California Water Service Group Board of Directors Declares 304th Consecutive Quarterly Dividend and 54th Consecutive Annual Dividend Increase

Rhea-AI Summary

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.

Positive

• Annual dividend increased by 8.2%, from $0.85 to $0.92, enhancing shareholder income.
• 304th consecutive quarterly dividend, indicating company stability and confidence.

Negative

• None.

SAN JOSE, Calif., Jan. 27, 2021 (GLOBE NEWSWIRE) -- At its meeting today, the California Water Service Group (NYSE: CWT) Board of Directors declared the company's 304^th consecutive quarterly dividend, increasing the annual dividend by $0.07, or 8.2%, from $0.85 to $0.92. This represents the company’s 54th consecutive annual dividend increase. The quarterly dividend of $0.23 per common share will be payable on February 19, 2021 to stockholders of record on February 8, 2021. 

California Water Service Group is the parent company of California Water Service, Washington Water Service, New Mexico Water Service, Hawaii Water Service, Inc., CWS Utility Services, and HWS Utility Services. Together, these companies provide regulated and non-regulated water service to approximately 2 million people in more than 100 California, Washington, New Mexico, and Hawaii communities. California Water Service Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available at our web site at www.calwatergroup.com.

This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 ("Act"). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the Act. Forward-looking statements are based on currently available information, expectations, estimates, assumptions and projections, and management's judgment about the Company, the water utility industry and general economic conditions. Such words as would, expects, intends, plans, believes, estimates, assumes, anticipates, projects, predicts, forecasts or variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not guarantees of future performance. They are subject to uncertainty and changes in circumstances. Actual results may vary materially from what is contained in a forward-looking statement. Factors that may cause a result different than expected or anticipated include, but are not limited to: governmental and regulatory commissions' decisions; natural disasters or calamities, epidemics, pandemics or disease outbreaks (including COVID-19) or any escalation or worsening of, or economic effects of, the foregoing; consequences of eminent domain actions relating to our water systems; changes in regulatory commissions' policies and procedures; the outcome and timeliness of regulatory commissions' actions concerning rate relief and other matters, including with respect to the GRC; inability to renew leases to operate city water systems on beneficial terms; changes in California State Water Resources Control Board water quality standards; changes in environmental compliance and water quality requirements; electric power interruptions; changes in customer water use patterns and the effects of conservation; our ability to complete, successfully integrate and achieve anticipated benefits from announced acquisitions; the impact of weather and climate on water availability, water sales and operating results; civil disturbances or terrorist threats or acts, or apprehension about the possible future occurrences of acts of this type; labor relations matters as we negotiate with the unions; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; and, other risks and unforeseen events. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the annual 10-K, Quarterly 10-Q, and other reports filed from time-to-time with the Securities and Exchange Commission (SEC). The Company assumes no obligation to provide public updates of forward-looking statements.

Contact
Tom Smegal (408) 367-8200 (analysts)
Shannon Dean (408) 367-8243 (media)

FAQ

What is the new dividend amount for California Water Service Group (CWT)?

The new quarterly dividend for California Water Service Group (CWT) is $0.23 per share.

When will the dividend be paid to shareholders of CWT?

The dividend will be paid on February 19, 2021, to shareholders on record as of February 8, 2021.

How much has the annual dividend increased for CWT?

The annual dividend has increased by $0.07, or 8.2%, from $0.85 to $0.92.

How many consecutive annual dividend increases has CWT achieved?

California Water Service Group has achieved 54 consecutive annual dividend increases.