California Water Q1 net income falls to $13.3 million from $69.9 million a year earlier
California Water Service Group reported first quarter 2025 GAAP net income of $13.3 million, or $0.22 per diluted share, down from $69.9 million, or $1.21 per share, in the first quarter of 2024. The prior-year period included $65.8 million of net income from 2023 interim rate relief, and the company says that after adjusting for this item, net income and diluted EPS rose compared with the prior year.
Key points
- GAAP net income attributable to the company was $13.3 million, or $0.22 per diluted share, versus $69.9 million, or $1.21 per share, in Q1 2024
- Operating revenue was $204.0 million, down $66.7 million from $270.7 million, mainly because Q1 2024 included $90.3 million of 2023 interim rate relief
- Excluding that relief, net income rose $9.2 million and diluted EPS rose $0.15 compared with Q1 2024 non-GAAP net income of $4.1 million ($0.07 per share)
- The board declared a quarterly dividend of $0.30 per share, the 321st consecutive quarterly dividend; hearings on the 2024 California GRC are expected in May 2025
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:38 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 May 01, 2025.
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.