Net loss of $22.2M in Q1 2023 vs. income of $1.1M YoY; CPUC rate case delay cited

CALIFORNIA WATER SERVICE GROUP

2023-Q1 EPS reported -$0.40 revenue$145,225,000

Net loss attributable to Group $22.2M ($0.40 loss per share) vs. net income $1.1M ($0.02 EPS) in Q1 2022.
Operating revenue $131.1M, down 24.2% YoY; CPUC rate decision delay estimated to reduce Q1 revenue by $24-34M.
Management plans 4% interim rate increase in May 2023; final GRC decision retroactive to Jan 1, 2023.
Completed acquisition of Bethel Greenacres Association in WA; signed to buy Lake Section Water in NM.
Invested $82M in infrastructure in Q1 2023; entered into new $600M credit facilities.

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 0.99

CALIFORNIA WATER SERVICE GROUP reported first quarter of 2023, ended March 31, 2023 results: revenue $131.1 million.

Period: first quarter of 2023, ended March 31, 2023
Revenue: $131.1 million
Result: reported results

Exact text from the filing

today announced a net loss attributable to Group of $22.2 million and diluted loss per share of $0.40 for the quarter ended March 31, 2023, as compared to net income attributable to Group of $1.1 million and diluted earnings per share of $0.02 for the quarter ended March 31, 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.99

CALIFORNIA WATER SERVICE GROUP reported first quarter of 2023, ended March 31, 2023 results: revenue $131.1 million.

Period: first quarter of 2023, ended March 31, 2023
Revenue: $131.1 million
Result: reported results

Exact text from the filing

Operating revenue was $131.1 million for the quarter ended March 31, 2023, compared to $173.0 million for the same period in 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.99

CALIFORNIA WATER SERVICE GROUP reported first quarter of 2022, ended March 31, 2022 results: revenue $173.0 million, net income net income attributable to Group of $1.1 million, EPS diluted earnings per share of $0.02.

Period: first quarter of 2022, ended March 31, 2022
Revenue: $173.0 million
Net income: net income attributable to Group of $1.1 million
EPS: diluted earnings per share of $0.02
Result: reported results

Exact text from the filing

cumulative adjustment will be recorded in the quarter in which final approval is received. Operating revenue was $131.1 million for the quarter ended March 31, 2023, compared to $173.0 million for the same period in 2022. The $41.9 million, or 24.2%, revenue decrease was primarily attributable to an $18.8 million increase in revenue deferral, a $12.1 million

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Source: SEC EDGAR

accession 0001104659-23-050822

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