California Water (CWT) Beats on Q3 Earnings & Revenues
California Water Service Group CWT recorded a third-quarter 2023 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 54 cents by 11.1%. The bottom line depreciated from the year-ago quarter’s figure of $1.03.
Total Revenues
Operating revenues totaled $255 million, which surpassed the Zacks Consensus Estimate of $235 million by 8.5%. The top line, however, declined 4.1% from $266 million recorded in the prior-year quarter.
California Water Service Group Price, Consensus and EPS Surprise
California Water Service Group price-consensus-eps-surprise-chart | California Water Service Group Quote
Operational Update
California Water’s total operating expenses were $211.5 million, up 5% from the year-ago quarter’s level of $201.4 million.
CWT reported maintenance expenses of $8.9 million, up 6% year over year.
Net operating income was $43.5 million compared with the year-ago quarter’s level of $65 million. Our model predicted a net operating income of $48.6 million during the same time frame.
Net interest expenses were $12.8 million, up 13.3% from the prior-year quarter’s figure of $11.3 million.
Financial Update
As of Sep 30, 2023, CWT had cash and cash equivalents of $34.7 million compared with $62.1 million as of Dec 31, 2022.
As of Sep 30, 2023, its net long-term debt was $1,051.8 million compared with $1,052.5 million as of Dec 31, 2022.
The company invested $274.1 million in infrastructure improvements during the first nine months of 2023, up 23.4% from that recorded in the corresponding period of 2022.
Zacks Rank
Currently, CWT carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
American Water Works AWK is slated to report third-quarter results on Nov 1, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.55 per share.
AWK’s long-term (three to five years) earnings growth rate is 8.18%. It delivered an average earnings surprise of 7.1% in the last four quarters.
American States Water Company AWR is scheduled to report third-quarter results on Nov 6, after market close. The Zacks Consensus Estimate for earnings is pegged at 82 cents per share, implying a year-over-year increase of 18.8%.
AWR’s long-term (three to five years) earnings growth rate is 6.3%. The consensus estimate for 2023 earnings is pegged at $2.96 per share, implying a year-over-year improvement of 29.8%.
Global Water Resources Inc GWRS is slated to report third-quarter results on Nov 9, before market open. The Zacks Consensus Estimate for earnings is pegged at 8 cents per share.
GWRS’ long-term earnings growth rate is 15%. It delivered an average earnings surprise of 27.7% in the last four quarters.
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American Water Works Company, Inc. (AWK) : Free Stock Analysis Report
California Water Service Group (CWT) : Free Stock Analysis Report
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