California Water Results Surpass Estimates

(RTTNews) - California Water Service Group (CWT) on Wednesday reported fourth-quarter net earnings of $11.4 million or $0.24 per share compared with $5.7 million or $0.12 per share last year.

The water utility said its results were helped by the incremental revenue from the approval of its 2012 General Rate Case in California and reductions in operating expenses.

Revenues for the quarter were $137.4 million compared with $133.7 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.17 per share on revenues of $116.7 million for the quarter. Analysts' estimates typically exclude special items.

Operating expenses for the quarter decreased $1.2 million, the water utility said.