California Water Profit Tops Estimates; CEO Peter Nelson To Retire - Quick Facts

(RTTNews) - California Water Service Group (CWT) Wednesday reported second-quarter net income of $13.5 million or $0.28 per share, a slight increase from $13 million or $0.31 per share last year.

Earnings-per-share results for the recent quarter reflect a higher share count.

Revenues for the quarter were higher at $154.6 million, compared with $143.6 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.27 per share on revenues of $144.60 million for the quarter. Analysts' estimates typically exclude special items.

Separately, the company said its Chairman and Chief Executive Officer Peter Nelson will retire on September 1, following which he will serve as non-executive chairman of the Board. At that time, current President and Chief Operating Officer Martin (Marty) Kropelnicki will become president, CEO, and a member of the Board.

Nelson was elected President and CEO of California Water in 1996 and has served as CEO and chairman since May 2012. Kropelnicki joined the company as vice president, chief financial officer and treasurer in March 2006, and was named president and COO in October 2012.