California Water Service Group Q3 Profit Rises - Quick Facts

(RTTNews) - California Water Service Group (CWT) reported third-quarter net income of $96.4 million or $1.94 per share up from $42.4 million or $0.88 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.11 per share. Analysts' estimates typically exclude special items.

The $54.0 million increase in net income was due to our determination that the October 14, 2020 proposed decision in the California 2018 General Rate Case was sufficient evidence to record regulatory assets and associated revenues for interim rate recovery as well as benefits balancing accounts and the decoupling mechanisms.

Total operating revenue increased to $304.1 million from $232.5 million last year. Analysts expected revenues of $286.6 million for the quarter.