California Water Service (CWT) Misses Q4 EPS by 19c, Revenues Beat

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Go back to California Water Service (CWT) Misses Q4 EPS by 19c, Revenues Beat

California Water Service Group Announces 2020 Earnings for Year and Fourth Quarter

February 25, 2021 9:00 AM EST

SAN JOSE, Calif., Feb. 25, 2021 (GLOBE NEWSWIRE) -- California Water Service Group (NYSE: CWT) ( Company) today announced net income of $96.8 million and diluted earnings per share of $1.97 for 2020, compared to net income of $63.1 million and diluted earnings per share of $1.31 in 2019.

The $33.7 million increase in net income was driven primarily by the adoption of California Water Services (Cal Waters) 2018 general rate case (GRC) which increased operating revenue by $40.9 million and other general rate increases of $11.5 million, $4.5 million of which was related to increased water costs.   In addition, net income increased $5.5 million due to... More