U.S. Markets closed
  • S&P 500

    4,411.79
    +44.31 (+1.01%)
     
  • Dow 30

    35,061.55
    +238.20 (+0.68%)
     
  • Nasdaq

    14,836.99
    +152.39 (+1.04%)
     
  • Russell 2000

    2,209.65
    +10.17 (+0.46%)
     
  • Crude Oil

    72.17
    +0.26 (+0.36%)
     
  • Gold

    1,802.10
    -3.30 (-0.18%)
     
  • Silver

    25.24
    -0.14 (-0.56%)
     
  • EUR/USD

    1.1770
    -0.0003 (-0.0235%)
     
  • 10-Yr Bond

    1.2860
    +0.0210 (+1.66%)
     
  • Vix

    17.20
    -0.49 (-2.77%)
     
  • GBP/USD

    1.3754
    -0.0013 (-0.0977%)
     
  • USD/JPY

    110.5100
    +0.3950 (+0.3587%)
     
  • BTC-USD

    34,480.78
    +558.68 (+1.65%)
     
  • CMC Crypto 200

    786.33
    -7.40 (-0.93%)
     
  • FTSE 100

    7,027.58
    +59.28 (+0.85%)
     
  • Nikkei 225

    27,548.00
    +159.80 (+0.58%)
     

California Water (CWT) Q4 Earnings Lag, Revenues Beat Mark

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

California Water Service CWT generated fourth-quarter 2020 earnings of 31 cents per share, which missed the Zacks Consensus Estimate of 35 cents by 11.4%. However, the bottom line improved 29.2% from 24 cents in the year-ago quarter.

Total Revenues

Operating revenues of $189.2 million beat the Zacks Consensus Estimate of $184 million by 2.8%. The top line also improved 6.9% from $176.9 million in the prior-year quarter.

Operational Update

In the quarter under review, California Water’s total operating expenses were $164.1 million, up 4.9% year over year.

In the fourth quarter, net operating income was $25 million, up 23% from the year-ago quarter.

Interest expenses were $11.5 million, up 1% year over year.

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

Financial Update

As of Dec 31, 2020, the company had cash and cash equivalents of $44.6 million compared with $42.7 million as of Dec 31, 2019.

As of Dec 31, 2020, the company’s net long-term debt was down to $781.1 million from $786.8 million as of Dec 31, 2019.

Guidance

The company expects to invest $270-$300 million in 2021.

Zacks Rank

The utility currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

NextEra Energy, Inc. NEE reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.

WEC Energy Group WEC delivered fourth-quarter 2020 earnings per share of 76 cents, which surpassed the Zacks Consensus Estimate of 74 cents by 2.7%.

American States Water Co. AWR reported fourth-quarter 2020 operating earnings of 54 cents per share, which surpassed the Zacks Consensus Estimate of 49 cents by 10.2%.

More Stock News: This Is Bigger than the iPhone!

It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.

Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.

Click here for the 4 trades >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

WEC Energy Group, Inc. (WEC) : Free Stock Analysis Report

NextEra Energy, Inc. (NEE) : Free Stock Analysis Report

American States Water Company (AWR) : Free Stock Analysis Report

California Water Service Group (CWT) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research