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California Water Service posts 30% YOY drop in Q2 net income

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California Water Service posts 30% YOY drop in Q2 net income

California Water Service Group on July 26 reported second-quarter 2018 net income of $13 million, or 27 cents per share, down from $18.5 million, or 39 cents per share, in the prior-year period.

The company attributed the decrease to new business development expenses, lower operating revenue, additional wage costs, higher maintenance expense and additional interest expenses.

Revenue totaled $172.6 million in the most recent quarter, compared to $171.1 million a year ago. Operating expenses increased 2.2% year over year to $147.6 million from $144.5 million.

Regulatory update

The utility said it recently filed a general rate case with the California Public Utilities Commission, seeking $828.5 million in new water infrastructure investments throughout California from Jan. 1, 2019, to Dec. 31, 2021.

Under the filing, Cal Water is seeking to increase revenues by $50.7 million in 2020, $31.5 million in 2021 and $33 million in 2022, compared to the last authorized revenue.