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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