast. Management will utilize a slide presentation during the call, with supplemental information relating to the company. This presentation will be available on the Company’s Investor Relations website at www.calwatergroup.com.

The information disclosed as part of this filing regarding the financial results does not constitute a filing under the Securities Exchange Act of 1934. This data is not to be considered “filed” pursuant to the Act or incorporated by reference unless specifically noted in a subsequent filing.

Moreover, alongside the financial report, California Water Service Group also submitted various exhibits for reference, including a press release (Exhibit 99.1) and a slide presentation for the conference call (Exhibit 99.2).

These exhibits are not to be deemed as filings under the Securities Exchange Act, as per the provisions of Section 18. The company presented the findings to provide transparency and accessibility to investors, analysts, and other stakeholders.

Furthermore, the disclosed financial results revealed a positive trend in the company’s performance. Operating revenue saw a significant increase of 17.5% from Q3 2023 to Q3 2024, reaching $299.6 million. Net income attributable to CWT also displayed growth, surging by 76.5% to $60.7 million.

Looking at the year-to-date financials for 2024, the company reported a remarkable 40.4% growth in operating revenue compared to the same period in 2023, amounting to $814.6 million. Net income attributable to CWT soared by 684.9% to $171.1 million.

California Water Service Group emphasized its commitment to prudent financial management, maintaining a strong balance sheet, and strategic capital deployment. Notably, the company declared its 319th consecutive quarterly dividend of $0.28 per share and authorized capital investments to support growth initiatives.

As of September 30, 2024, the company held robust liquidity with facilities maturing in March 2028 and a global credit rating of A+/stable affirmed by S&P Global.

In conclusion, California Water Service Group’s recent financial filing reflects continued success and strategic financial planning, positioning the company for sustainable growth and value creation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read California Water Service Group’s 8K filing here.

California Water Service Group Company Profile

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, Hawaii, and Texas. The company is involved in the production, purchase, storage, treatment, testing, distribution, and sale of water for domestic, industrial, public, and irrigation uses, as well as for fire protection services.