California Water Q3 Earnings Miss Estimates, Revenues Rise Y/Y

California Water Service Group CWT recorded third-quarter 2024 adjusted earnings of $1.03 per share, which lagged the Zacks Consensus Estimate of $1.09 per share by 5.5%. However, the bottom line increased from the year-ago quarter’s figure of 60 cents.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.CWT’s Total Revenues Operating revenues totaled $299.6 million, which surpassed the Zacks Consensus Estimate of $269 million by 11.6%. The top line also increased 17.5% from $255 million recorded in the prior-year quarter. The quarterly results continued to benefit from the effects of the 2021 California General Rate Case decision received on March 7, 2024.California Water Service Group Price, Consensus and EPS Surprise California Water Service Group price-consensus-eps-surprise-chart | California Water Service Group QuoteCWT’s Operational Update Total operating expenses were $232.8 million, up 10.1% from the year-ago quarter’s level of $211.5 million. Water production costs increased by $2.7 million due to a rise in wholesale rates and water usage.CWT reported maintenance expenses of $9.3 million, up 3.7% year over year.Net operating income was $66.7 million compared with the year-ago quarter’s reported figure of $43.5 million.Net interest expenses were $13.6 million, up 6.3% from the prior-year quarter’s figure of $12.8 million. The year-over-year rise was due to an increase in short-term borrowing rates and higher credit balances.CWT’s Financial Update As of Sept. 30, 2024, CWT had cash and cash equivalents of $59.6 million compared with $39.6 million as of Dec. 31, 2023.As of Sept. 30, 2024, its net long-term debt totaled $1.052 billion compared with $1.053 billion as of Dec. 31, 2023.CWT’s Zacks Rank California Water currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming Releases Essential Utilities Inc. WTRG is scheduled to report third-quarter results on Nov. 4 after market close. The Zacks Consensus Estimate for earnings is pegged at 23 cents per share.WTRG’s long-term (three to five years) earnings growth rate is 5.8%. The Zacks Consensus Estimate for sales is pegged at $419.5 million, which indicates a year-over-year improvement of 2%.American States Water AWR is scheduled to report third-quarter results on Nov. 6 after market close. The Zacks Consensus Estimate for earnings is pegged at 99 cents per share, which indicates a year-over-year improvement of 16.5%.AWR’s long-term earnings growth rate is 6.3%. It delivered an average earnings surprise of 3.43% in the past four quarters.Global Water Resources GWRS is scheduled to report third-quarter results on Nov. 7 before market open. The Zacks Consensus Estimate for earnings is pegged at 11 cents per share.GWRS’ long-term earnings growth rate is 15%. It delivered an average earnings surprise of 16.25% in the past four quarters.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report California Water Service Group (CWT): Free Stock Analysis Report American States Water Company (AWR): Free Stock Analysis Report Global Water Resources, Inc. (GWRS): Free Stock Analysis Report Essential Utilities Inc. (WTRG): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks