---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-084563"
form_type: "8-K"
ticker: "CWT"
cik: "0001035201"
company_name: "CALIFORNIA WATER SERVICE GROUP"
filed_at: "2023-07-27T23:59:59+00:00"
generated_at: "2026-06-12T23:35:42.667103+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-084563
- form_type: 8-K
- ticker: CWT
- cik: 0001035201
- company_name: CALIFORNIA WATER SERVICE GROUP
- filed_at: 2023-07-27T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1035201/000110465923084563/0001104659-23-084563-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1035201/000110465923084563/tm2322217d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-084563
- JSON: https://secwatch.observer/filing/0001104659-23-084563.json
- Plain text: https://secwatch.observer/filing/0001104659-23-084563.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1035201/000110465923084563/0001104659-23-084563-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1035201/000110465923084563/0001104659-23-084563-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.