logo
Plus   Neg
Share
Email

California Water Service Group Q1 Loss Widens - Quick Facts

California Water Service Group Holding (CWT) on Thursday reported a net loss for the first quarter of $7.6 million or $0.16 per share, wider than net loss of $0.8 million or $0.02 per share in the year-ago period.

The wider net loss was primarily due to increases in operating expenses which were not fully offset by rate increases and a reduction in accrued unbilled revenue driven by weather. These were partially offset by an increase in unrealized gain on certain benefit plan investments.

Total revenue for the quarter decreased 6.3 percent to $126.1 million from $134.6 million in the year-ago quarter.

The decrease in revenue was mostly due to a $7.1 million decrease in accrued unbilled revenue, balancing account adjustments which reduced revenue $3.7 million, and deferred revenue adjustments which reduced revenue $2.3 million. These reductions were partially offset by rate increases of $5.1 million.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Justin Sun, the entrepreneur who founded the cryptocurrency platform TRON, has postponed his charity lunch with billionaire investor Warren Buffett due to ill health. "TRON Foundation announces postponement of Warren Buffett lunch, press conferences after founder Justin Sun falls ill with kidney stones.... Mountain Rose Herbs has recalled one lot of Fennel Seed Whole after the company found salmonella in part of its inventory. The Eugene, Oregon-based company has recalled all sizes ranging from 4 oz. to 50 lbs. of its Fennel Seed Whole, Lot #25031, because they have the potential to be contaminated... The U.S. Food and Drug Administration announced the suspension of the food facility registration of seafood producer Topway Enterprises Inc., also doing business as Kazy's Gourmet, following repeated food safety violations. From now, Topway will not be able to sell or distribute any food products.
Follow RTT