California Water Service Posts Q3 EPS of $1.05 on $332.2M Revenue
CWT is trading near its 52-week low of $41.29 (14% above the low).
Summary
California Water Service reported Q3 EPS of $1.05, with net income of $65.4 million on operating revenue of $332.2 million and operating expenses of $249.5 million. Revenue came in above the $308.6 million booked in Q2, when a favorable California rate case lifted net income 34% to $56.5 million. Net income also rose sequentially from Q2's $56.5 million. The quarter follows the mid-October financing: $125 million of senior unsecured notes at the parent and $150 million of first mortgage bonds at the Cal Water subsidiary, confirmed in an 8-K filed October 15. The board also declared its regular $0.3350 quarterly dividend on October 28, payable November 20. The results show the rate-case benefit carrying into Q3 while the company funds growth with debt and ATM equity issuance.
At the time of this announcement, CWT was trading at $47.15 on NYSE in the Trade & Services sector, with a market capitalization of approximately $2.9B. The 52-week trading range was $41.29 to $53.82. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.