California Water Service Group Reports Third Quarter Results
California Water Service Group Reports Third Quarter Results
SAN JOSE, Calif., Oct. 31, 2024 (GLOBE NEWSWIRE) -- California Water Service Group ("Group" or "Company," NYSE: CWT), a leading publicly traded water utility serving California, Hawaii, New Mexico, Washington, and Texas, today reported financial results for the third quarter of 2024.
加利福尼亞州聖何塞,2024年10月31日(GLOBE NEWSWIRE) -- 加利福尼亞水務集團("集團"或"公司", 紐交所: CWT),是一家領先的在加利福尼亞、夏威夷、新墨西哥、華盛頓和得克薩斯提供服務的上市水務實用公司,今天報告了2024年第三季度的財務業績。
Highlights included:
重點亮點包括:
- Recorded diluted earnings per share of $1.03 in Q3 2024 and $2.93 year-to-date, compared to $0.60 in Q3 and $0.38 year-to-date in 2023.
- Invested a record $332.2 million of capital in infrastructure during the first nine months of 2024.
- Retained authorized return on equity ("ROE") of 10.27% for 2025 for California Water Service (Cal Water).
- Declared the 319th consecutive quarterly dividend in the amount of $0.28 per common share.
- Received approval on advice letter filings related to regulatory mechanisms expected to result in the recovery of $94.2 million in cash over the next three years.
- Received awards from the U.S. Environmental Protection Agency ("EPA"), Great Place to Work, and Newsweek.
- 2024年Q3錄得每股攤薄收益$1.03,截至目前爲止爲$2.93,相比之下,2023年Q3爲$0.60,截至目前爲止爲$0.38。
- 2024年前9個月在基礎設施上投資了創紀錄的3,3220萬。
- 保留給加利福尼亞水務(Cal Water)2025年的10.27%授權資產回報率("ROE")。
- 宣佈按每普通股$0.28的金額髮放第319次連續季度股息。
- 獲得關於監管機制的諮詢函備忘錄批准,預計未來三年將收回9420萬美元現金。
- 獲得美國環境保護局("EPA")、《最佳工作場所》和《新聞週刊》等獎項。
According to Chairman and Chief Executive Officer Martin A. Kropelnicki, financial results were in line with expectations, as Group continued to benefit from the effects of the 2021 California General Rate Case ("2021 California GRC") decision received on March 7, 2024.
根據董事長兼首席執行官馬丁·A·克羅佩爾尼奇的說法,財務結果符合預期,集團繼續受益於2021年加州普通費率案("2021 California GRC")於2024年3月7日決定的影響。
"In addition to solid financial performance, our teams did exceptionally well on many fronts, including water system improvements, water conservation, and emergency response. During the third quarter, we invested $117.8 million in infrastructure; earned a WaterSense Excellence Award for conservation from the EPA; and were honored with the National Association of Water Companies Living Water Award for our employees' response to the 2023 Lahaina fires on Maui. We were also recognized as a Great Place to Work and one of the World's Most Trustworthy Companies," he said.
"除了良好的財務表現,我們的團隊在許多方面表現出色,包括水系統改進、節水和應急響應。在第三季度,我們在基礎設施上投入了11780萬美元;收穫了美國環境保護局頒發的節水卓越獎;並因員工在2023年在茂宜島上的拉海納大火中的應對而榮獲全國水務公司Living Water獎。我們還被認定爲最佳工作場所和全球最值得信賴的公司之一,"他說。
Q3 2024 Financial Results
Q3 2024財務業績
- Q3 2024 net income attributable to Group was $60.7 million, compared to net income of $34.4 million in Q3 2023.
- Operating revenue was $299.6 million in Q3 2024, compared to $255.0 million in Q3 2023, an increase of $44.6 million.
- Increased rates added $42.2 million in revenue.
- Increased customer usage and new customers added $9.6 million.
- The increases were offset by the Monterey Water Rate Adjustment Mechanism ("MWRAM") approved in the 2021 California GRC, which reduced revenue by $9.4 million.
- Operating expenses were $232.8 million in Q3 2024, compared to $211.5 million in Q3 2023, an increase of $21.3 million.
- Water production costs increased by $2.7 million to $95.1 million in Q3 2024 compared to the same period last year, primarily due to an increase in wholesale water rates and water usage.
- Income tax expenses increased primarily due to the increase in pre-tax income.
- 2024年第三季度歸屬於集團的淨利潤爲6070萬美元,而2023年第三季度的淨利潤爲3440萬美元。
- 2024年第三季度營業收入爲29960萬美元,而2023年第三季度爲25500萬美元,增加了4460萬美元。
- 提高的費用額外增加了4220萬美元的營業收入。
- 客戶使用量增加和新增客戶增加了960萬美元。
- 這些增加額被2021年加州GRC批准的蒙特雷水費調整機制("MWRAM")所抵消,導致收入減少了940萬美元。
- 2024年第三季度的營業費用爲23280萬美元,而2023年第三季度爲21150萬美元,增加了2130萬美元。
- 與去年同期相比,第三季度的水生產成本增加了270萬美元,主要是因爲批發水費和用水量的增加。
- 所得稅支出主要是由於稅前收入的增加而增加。
Year-to-Date 2024 Financial Results
2024年財務年度截至6月30日的財務業績
- Year-to-date net income attributable to Group was $171.1 million, compared to net income of $21.8 million for the nine-month period ended September 30, 2023.
- Operating revenue was $814.6 million in the first nine months of 2024, compared to $580.1 million in the first nine months of 2023, an increase of $234.5 million.
- A cumulative adjustment for the 2023 impacts of the 2021 California GRC decision and 2024 MWRAM added $99.9 million in revenue.
- Increased rates, including recognition of the 2024 Interim Rates Memorandum Account ("IRMA"), increased revenue by $95.0 million.
- Deferred revenue decreased by $15.6 million primarily due to recognition of previously deferred Water Revenue Adjustment Mechanism ("WRAM") revenue as a result of securing California Extended Water and Wastewater Arrearage Payment Program funds for the payment of eligible customer balances.
- Accrued and unbilled revenue increased revenue by $6.7 million.
- Operating expenses were $621.8 million for the nine-month period ended September 30, 2024, compared to $538.2 million in the same period last year.
- Water production costs increased by $18.7 million, mostly due to an increase in wholesale water rates and water usage.
- Other operations expense increased $11.4 million, primarily due to the recognition of $13.1 million of costs associated with the recognized deferred revenue.
- Income taxes increased $41.1 million primarily due to the increase in pre-tax net operating income.
- 截至集團的年度淨利潤爲17110萬美元,而截至2023年9月30日的九個月期間的淨利潤爲2180萬美元。
- 2024年前九個月的營業收入爲81460萬美元,而2023年前九個月的營業收入爲58010萬美元,增加了23450萬美元。
- 2023年對2021年加州GRC決定和2024年MWRAm的累積調整增加了9990萬美元營業收入。
- 包括承認2024年暫定費率備忘錄帳戶("IRMA")在內的費率提高使收入增加了9500萬美元。
- 遞延收入減少了1560萬美元,主要是由於確認之前遞延的水收入調整機制("WRAM")收入,這是爲了從加州擴展水和污水拖欠支付計劃撥付資金以支付符合資格客戶餘額。
- 應計和未開票收入增加了670萬美元。
- 截至2024年9月30日的九個月內,營業費用爲62180萬美元,與去年同期的53820萬美元相比。
- 水生產成本增加了1870萬美元,主要是因爲批發水價和水使用量增加。
- 其他營業費用增加了1140萬美元,主要是由於認可的遞延收入相關成本爲1310萬美元。
- 所得稅增加了4110萬美元,主要是由於稅前淨營業收入增加。
As a result of the Q1 2024 adoption of the 2021 California GRC decision, interim rate relief related to 2023 totaling $64.0 million was included in 2024 net income, including $15.2 million and $50.4 million that were attributable to the three and nine months ended September 30, 2023, respectively.
由於2021年加利福尼亞GRC決定的2024年Q1採納,涉及2023年總計6400萬美元的暫時費率救濟已包括在2024年的淨收入中,其中有1520萬美元和5040萬美元分別歸屬於2023年9月30日結束的三個月和九個月。
Liquidity, Financing, and Capital Investment
流動性、融資和資本投資
As of September 30, 2024, Group maintained $105.2 million of cash, of which $45.6 million was classified as restricted, and had additional short-term borrowing capacity of $340 million, subject to meeting the borrowing conditions on the Group and Cal Water lines of credit.
截至2024年9月30日,集團保持10520萬美元現金,其中4560萬美元被列爲受限,另外還有34000萬美元的額外短期借款額度,取決於集團和Cal Water信貸額度的借款條件。
On August 2, 2024, the California Public Utilities Commission ("CPUC") approved Cal Water to issue up to $1.3 billion in new debt and equity securities.
2024年8月2日,加利福尼亞公共事業委員會("CPUC")批准Cal Water發行高達13億美元的新債務和權益證券。
On October 22, 2024, Cal Water issued $125 million aggregate principal of its 5.22% First Mortgage Bonds ("Bonds") due October 22, 2054. The Bonds include terms and conditions similar to Cal Water's existing First Mortgage Bond indebtedness. In addition, during Q3 2024, Group sold 639,000 shares of common stock under its at-the-market stock issuance program raising net proceeds of approximately $34.5 million.
2024年10月22日,Cal Water發行了總額爲12500萬美元的5.22%頭等抵押債券("債券"),到期日爲2054年10月22日。這些債券的條款和條件類似於Cal Water現有的頭等抵押債務。此外,在2024年第三季度,集團通過其上市銷售股票計劃出售了639,000股普通股,募集淨收益約3450萬美元。
Group capital investments during the nine-month period ended September 30, 2024 increased to a record total of $332.2 million, up 21% over the same period last year.
截至2024年9月30日結束的九個月期間,集團的資本投資增至創紀錄的33220萬美元,比去年同期增長21%。
California Regulatory Activity
加利福尼亞監管活動
2024 Infrastructure Improvement Plan and General Rate Case
2024年基礎設施改進計劃和總費率案
As reported last quarter, on July 8, 2024, Cal Water submitted a GRC that included Infrastructure Improvement Plans for 2025-2027. Cal Water proposes to invest more than $1.6 billion in its districts from 2025-2027 in order to support its ability to provide a reliable supply of high-quality water and enhance sustainability. In its application, Cal Water proposes to adjust rates to increase total revenue by $140.6 million, or 17.1%, in 2026; $74.2 million, or 7.7%, in 2027; and $83.6 million, or 8.1%, in 2028. Importantly, the application also proposes a Low-Use Water Equity Program that would decouple revenue from water sales to assist low-water-using, lower-income customers.
根據上季度的報告,2024年7月8日,Cal Water提交了一份包括2025年至2027年基礎設施改進計劃的總費率案。Cal Water計劃從2025年至2027年在其分區投資超過16億美元,以支持其提供可靠的優質水源並增強可持續性。在其申請中,Cal Water提議調整費率,以在2026年增加總收入14060萬美元,增長17.1%; 在2027年增加7420萬美元,增長7.7%; 在2028年增加8360萬美元,增長8.1%。值得注意的是,該申請還提議了一個低用水權益計劃,將收入與用水量剝離,以幫助低水用量、低收入客戶。
Cal Water has concluded an initial pre-hearing conference and an administrative law judge and Commissioner have been assigned to the GRC. The triennial filing begins an approximately 18-month review process by the CPUC.
Cal Water已經結束了一次初步聽證會,並指定了一名行政法官和一名委員會對總費率案進行審查,三年一次的備案開始了由加利福尼亞公用事業委員會進行約18個月的審查過程。
Cost of Capital
資本成本
Cal Water's authorized Cost of Capital includes a mechanism that adjusts authorized ROE in the event there is a 100-basis point movement in the 12-month (October 1 through September 30) average of Moody's Aa utility bond index as compared to the same period in the previous year. The average movement in the index during the measurement period was less than 100-basis points. As a result, no adjustment to Cal Water's current ROE of 10.27% is required for 2025.
加利福尼亞水務的授權資本成本包括一種機制,根據穆迪的Aa實用債券指數在12個月(10月1日至9月30日)的平均移動與前一年同期進行比較,調整授權ROE。在測量期間,指數的平均波動小於100個點子。因此,對於2025年,不需要調整加利福尼亞水務當前的ROE爲10.27%。
Other Regulatory Mechanisms and Filings
其他監管機制和備案
Cal Water recently filed advice letters pertaining to the IRMA, the 2023 MWRAM, and the 2023 Incremental Cost Balancing Account ("ICBA"). These filings were approved and became effective on October 1, 2024. Over a three-year period, Group anticipates recovering approximately $94.2 million in cash, primarily derived from the IRMA, MWRAM, and ICBA.
加利福尼亞水務最近提交了有關IRMA、2023 MWRAm和2023年增量成本平衡帳戶("ICBA")的諮詢函。這些備案已於2024年10月1日獲批並生效。在未來三年內,集團預計將從IRMA、MWRAm和ICBA中主要獲得約9420萬美元的現金。
Group expects that $11.6 million of this amount will be collected from customers in the fourth quarter of 2024. This will further bolster Group's financial position and support its ongoing operations and investments in water infrastructure.
集團預計將有1160萬美元的這筆金額將在2024年第四季度從客戶那裏收到。這將進一步鞏固集團的財務狀況,並支持其在水利基礎設施方面的持續運營和投資。
Water Conservation, Emergency Response, and Workplace Leadership Awards
水資源保護、應急響應和職場領袖獎
The Company continued to demonstrate its industry leadership and commitment to excellence during the third quarter of 2024, earning several prestigious awards.
該公司在2024年第三季度繼續展示其行業領導地位和卓越承諾,贏得了多個著名獎項。
For the ninth consecutive year, the Great Place to Work Institute certified the Company as a Great Place to Work in August. This recognition, based on employee feedback, reflects the Company's ongoing commitment to fostering a positive work environment and supporting its workforce through enhanced engagement initiatives and benefit programs.
連續第九年,Great Place to Work Institute在8月將該公司認證爲優秀的工作場所。這一認可基於員工反饋,反映了該公司致力於營造積極的工作環境,並通過增強的參與倡議和福利計劃支持其員工。
In early September, Newsweek named the Company one of the "World's Most Trustworthy Companies" for the second year running. This global recognition, which considered feedback from customers, investors, and employees, places the Company among only five water utilities honored in the energy and utilities category.
Newsweek在九月初連續第二年將該公司命名爲"全球最值得信賴的公司"。這項全球認可考慮了來自客戶、投資者和員工的反饋,將該公司列爲唯一在能源和公用事業類別中獲得榮譽的五家水務公司之一。
Shortly thereafter, the National Association of Water Companies honored Hawaii Water Service Operations Manager John "Kani" Kadowaki with the Living Water Award in recognition of his leadership of the team that kept water flowing to local communities during the devastating fires in Lahaina in 2023. Hawaii Water Service was the only water provider in West Maui that did not need to issue boil water advisories or experience water service interruptions during the tragedy.
不久之後,美國水務協會表彰了夏威夷水務服務運營經理約翰"卡尼"卡多瓦奇,頒發了生命之水獎,以表彰他領導團隊在2023年拉海納災難性火災期間保持供水的卓越領導。夏威夷水務服務是西茂伊唯一無需發佈煮沸水通告或在災難期間經歷供水中斷的供水商。
Capping off the quarter, the EPA awarded Cal Water the WaterSense Excellence in Promoting WaterSense Labeled Products Award for the second consecutive year. This accolade recognizes Cal Water's outstanding efforts in promoting water efficiency, including the installation of water-saving devices that are projected to conserve an estimated 395 million gallons of water over their lifetime. Cal Water's leadership in supporting customers' conservation efforts ties directly to its commitment to maintaining affordable rates. In July, a study by the Alliance for Water Efficiency highlighted the significant financial benefits of Cal Water's conservation efforts, finding that these initiatives have reduced customers' bills by up to 20.5% over the past 15 years compared to projections without such measures.
季度結束後,美國環保局連續第二年授予Cal Water WaterSense推廣卓越獎。這個榮譽認可了Cal Water在推廣節水方面的傑出努力,包括安裝節水設備,預計可以節約約39500萬加侖水。Cal Water在支持客戶節水努力方面的領導地位直接與其保持價格可負擔的承諾相符。七月份,水務效率聯盟的一項研究突出了Cal Water在節水方面的顯著績效,發現這些舉措將客戶的水費比沒有這些措施的預測降低了高達20.5%。
Finally, shortly after the quarter closed, Newsweek named Group one of "America's Greenest Companies" in recognition of the Company's commitment to and advancements in sustainability. Group was one of two water utilities among the 500 companies honored.
最後,在季度結束後不久,Newsweek將集團評爲"美國最環保公司",以表彰該公司在可持續性方面的承諾和進展。該集團是500家受到表彰的公司中的兩家水務公司之一。
These accolades reflect Group's holistic approach to excellence, encompassing environmental stewardship, customer service, employee satisfaction, and corporate trustworthiness, reinforcing its position as a leader in the water utility sector.
這些獎項反映了集團在環保、客戶服務、員工滿意度和企業信譽等方面的整體卓越理念,鞏固其作爲水務公用事業領域領先者的地位。
For additional details, please see Form 10-Q which will be available at
有關詳細信息,請參閱10-Q表格,網址爲
Quarterly Earnings Teleconference
季度盈利電話會議
All stockholders and interested investors are invited to attend the conference call on Thursday, October 31, 2024 at 8 a.m. PT (11 a.m. ET) by dialing 1-800-715-9871 or 1-646-307-1963 and keying in ID# 2796844, or you may access the live audio webcast at . Please join at least 15 minutes in advance to ensure a timely connection to the call. A replay of the call will be available from 2:00 p.m. ET on Thursday, October 31, 2024, through Monday, December 30, 2024, at 1-800-770-2030 or 1-609-800-9909 and key in ID# 2796844, or by accessing the webcast above. The call will be hosted by Chairman and Chief Executive Officer Martin A. Kropelnicki, Senior Vice President, Chief Financial Officer and Treasurer James P. Lynch, and Vice President, Rates and Regulatory Affairs, Greg A. Milleman. Prior to the call, Group will furnish a slide presentation on its website.
所有股東和感興趣的投資者都受邀參加於2024年10月31日星期四上午8點太平洋時間(東部時間上午11點)撥打1-800-715-9871或1-646-307-1963獲取ID# 2796844參加電話會議,或您可以通過以下方式訪問現場音頻網頁廣播 。請提前至少15分鐘加入,以確保及時連接到通話。 從2024年10月31日星期四下午2:00起,到2024年12月30日星期一,可通過撥打1-800-770-2030或1-609-800-9909獲取ID# 2796844重播,或通過上述網頁廣播訪問。 電話會議將由董事長兼首席執行官Martin A. Kropelnicki、高級副總裁、首席財務官兼司庫James P. Lynch以及副總裁、費率和監管事務Greg A. Milleman主持。 在電話會議開始之前,集團將在其網站上提供幻燈片演示。
About California Water Service Group
關於California Water Service Group
California Water Service Group is the parent company of regulated utilities California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, as well as Texas Water Service, a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2.1 million people in California, Hawaii, New Mexico, Washington, and Texas. California Water Service Group's common stock trades on the New York Stock Exchange under the symbol "CWT." Additional information is available online at .
加利福尼亞供水服務集團是受管制環境的實用公司加利福尼亞供水服務、夏威夷供水服務、新墨西哥供水服務和華盛頓供水服務的母公司,以及德克薩斯供水服務,一個實用公司控股公司。這些公司一起爲加利福尼亞、夏威夷、新墨西哥、華盛頓和德克薩斯的超過210萬人提供受管制和非受管制的供水和廢水服務。加利福尼亞供水服務集團的普通股在紐約證券交易所上市,股票代碼爲「CWt」。更多信息可在線查閱。
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management's beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing Group's expected financial performance; Group's plans and proposals pursuant to the California GRC filed on July 8, 2024; investments in infrastructure projects and estimated capital investments, anticipated recovery from unrecorded regulatory mechanisms (including the IRMA, M-WRAM, and ICBA); and expectations regarding the business and financial impact of the 2021 California GRC decision. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results to be different than those expected or anticipated include, but are not limited to: our ability to invest or apply the proceeds from the issuance of common stock in an accretive manner; governmental and regulatory commissions' decisions, including decisions on proper disposition of property; consequences of eminent domain actions relating to our water systems; changes in regulatory commissions' policies and procedures, such as the CPUC's decision in 2020 to preclude companies from proposing fully decoupled WRAMs, which impacted the 2021 California GRC Filing; the outcome and timeliness of regulatory commissions' actions concerning rate relief and other matters; increased risk of inverse condemnation losses as a result of climate change and drought; our ability to renew leases to operate water systems owned by others on beneficial terms; changes in California State Water Resources Control Board water quality standards; changes in environmental compliance and water quality requirements; electric power interruptions, especially as a result of public safety power shutoff programs; housing and customer growth; the impact of opposition to rate increases; our ability to recover costs; availability of water supplies; issues with the implementation, maintenance or security of our information technology systems; civil disturbances or terrorist threats or acts; the adequacy of our efforts to mitigate physical and cyber security risks and threats; the ability of our enterprise risk management processes to identify or address risks adequately; labor relations matters as we negotiate with the unions; changes in customer water use patterns and the effects of conservation, including as a result of drought conditions; our ability to complete, in a timely manner or at all, successfully integrate and achieve anticipated benefits from announced acquisitions; the impact of weather, climate change, natural disasters, and actual or threatened public health emergencies, including disease outbreaks, on our operations, water quality, water availability, water sales and operating results and the adequacy of our emergency preparedness; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; risks associated with expanding our business and operations geographically; the impact of stagnating or worsening business and economic conditions, including inflationary pressures, general economic slowdown or a recession, increasing interest rates, instability of certain financial institutions, changes in monetary policy, adverse capital markets activity or macroeconomic conditions as a result of the geopolitical conflicts, and the prospect of a shutdown of the U.S. federal government; the impact of market conditions and volatility on unrealized gains or losses on our non-qualified benefit plan investments and our operating results; the impact of weather and timing of meter reads on our accrued unbilled revenue; the impact of evolving legal and regulatory requirements, including emerging environmental, social and governance requirements and our ability to comply with PFAS regulations; and other risks and unforeseen events described in our Securities and Exchange Commission ("SEC") filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the Annual Report on Form 10-K, Quarterly 10-Q, and other reports filed from time-to-time with the SEC. We are not under any obligation, and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
這則新聞稿包含根據1995年《私人證券訴訟改革法案》(「PSLRA」)確立的含有前瞻性聲明。這些前瞻性聲明旨在根據PSLRA確立的聯邦證券法規規定,獲得「安全港」待遇。這則新聞稿中的前瞻性聲明基於當前可用的信息、期望、估計、假設和投射,以及我們管理層對我們、供水公用事業行業和一般經濟狀況的信仰、假設、判斷和期望。這些聲明不是歷史事實聲明。在我們的文件中使用時,非歷史性質的聲明,包括「將、願、期望、打算、計劃、相信、可能、可能、估計、假定、期待、預計、進展、預測、希望、目標、預測、應當、追求」或類似表達旨在識別前瞻性聲明。這則新聞稿中的前瞻性聲明示例包括但不限於描述集團預期的財務表現;集團根據2024年7月8日提交的加州GRC文件的計劃和提案;在基礎設施項目的投資和預估資本投資方面,對未記錄的監管機制(包括IRMA萬.WRAm和ICBA)的預計回收,以及關於2021年加州GRC決定對業務和財務影響的期望。前瞻性聲明不能保證未來績效。它們基於我們認爲合理的衆多假設,但面臨着廣泛的不確定性和商業風險。因此,實際結果可能與前瞻性聲明中包含的不同。可能導致實際結果與預期不同的因素包括但不限於:我們能否以增值的方式投資或應用普通股發行所得;政府和監管委員會的決定,包括有關財產妥善處置的決定;關於我們水務系統徵收的徵用行動的後果;監管委員會政策和程序的變化,例如CPUC在2020年的決定排除公司提出完全脫鉤WRAMs的政策,對2021年加州GRC備案產生影響;關於費率救濟以及其他事項的監管委員會行動的結局和時效;由於氣候變化和乾旱導致逆向徵用損失風險增加;我們能否以有利的條件更新經他人擁有的水務系統運營的租約;加州州水資源控制委員會水質標準的變化;環境合規和水質要求的變化;電力中斷,尤其是作爲公共安全斷電計劃的結果;住房和客戶增長;反對費率上漲的影響;我們能否收回成本;水資源供應的可用性;我們的信息技術系統的實施、維護或安全問題;公民騷亂或恐怖主義威脅或行爲;我們應對實際和網絡安全風險和威脅的努力是否充分;我們企業風險管理流程是否能夠充分識別或解決風險;勞資關係問題,因爲我們與工會進行談判;客戶用水模式的變化和節水效應的影響,包括由於乾旱條件導致的效果;我們是否能及時或完全完成成功整合和獲得宣佈收購預期益處的能力;天氣、氣候變化、自然災害、實際或威脅的公共衛生緊急事件,包括疾病暴發對我們運營、水質、水資源、水銷售和運營結果以及我們緊急應對措施的充足性的影響;限制性合同或影響我們當前或未來債務的信用評級的變化,可能增加我們的融資成本或影響我們借款、償還債務或支付股利的能力的風險;與地理上擴展我們的業務和運營相關的風險;商業和經濟狀況停滯或惡化的影響,包括通貨膨脹壓力、一般經濟放緩或衰退、利率上升、某些金融機構的不穩定性、貨幣政策變化、由於地緣衝突而造成的不利資本市場活動或宏觀經濟條件,以及美國聯邦政府停擺的可能性;市場狀況和波動對我們非合格福利計劃投資和運營結果未實現損益的影響;天氣和抄表時間對我們應計未開票收入的影響;法律和法規要求的發展以及我們是否能夠遵守PFAS法規的能力的影響;以及在我們的證券交易委員會(「SEC」)文件中描述的風險和意外事件。鑑於這些風險、不確定性和假設,投資者應謹慎對待前瞻性聲明,這些聲明僅於這則新聞稿發佈日期有效。在考慮前瞻性聲明時,您應牢記本段中包含的告誡聲明以及與SEC定期提交的年度10-K報告、季度10-Q報告以及其他報告中包含的告誡聲明。我們並沒有任何義務,也明確否認任何更新或更改前瞻性聲明的義務,無論是因爲新信息、未來事件還是其他原因。
Contacts:
James P. Lynch (408) 367-8200 (analysts)
Shannon Dean (408) 367-8243 (media)
聯繫人:
James P. Lynch(408)367-8200(分析師)
Shannon Dean(408)367-8243(媒體)
CALIFORNIA WATER SERVICE GROUP CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited | |||
(In thousands, except per share data) |
September 30, 2024 |
December 31, 2023 |
|
ASSETS | |||
Utility plant: | |||
Utility plant | $ 5,263,692 | $ 4,925,483 | |
Less accumulated depreciation and amortization | (1,222,808) | (1,152,228) | |
Net utility plant | 4,040,884 | 3,773,255 | |
Current assets: | |||
Cash and cash equivalents | 59,556 | 39,591 | |
Restricted cash | 45,641 | 45,375 | |
Receivables: | |||
Customers, net | 81,075 | 59,349 | |
Regulatory balancing accounts | 59,095 | 64,240 | |
Other, net | 20,254 | 16,431 | |
Accrued unbilled revenue, net | 55,971 | 36,999 | |
Materials and supplies | 19,872 | 16,170 | |
Taxes, prepaid expenses, and other assets | 21,487 | 18,130 | |
Total current assets | 362,951 | 296,285 | |
Other assets: | |||
Regulatory assets | 340,419 | 257,621 | |
Goodwill | 37,039 | 37,039 | |
Other assets | 233,615 | 231,333 | |
Total other assets | 611,073 | 525,993 | |
TOTAL ASSETS | $ 5,014,908 | $ 4,595,533 | |
CAPITALIZATION AND LIABILITIES | |||
Capitalization: | |||
Common stock, $0.01 par value; 136,000 shares authorized, 59,473 and 57,724 outstanding on September 30, 2024 and December 31, 2023, respectively |
$ 595 | $ 577 | |
Additional paid-in capital | 965,278 | 876,583 | |
Retained earnings | 671,913 | 549,573 | |
Accumulated other comprehensive loss | (9,197) | — | |
Noncontrolling interests | 3,043 | 3,579 | |
Total equity | 1,631,632 | 1,430,312 | |
Long-term debt, net | 1,051,585 | 1,052,768 | |
Total capitalization | 2,683,217 | 2,483,080 | |
Current liabilities: | |||
Current maturities of long-term debt, net | 890 | 672 | |
Short-term borrowings | 260,000 | 180,000 | |
Accounts payable | 171,501 | 157,305 | |
Regulatory balancing accounts | 24,133 | 21,540 | |
Accrued interest | 17,131 | 6,625 | |
Accrued expenses and other liabilities | 97,074 | 64,197 | |
Total current liabilities | 570,729 | 430,339 | |
Deferred income taxes | 365,598 | 352,762 | |
Regulatory liabilities | 734,925 | 683,717 | |
Pension | 83,412 | 82,920 | |
Advances for construction | 201,417 | 199,448 | |
Contributions in aid of construction | 292,540 | 286,491 | |
Other | 83,070 | 76,776 | |
Commitments and contingencies | |||
TOTAL CAPITALIZATION AND LIABILITIES | $ 5,014,908 | $ 4,595,533 |
california water service group 簡明合併資產負債表 未經審計 | |||
(以千爲單位,除每股數據外) | 2020年9月30日 2024 |
12月31日 2023 |
|
資產 | |||
公用事業廠 | |||
公用事業廠 | $ 5,263,692 | $ 4,925,483 | |
減:累計折舊和攤銷 | (1,222,808) | (1,152,228) | |
淨公用設施 | 4,040,884 | 3,773,255 | |
流動資產: | |||
現金及現金等價物 | 59,556 | 39,591 | |
受限現金 | 45,641 | 45,375 | |
應收款項: | |||
客戶,淨 | 81,075 | 59,349 | |
監管平衡帳戶 | 59,095 | 64,240 | |
其他,淨額 | 該公司在2023年1月31日進行了股票募集,獲得了約$百萬的毛收益,並宣佈完成了一項承銷公開發行,發行了9,962,316股A類普通股,並與此同時進行了一項註冊直接發行,發行了2,353,436股A類普通股。公司支付承銷商折扣和佣金後獲得的募集淨收益約爲百萬美元。 | 16,431 | |
Accrued unbilled revenue, net | 55,971 | 36,999 | |
物料和用品 | 19,872 | 16,170 | |
稅收、預付費用和其他資產 | 21,487 | 18,130 | |
總流動資產 | 362,951 | 296,285 | |
8,070,041 | |||
監管資產 | 340,419 | 257,621 | |
商譽 | 37,039 | 37,039 | |
其他 | 233,615 | 231,333 | |
其他資產總計 | 611,073 | 525,993 | |
資產總計 | $ 5,014,908 | $ 4,595,533 | |
資本化和負債 | |||
資本化: | |||
普通股,面值$0.01; 授權股份數爲136,000股,截至(日期),實際流通股份爲59,473股和57,724股。 截至2024年9月30日和2023年12月31日 |
$ 595 | $ 577 | |
額外實收資本 | 965,278 | 876,583 | |
保留盈餘 | 671,913 | 549,573 | |
累計其他綜合損失 | (9,197) | — | |
非控制權益 | 3,043 | 3,579 | |
股東權益總計 | 1,631,632 | 1,430,312 | |
長期負債淨額 | 1,051,585 | 1,052,768 | |
總市值 | 2,683,217 | 2,483,080 | |
流動負債: | |||
長期負債的到期償還,淨額 | 890 | 672 | |
短期借款 | 260,000 | 180,000 | |
應付賬款 | 171,501 | 157,305 | |
監管平衡帳戶 | 24,133 | 21,540 | |
應計利息 | 17,131 | 6,625 | |
應計費用及其他負債 | 97,074 | 64,197 | |
流動負債合計 | 570,729 | 430,339 | |
延遲所得稅 | 365,598 | 352,762 | |
監管負債 | 734,925 | 683,717 | |
養老金 | 83,412 | 82,920 | |
施工預付款 | 201,417 | 199,448 | |
施工援助捐款 | 292,540 | 286,491 | |
其他 | 83,070 | 76,776 | |
承諾和 contingencies | |||
總資本化和負債 | $ 5,014,908 | $ 4,595,533 |
CALIFORNIA WATER SERVICE GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited | |||||||
(In thousands, except per share data) | |||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||
2024 | 2023 | 2024 | 2023 | ||||
Operating revenue | $ 299,563 | $ 254,976 | $ 814,611 | $ 580,120 | |||
Operating expenses: | |||||||
Operations: | |||||||
Water production costs | 95,091 | 92,347 | 236,920 | 218,222 | |||
Administrative and general | 35,453 | 34,216 | 103,091 | 105,177 | |||
Other operations | 33,618 | 32,331 | 86,169 | 74,758 | |||
Maintenance | 9,264 | 8,930 | 26,064 | 24,063 | |||
Depreciation and amortization | 33,065 | 29,897 | 98,887 | 89,636 | |||
Income tax expense (benefit) | 15,483 | 3,949 | 39,710 | (1,366) | |||
Property and other taxes | 10,841 | 9,832 | 30,962 | 27,731 | |||
Total operating expenses | 232,815 | 211,502 | 621,803 | 538,221 | |||
Net operating income | 66,748 | 43,474 | 192,808 | 41,899 | |||
Other income and expenses: | |||||||
Non-regulated revenue | 4,133 | 4,535 | 14,744 | 13,643 | |||
Non-regulated expenses | (934) | (5,992) | (7,013) | (11,224) | |||
Other components of net periodic benefit credit | 4,451 | 4,776 | 12,062 | 14,753 | |||
Allowance for equity funds used during construction | 1,691 | 1,387 | 5,252 | 4,146 | |||
Income tax expense on other income and expenses | (1,939) | (1,063) | (4,566) | (4,302) | |||
Net other income | 7,402 | 3,643 | 20,479 | 17,016 | |||
Interest expense: | |||||||
Interest expense | 14,384 | 13,482 | 45,024 | 39,791 | |||
Allowance for borrowed funds used during construction | (788) | (690) | (2,358) | (2,314) | |||
Net interest expense | 13,596 | 12,792 | 42,666 | 37,477 | |||
Net income | 60,554 | 34,325 | 170,621 | 21,438 | |||
Net loss attributable to noncontrolling interests | (126) | (113) | (527) | (345) | |||
Net income attributable to California Water Service Group | $ 60,680 | $ 34,438 | $ 171,148 | $ 21,783 | |||
Earnings per share of common stock: | |||||||
Basic | $ 1.03 | $ 0.60 | $ 2.93 | $ 0.38 | |||
Diluted | $ 1.03 | $ 0.60 | $ 2.93 | $ 0.38 | |||
Weighted average shares outstanding: | |||||||
Basic | 58,931 | 57,704 | 58,321 | 56,695 | |||
Diluted | 58,982 | 57,740 | 58,358 | 56,731 | |||
Dividends per share of common stock | $ 0.28 | $ 0.26 | $ 0.84 | $ 0.78 |
california water service group 經簡化的合併利潤及損失表 未經審計 | |||||||
(以千爲單位,除每股數據外) | |||||||
截至三個月結束 截至2023年9月30日年 度報告 |
截至九個月的結束日期 2020年9月30日 |
||||||
2024 | 2023 | 2024 | 2023 | ||||
營業收入 | $ 299,563 | $ 254,976 | $ 814,611 | $ 580,120 | |||
營業費用: | |||||||
運營: | |||||||
水生產成本 | 95,091 | 92,347 | 236,920 | 218,222 | |||
行政和一般 | 35,453 | 34,216 | 103,091 | 105,177 | |||
其他業務 | 33,618 | 32,331 | 86,169 | 74,758 | |||
維護 | 9,264 | 8,930 | 26,064 | 24,063 | |||
折舊和攤銷 | 33,065 | 29,897 | 98,887 | 89,636 | |||
所得稅費用(收益) | 15,483 | 3,949 | 39,710 | (1,366) | |||
財產和其他稅收 | 10,841 | 9,832 | 30,962 | 27,731 | |||
營業費用總計 | 232,815 | 211502 | 621,803 | 538,221 | |||
淨營業收入 | 66,748 | 43,474 | 192,808 | 41,899 | |||
其他收入和支出: | |||||||
非管制收入 | 4,133 | 4,535 | 14,744 | 13,643 | |||
非監管費用 | (934) | (5,992) | (7,013) | (11,224) | |||
淨週期福利信用的其他元件 | 4,451 | 4,776 | 12,062 | 14,753 | |||
用於施工的所有基金類型津貼 | 1,691 | 1,387 | 5,252 | 4,146 | |||
其他收入和費用的所得稅支出 | (1,939) | (1,063) | (4,566) | (4,302) | |||
淨其他收入 | 7,402 | 3,643 | 20,479 | 17,016 | |||
利息支出: | |||||||
利息支出 | 14,384 | 13,482 | 45,024 | 39,791 | |||
在施工期間借款資金補貼 | (788) | (690) | (2,358) | (2,314) | |||
淨利息費用 | 13,596 | 12,792 | 42,666 | 37,477 | |||
淨收入 | 60,554 | 34,325 | 170,621 | 21,438 | |||
歸屬於非控股權益公司的淨虧損 | (126) | (113) | (527) | (345) | |||
淨利潤歸屬於加利福尼亞水務集團 | $ 60,680 | $ 34,438 | $ 171,148 | $ 21,783 | |||
普通股每股收益: | |||||||
基本 | $ 1.03 | $ 0.60 | $ 2.93 | $ 0.38 | |||
稀釋的 | $ 1.03 | $ 0.60 | $ 2.93 | $ 0.38 | |||
加權平均股數: | |||||||
基本 | 58,931 | 57,704 | 58,321 | 56,695 | |||
稀釋的 | 58,982 | 57,740 | 58,358 | 56,731 | |||
每股普通股分紅 | $ 0.28 | $ 0.26 | $ 0.84 | $ 0.78 |
譯文內容由第三人軟體翻譯。