Welcome to our dedicated page for California Water Service news (Ticker: CWT), a resource for investors and traders seeking the latest updates and insights on California Water Service stock.
California Water Service (Cal Water), a subsidiary of the California Water Service Group, is the largest investor-owned American water utility west of the Mississippi River. Founded in 1926 and headquartered in San Jose, California, Cal Water serves over 472,000 customers across 28 customer and operations centers in the state. The company is dedicated to the production, treatment, storage, distribution, and sale of water for residential, commercial, and industrial use.
Cal Water operates through regulated and unregulated businesses spread across California, New Mexico, Washington, Hawaii, and Texas. Its regulated utilities provide essential water services to millions, ensuring safe and reliable water supply, while unregulated subsidiaries offer utility services to private companies and municipalities.
Recent notable achievements include the assignment of a $1.21 billion investment from 2021 through 2024 for water infrastructure projects. This investment aims to enhance the reliability and safety of water services, addressing critical needs such as wildfire hardening and water supply reliability. Additionally, the California Public Utilities Commission (CPUC) recently approved a progressive rate design to benefit low-income customers and promote water conservation.
Financially, Cal Water faced challenges in 2023 due to regulatory delays affecting rate decisions. However, the company remains resilient with strong liquidity, having $85 million in cash and substantial short-term borrowing capacity. Despite a slight decrease in operating revenue in 2023, Cal Water managed to positively impact net income through increased income tax benefits and net other income.
Cal Water is also proactive in meeting environmental regulations, particularly concerning per- and polyfluoroalkyl substances (PFAS). The company has committed $215 million to PFAS treatment, ensuring compliance with new federal water quality standards. Additionally, the company has taken legal action against PFAS manufacturers to mitigate financial burdens on its customers.
The company’s community impact extends beyond water services. Cal Water secured $83 million to assist customers with past-due balances incurred during the COVID-19 pandemic, demonstrating a commitment to customer support during challenging times.
Cal Water's commitment to sustainability is evident in their recent ESG initiatives, targeting a 63% reduction in Scope 1 and Scope 2 greenhouse gas emissions by 2035. This aligns with global efforts to limit temperature increases and highlights Cal Water’s dedication to environmental responsibility.
California Water Service Group, trading on the New York Stock Exchange under the symbol CWT, remains a key player in the water utility industry, providing essential services and maintaining a focus on sustainability, infrastructure investment, and customer well-being.
California Water Service Group (NYSE: CWT) reported strong Q3 2024 financial results with diluted earnings per share of $1.03, up from $0.60 in Q3 2023. Net income reached $60.7 million, compared to $34.4 million in Q3 2023. Operating revenue increased to $299.6 million from $255.0 million year-over-year. The company invested a record $332.2 million in infrastructure during the first nine months of 2024. Cal Water maintained its authorized return on equity of 10.27% for 2025 and received approval for regulatory mechanisms expected to recover $94.2 million over three years. The company declared its 319th consecutive quarterly dividend of $0.28 per share.
California Water Service Group (NYSE: CWT) has declared its 319th consecutive quarterly dividend of $0.28 per common share. The dividend will be paid on November 22, 2024, to stockholders of record as of November 12, 2024. The company, through its regulated utilities in California, Hawaii, New Mexico, Washington, and Texas, provides water and wastewater services to more than 2.1 million people.
The NAACP Butte County Chapter has honored California Water Service (Cal Water) with the 2024 Excellence in Community Grants & Scholarships Award. This recognition highlights Cal Water's commitment to improving local communities, particularly in Chico and Oroville, where it provides water utility service. Cal Water has sponsored NAACP events to raise funds for student scholarships for the past three years and offers its own College Scholarship Program and Firefighter Grant Program.
Over the past five years, Cal Water has contributed more than $500,000 in Butte County through these initiatives. The company's Chairman and CEO, Marty Kropelnicki, emphasized their dedication to enhancing the quality of life in served communities beyond providing safe drinking water. Janet Goodson, NAACP Butte County Chapter President, praised Cal Water's support as instrumental in achieving their mission of social justice and educational equity.
California Water Service Group (NYSE: CWT) has announced the schedule for its 2024 third quarter earnings results. The results will be released on Thursday, October 31, 2024, at 9:00 a.m. ET, followed by an earnings conference call at 11:00 a.m. ET. Stockholders and interested investors can attend the call by dialing 1-800-715-9871 or 1-646-307-1963 with ID# 2796844, or via live audio webcast.
A replay of the call will be available from 2:00 p.m. ET on October 31, 2024, through December 30, 2024. The call will be hosted by Chairman, President and CEO Martin A. Kropelnicki, Senior VP and CFO James P. Lynch, and VP of Rates and Regulatory Affairs Greg A. Milleman. Cal Water will provide a slide presentation on its website prior to the call.
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.
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