California Water Service Group Reports Q1 Profit - Quick Facts

(RTTNews) - California Water Service Group (CWT) reported net income of $1.6 million or earnings per common share of $0.03 for the first quarter of 2015, compared to a net loss of $5.5 million or a $0.11 net loss per share for the first quarter of 2014. The company said the increase in net income is attributable primarily to the approval of the California Water Service (Cal Water) General Rate Case, company's largest subsidiary, during the third quarter of 2014.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.01 for the quarter. Analysts' estimates typically exclude special items.

Total revenue increased 10%, to $122 million for the first quarter of 2015 as compared to revenue of $110.5 million for the first quarter of 2014. Analysts expected revenue of $104.06 million for the quarter.

CEO, Martin Kropelnicki, said: "Although our business is typically seasonal with the first quarter being the slowest, this year our bottom line benefited from the rate case increase authorized by the CPUC."