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 (CWT) reported a continued trend of water conservation, with customers reducing usage for the sixth consecutive month in October, achieving a total reduction of 12.1% compared to October 2020. Notably, ten districts exceeded 15% savings, with Westlake leading at 31.8%. This consistent effort underscores customer commitment to conservation despite lower temperatures. The utility serves approximately 2 million people and has been operational since 1926.
California Water Service Group has successfully acquired the Driftwood Valley Association water system assets, expanding its service to Yelm, Washington. The acquisition allows Washington Water Service to serve 62 current customers and offers potential growth with 21 undeveloped lots.
Washington Water is committed to enhancing local infrastructure to ensure a reliable supply of clean water, benefiting both residents and emergency services. CEO Martin A. Kropelnicki expressed optimism for the integration and improved service quality for new customers.
California Water Service (Cal Water) announced $185,763 in grants for its fourth annual Firefighter Grant Program, surpassing last year's total of $175,000. Since its inception in 2019, grant allocation has increased more than threefold due to high demand. The funds will support seven fire departments with essential equipment and training, enhancing safety for both firefighters and the community. Notably, these grants do not affect customer rates. Cal Water serves approximately 2 million people across California.
California Water Service, in collaboration with DoGoodery, has launched the ninth annual Cal Water H2O Challenge to promote water conservation among K-12 students. The initiative includes Classroom and Individual Challenges, offering grants and resources for educators. The Classroom Challenge invites teams to devise solutions for local water issues, while individual students can participate through an art competition. The grand-prize winners will receive a $3,500 grant for their classroom. This year, the program emphasizes real-world implementation of solutions.
California Water Service (CWT) reports a 10.6% reduction in water usage for September 2022 compared to the previous year, marking the fifth consecutive month of decreased consumption. Notable districts include Westlake with a 36.6% reduction and Los Altos at 26.1%. The utility encourages ongoing conservation efforts and has increased rebates for high-efficiency water products to assist customers. With approximately 2 million customers and a commitment to sustainability, CWT continues to address water conservation in California amidst ongoing drought conditions.
California Water Service Group (CWT) reported a net income of $55.9 million for Q3 2022, down $6.5 million from Q3 2021. Earnings per diluted share fell to $1.03. The decline was attributed to a $15.8 million rise in operating expenses, mainly due to higher water production costs and administrative expenses. Revenue increased by $9.6 million, driven by rate hikes and accrued unbilled revenue. The company invested $77.5 million in infrastructure, a 12% increase from last year. Regulatory delays and inflation were noted as impacts on financial performance.
The California Water Service Group (CWT) announced its 311th consecutive quarterly dividend of $0.25 per common share, set for payment on November 18, 2022. Stockholders of record must hold shares by November 7, 2022. Earnings results will be disclosed on October 27, 2022, followed by a conference call at 11:00 a.m. ET.
CWT provides regulated and non-regulated water services to over 2 million customers across five states.
Hawaii Water Service, a subsidiary of California Water Service Group (CWT), has received approval from the Hawaii Public Utilities Commission to acquire the wastewater system assets of Keauhou Community Services, Inc. This acquisition will serve approximately 1,500 residential and commercial customers in Keauhou. Hawaii Water plans to invest in local infrastructure to enhance service reliability and environmental protection. The transaction is expected to close by Q1 2023, following standard closing conditions. The company has operated the Keauhou system since 2018 through an existing contract.
California Water Service Group (CWT) has been recognized as a Great Place to Work for 2022-2023, marking its seventh consecutive year receiving this honor. The certification, awarded by the Great Place to Work® Institute, includes a Culture Audit and a Trust Index based on employee feedback. CEO Martin A. Kropelnicki emphasized the company's commitment to enhancing employee experience through improved benefits, flexible work schedules, and robust communication strategies. The utility serves over 2 million people across several states, underscoring its significant community impact.
California Water Service’s Antelope Valley District achieved the highest water savings among all state suppliers in August, cutting usage by 46.1% compared to 2020. Overall, Cal Water customers reduced consumption by 12.3% for the fourth consecutive month, with 12 districts surpassing a 15% reduction goal amidst ongoing drought conditions. To support water conservation, Cal Water is increasing rebates for various high-efficiency fixtures, including toilets and washing machines. The company serves around 2 million people across California.
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