California Water Service Group Q1 EPS $1.21 vs. loss of $0.40 a year earlier
California Water Service Group reported first-quarter 2024 net income attributable to the company of $69.9 million, or diluted EPS of $1.21, compared with a net loss of $22.2 million, or $(0.40) per share, a year earlier. The results were driven by the California Public Utilities Commission's March 7, 2024 decision on Cal Water's 2021 General Rate Case, which added $111.8 million to operating revenue, including $87.9 million of retroactive interim rate relief related to 2023.
Key points
- Net income attributable to the company was $69.9 million in Q1 2024 versus a net loss of $22.2 million in Q1 2023; diluted EPS was $1.21 versus $(0.40).
- Operating revenue was $270.7 million versus $131.1 million, with the 2021 GRC decision adding $111.8 million, including $87.9 million of retroactive interim rate relief related to 2023.
- The CPUC decision authorizes Cal Water to invest approximately $1.2 billion from 2021 through 2024 in infrastructure projects and implements a 10.27% return on equity in California.
- The company secured $83.0 million in California arrearage program funding, received after Q1 ended and expected to be applied to customer accounts in Q2 2024; Q1 capital investments totaled $109.8 million, up 33.9%.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:39 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 25, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.