CWT Q3 EPS $1.05; 9-Month ATM Sales Add 3.13M Shares for $143.9M
CWT sits 15% above its 52-week low of $41.29.
Summary
Q3 earnings were already out; the 10-Q's new information is the scale of equity issuance — 3.13 million ATM shares sold for $143.9 million net plus 1.58 million forward-settled shares worth $77.8 million — alongside the April rate case win and $275 million of October debt pricing.
Key Events · Earnings and Guidance · CWT
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Q3 Earnings Confirmed
Net income attributable to the company was $65.4 million, or $1.05 per diluted share, versus $61.2 million and $1.03 a year earlier, on operating revenue of $332.2 million versus $311.2 million.
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ATM Dilution Keeps Building
The company sold 1,027,038 shares in Q3 for $49.8 million net and 3,133,595 shares in the first nine months for $143.9 million net, leaving $124.7 million available under the $350 million program.
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Forward Sales Add Overhang
As of September 30, 2026 the company could physically settle 1,583,398 shares with investors in exchange for $77.8 million of cash, at an initial weighted average forward price of $49.50 per share.
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Rate Case Lifts Revenue
The 2024 California general rate case, approved April 30, 2026, raised 2026 revenue by approximately $90.5 million retroactive to January 1, 2026, with potential increases of about $43.2 million for 2027 and $48.9 million for 2028.
Analysis · CWT · Energy & Transportation
The quarter itself was already public: net income attributable to the company rose to $65.4 million ($1.05 per diluted share) from $61.2 million ($1.03), on revenue of $332.2 million versus $311.2 million. What the 10-Q adds is the financing picture behind those numbers. Through the first nine months, the company sold 3,133,595 shares via its at-the-market program for $143.9 million net; as of September 30, it could still physically settle another 1,583,398 shares for $77.8 million in cash under forward sale agreements, with $124.7 million of capacity left on the $350 million program. That is real, continuing dilution layered on top of a capital plan that runs $600-620 million of utility plant spending this year. Offsetting it, the 2024 California rate case approved in April lifted 2026 revenue by roughly $90.5 million retroactive to January 1, and the $275 million of notes and bonds priced October 14 will refinance existing debt before year-end. The pending ~$218 million Nexus acquisition cleared its last state approvals and should close before the end of 2026.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 30.7% of the 1581 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.02%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CWT was trading at $47.62 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.9B. The 52-week trading range was $41.29 to $53.82. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.