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California Water (CWT) Incurs Loss in Q1, Revenues Beat

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California Water Service CWT incurred first-quarter 2021 loss of 6 cents per share, wider than the Zacks Consensus Estimate of a loss of 3 cents by 100%. However, the bottom line improved from the loss 42 cents reported in the year-ago quarter.

Total Revenues

Operating revenues of $147.7 million beat the Zacks Consensus Estimate of $131 million by 12.7%. The top line also improved 17.7% from $125.6 million in the prior-year quarter.

California Water Service Group Price, Consensus and EPS Surprise

California Water Service Group Price, Consensus and EPS Surprise
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

In the quarter under review, California Water’s total operating expenses were $144.8 million, up 9.3% year over year.

In the first quarter, net operating income was $2.9 million against the year-ago quarter’s loss of $6.9 million.

Net interest expenses were $9.9 million, up 0.8% year over year.

Financial Update

As of Mar 31, 2021, the company had cash and cash equivalents of $84.4 million compared with $44.6 million as of Dec 31, 2020.

As of Mar 31, 2021, the company’s net long-term debt was down to $781 million from $781.1 million as of Dec 31, 2020.

Guidance

The company reaffirmed its capital expenditure in the range of $270-$300 million for 2021.

Zacks Rank

The utility currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

American Electric Power Co., Inc. AEP reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.

NextEra Energy, Inc. NEE reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.

FirstEnergy Corporation FE delivered first-quarter 2021 operating earnings of 69 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.

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