California Water Service (CWT) Misses Q3 EPS by 5c

October 27, 2016 6:01 PM EDT
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California Water Service (NYSE: ) reported Q3 EPS of $0.52, $0.05 worse than the analyst estimate of $0.57. Revenue for the quarter came in at $184.3 million versus the consensus estimate of $185.8 million.

According to President and Chief Executive Officer Martin A. Kropelnicki, "The third quarter of 2016 was extremely busy for us. We continued to deal with the historic California drought, filed our settlement for the California GRC, helped our customers affected by the Erskine Fire in Kern County, and announced our successful bid to operate the water system at Travis Air Force Base. Further, during the quarter, as filed in our GRC settlement, the company recorded the impairment of design costs from a joint water treatment plant project with the City of Bakersfield that the City was no longer interested in completing. Now with the settlement pending approval by the CPUC, we look forward to getting the rate case completed before year-end and moving forward with our capital programs to improve infrastructure for the benefit of our customers."

For earnings history and earnings-related data on California Water Service (CWT) click here.

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