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) announced a quarterly dividend of $0.23 per common share, marking its 305th consecutive dividend. The dividend is payable on May 21, 2021, to shareholders of record as of May 10, 2021. This announcement reinforces the company's commitment to providing returns to its investors while managing regulated utilities across multiple states.
California Water Service Group (NYSE: CWT) has nominated Dr. Yvonne A. Maldonado as an independent director for election at the 2021 Annual Meeting scheduled for May 26, 2021. Dr. Maldonado, a pediatric infectious diseases expert and professor at Stanford University, has advised the company on pandemic response. Group Chairman Peter C. Nelson emphasized her extensive knowledge in infectious disease control as a valuable addition to the Board, aiming to enhance diversity in thought and experience. This nomination is seen as a strategic move to strengthen leadership and insight into health-related matters.
California Water Service Group (NYSE: CWT) will release its first quarter 2021 earnings results on April 29, 2021, at 9:00 a.m. ET, followed by a teleconference at 11:00 a.m. ET. Interested parties can access the call by dialing the provided numbers, and a replay will be available until June 29, 2021. Hosted by key executives, the conference will include a slide presentation ahead of the call. The company serves over 2 million customers through its regulated utilities across multiple states.
Washington Water Service, a subsidiary of California Water Service Group, has signed an agreement with Stroh’s Water Company to operate and maintain its water system, servicing approximately 1,000 customers. This two-year contract allows for the potential purchase of the system in the future. Washington Water aims to enhance service reliability by interconnecting its East Pierce system with Stroh's. The agreement includes comprehensive operation, maintenance, billing, and customer service responsibilities.
California Water Service (CWT) has announced its agreement to acquire the water system assets of Skylonda Mutual Water Company, serving 176 connections near its Bear Gulch District. The deal, awaiting regulatory approval, aims to enhance service quality for Skylonda’s customers. Cal Water will invest in infrastructure to ensure reliability for both everyday needs and emergencies. This acquisition complements their existing customer base of approximately 60,900 people in nearby areas. The transaction is expected to be finalized in 2022.
Hawaii Water Service, a subsidiary of California Water Service Group (CWT), has received approval from the Hawaii Public Utilities Commission to acquire the assets of Kapalua Water Company and Kapalua Waste Treatment Company from Maui Land and Pineapple Company. This acquisition allows Hawaii Water to provide services to 1,000 connections in the Kapalua resort area, including homes and businesses. Hawaii Water currently serves 5,000 customers across various Hawaiian communities. This strategic acquisition aims to enhance service quality and expand operational capacity for future developments.
California Water Service Group (NYSE: CWT) reported a net income of $96.8 million for 2020, up from $63.1 million in 2019, with diluted earnings per share of $1.97 compared to $1.31. The increase was attributed to a $40.9 million rise in operating revenue, mainly from the adoption of the 2018 general rate case and other rate increases. Despite this, total operating expenses rose by $42.5 million. The company plans to continue investing in infrastructure and has authorized $700 million in long-term debt and equity financing to support its capital improvement program.
California Water Service Group (NYSE: CWT) will announce its fourth quarter and year-end 2020 earnings on February 25, 2021, at 9:00 a.m. ET, followed by a teleconference at 11:00 a.m. ET. Stockholders and investors can join the call by dialing 1-833-832-5130 or 1-509-844-0151, using ID# 6114986. A replay of the call will be accessible until April 22, 2021. The call will feature key executives, including President and CEO Martin A. Kropelnicki. A slide presentation will be available on their website at the same time as the earnings release.
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.
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