CWT Q3 net income down 10.5% to $55.9M ($1.03 EPS) on higher operating expenses

CALIFORNIA WATER SERVICE GROUP

2022-Q3 EPS reported $1.41 revenue$595,860,000

Net income attributable to CWT fell 10.5% to $55.9M ($1.03 EPS) from $62.4M ($1.20 EPS) in Q3 2021.
Operating revenue rose 3.7% to $266.3M, but total operating expenses increased 8.5% to $201.4M, driven by water production, A&G, and bad debt costs.
Capital investments in Q3 totaled $77.5M, up 12% YoY; YTD capital spending $222.1M, up 6.9%.
WRAM/MCBA under-collected balance grew to $94.8M from $77.4M in Q2 2022, reflecting lower sales due to conservation.
Board declared quarterly dividend of $0.25 per share, unchanged.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CALIFORNIA WATER SERVICE GROUP reported third quarter of 2022, ended September 30, 2022 results: revenue $266.3 million, net income $55.9 million, EPS $1.03.

Period: third quarter of 2022, ended September 30, 2022
Revenue: $266.3 million
Net income: $55.9 million
EPS: $1.03
Result: reported results

Exact text from the filing

efforts, growth in our capital investments, and growth in Texas,” he said. Additional Financial Results for the third quarter of 2022 Operating revenue increased 3.7% to $266.3 million in the third quarter of 2022, an increase of $9.6 million compared to $256.7 million in the third quarter of 2021. The increase was due primarily to rate increases of $12.3

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Source: SEC EDGAR

accession 0001104659-22-111783

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