The following is a summary of the California Water Service Group (CWT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• California Water Service Group's Q1 2024 operating revenue increased significantly to $270.7 million, up from $131.1 million last year.

• This was mainly due to the conclusion of the 2021 general rate case, IRMA with $80.7 million, and MWRAM with $31.7 million.

• However, operating expenses also surged to $44.3 million due to increased water production costs and other operational expenses.

• The net income for Q1 2024 was $69.9 million, a considerable improvement from a loss of $22.2 million in Q1 2023.

• The earnings per share also increased to $1.21 in Q1 2024, compared to a loss of $0.48 per share in Q1 2023.

• They managed to secure an additional $83 million in COVID funds from the California State to aid customers with past due balances.

• The company's rate base grew to an estimated $2.2 billion at the end of 2023, which was up by 15.4% from 2022.

• A 7.7% increase in the annual dividend from $1.04 to $1.12 per share highlighted the firm's confident outlook.

Business Progress:

• The company followed an aggressive investment strategy with $110 million pumped into capital improvements in Q1 2024.

• To ensure water quality, the company committed to investing $215 million for treating PFAS in about 100 wells across all operating states.

• The company is planning to carry out its infrastructure improvement plans in response to the ongoing drought alert, focusing on tackling PFAS and filing a general rate case for California.

• The company received approval to invest $1.2 billion from 2021 to 2024 for infrastructure development projects.

• With a view to environmental responsibility, the company committed to reduce absolute Scope 1 and Scope 2 greenhouse gas emissions by 63% from 2021 to 2023.

• They are preparing for the 2024 general rate case and a state Supreme Court argument scheduled for May 8.

• Regardless of the slowdown in business development, the company remains focused on operating efficiently, improving dividend growth rates, and maintaining good customer service.

More details: California Water Service Group IR

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