Cal Water Q2 net income down 51% to $9.6M; $0.17 EPS vs $0.36; GRC delay cuts revenue by $19M-$29M

CALIFORNIA WATER SERVICE GROUP

2023-Q2 EPS reported -$0.23 revenue$339,431,000

Diluted EPS $0.17 vs $0.36 YoY; net income $9.6M vs $19.5M; revenue $194M (-5.9%).
CPUC delay on 2021 GRC caused estimated $19M-$29M operating revenue understatement in Q2.
Cost of capital decision raises ROE to 9.57% effective July 31; capital structure 53.4% equity/46.6% debt.
Capital investments $177.2M YTD (+22.5%); ATM program raised $112.7M YTD.
Quarterly dividend $0.26/share declared; 313th consecutive; Monterey Water acquisition approved.

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 the six-month period ended June 30, 2023 results: revenue $325.1 million, net income $12.7 million, EPS $0.23 loss per diluted common share.

Period: the six-month period ended June 30, 2023
Revenue: $325.1 million
Net income: $12.7 million
EPS: $0.23 loss per diluted common share
Result: reported results

Exact text from the filing

million and $63.0 million, which is based on the current positions of the parties to the 2021 GRC Filing and consumption driven regulatory mechanisms. Operating revenue was $325.1 million for the six-month period ended June 30, 2023, compared

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CALIFORNIA WATER SERVICE GROUP reported the quarter ended June 30, 2023 results: revenue $194.0 million, net income $9.6 million, EPS $0.17.

Period: the quarter ended June 30, 2023
Revenue: $194.0 million
Net income: $9.6 million
EPS: $0.17
Result: reported results

Exact text from the filing

once approved, will be retroactive to January 1, 2023, and a cumulative adjustment will be recorded in the quarter in which final approval is received. Operating revenue was $194.0 million for the quarter ended June 30, 2023, compared to $206.2 million for the same period in 2022. The $12.2 million, or 5.9%, revenue decrease was primarily due to a $7.1 million

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Source: SEC EDGAR

accession 0001104659-23-084563

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