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California Water Service books higher Q2 net income


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California Water Service books higher Q2 net income

California Water Service Group on Aug. 1 reported second-quarter 2019 net income of $17.0 million, or 35 cents per share, an increase from $14.8 million, or 31 cents per share, in the prior-year period.

The water utility attributed the increase to lower business development expenses, general rate increases and a higher allowance for equity funds used during construction.

Operating revenue grew to $179.0 million from $174.9 million in the comparable 2018 quarter.