California Water Service (CWT) Misses Q4 EPS by 2c

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Go back to California Water Service (CWT) Misses Q4 EPS by 2c

California Water Service Group Announces Revenues and Earnings for Year-End and Fourth Quarter 2015

February 24, 2016 4:30 PM EST

SAN JOSE, CA -- (Marketwired) -- 02/24/16 -- California Water Service Group (NYSE: CWT) today announced net income of $45.0 million and diluted earnings per share of $0.94 for 2015, compared to net income of $56.7 million and earnings per share of $1.19 in 2014.

The decrease in net income was largely attributable to a decrease of $4.9 million in estimated unbilled revenue in 2015 net of taxes, a non-recurring $4.8 million tax benefit in 2014, and drought-related expenses that the Company expects to recover in rates after regulatory review.

Total revenue decreased 1.5% to $588.4 million in 2015, compared to revenue of $597.5 million in 2014, primarily... More