California Water (CWT) Q4 Earnings Lag, Revenues Beat Mark
California Water Service CWT generated fourth-quarter 2020 earnings of 31 cents per share, which missed the Zacks Consensus Estimate of 35 cents by 11.4%. However, the bottom line improved 29.2% from 24 cents in the year-ago quarter.
Total Revenues
Operating revenues of $189.2 million beat the Zacks Consensus Estimate of $184 million by 2.8%. The top line also improved 6.9% from $176.9 million in the prior-year quarter.
Operational Update
In the quarter under review, California Water’s total operating expenses were $164.1 million, up 4.9% year over year.
In the fourth quarter, net operating income was $25 million, up 23% from the year-ago quarter.
Interest expenses were $11.5 million, up 1% year over year.
California Water Service Group Price, Consensus and EPS Surprise
California Water Service Group price-consensus-eps-surprise-chart | California Water Service Group Quote
Financial Update
As of Dec 31, 2020, the company had cash and cash equivalents of $44.6 million compared with $42.7 million as of Dec 31, 2019.
As of Dec 31, 2020, the company’s net long-term debt was down to $781.1 million from $786.8 million as of Dec 31, 2019.
Guidance
The company expects to invest $270-$300 million in 2021.
Zacks Rank
The utility currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
NextEra Energy, Inc. NEE reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
WEC Energy Group WEC delivered fourth-quarter 2020 earnings per share of 76 cents, which surpassed the Zacks Consensus Estimate of 74 cents by 2.7%.
American States Water Co. AWR reported fourth-quarter 2020 operating earnings of 54 cents per share, which surpassed the Zacks Consensus Estimate of 49 cents by 10.2%.
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