The following is a summary of the California Water Service Group (CWT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 operating revenue increased by 17.5% to $299.6 million, driven by increased rates and customer usage.

• Net income for Q3 2024 was $60.7 million, or $1.03 per diluted share, up from $34.4 million or $0.60 per diluted share in Q3 2023.

• Year-to-date 2024 operating revenue improved by $234.5 million to $814.6 million, with a corresponding net income of $171.1 million or $2.93 per diluted share.

• Capital investments for the 9-month period in 2024 totaled $332.2 million.

Business Progress:

• Continued progress in the 2024 general rate case, expected to boost future financial performance through rate increases and approval for significant capital investments in water infrastructure.

• Received awards recognizing environmental leadership and corporate responsibility.

Opportunities:

• Regulatory approvals enabling revenue collection of significant regulatory balances totaling $94.2 million through 2027.

• Projected growth in regulated rate base to $2.36 billion by end of 2024, an increase of 7.3% over 2023.

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