California Water Service (CWT) Misses Q2 EPS by 48c, Revenues Miss
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California Water Service Group Announces Second Quarter 2020 Results
July 30, 2020 9:00 AM EDTSAN JOSE, Calif., July 30, 2020 (GLOBE NEWSWIRE) -- California Water Service Group (NYSE: CWT) (the Company) today announced net income of $5.3 million or $0.11 earnings per diluted common share for the second quarter of 2020, compared to a net income of $17.0 million or $0.35 earnings per diluted common share for the second quarter of 2019.
The $11.7 million decrease in net income was primarily due to lack of resolution of the California General Rate Case (GRC), which meant that no revenue was recorded in the second quarter from general rate relief and previously approved regulatory mechanisms. Other impacts to the quarterly... More
