California Water Service Group has announced its 316th consecutive quarterly dividend, along with its 57th consecutive annual dividend increase. The company's board of directors declared the annual dividend will increase by $0.08, or 7.7%, from $1.04 to $1.12. The quarterly dividend of $0.28 per common share will be payable on February 23, 2024, to stockholders of record as of the close of business on February 12, 2024.
Martin A. Kropelnicki, President and CEO of California Water Service Group, expressed confidence in the company's ability to continue delivering value to its shareholders, stating, "Our 57th consecutive annual dividend increase reflects our commitment to returning value to our shareholders and our confidence in the company's financial strength and ability to continue delivering safe, reliable water service to our customers."
Furthermore, Kropelnicki emphasized the company's focus on providing essential water and wastewater services, highlighting, "Our regulated and non-regulated water and wastewater services are vital to the communities we serve, and we remain committed to investing in infrastructure and resources to continue meeting their needs."
In conjunction with this announcement, the company's shares have moved 0.1% and are currently trading at a price of $45.84.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $698,196 | $714,557 | $794,307 | $790,909 | $846,431 | $781,057 |
| Revenue Growth | n/a | 2.34% | 11.16% | -0.43% | 7.02% | -7.72% |
| Operating Margins | 16% | 14% | 17% | 16% | 15% | 9% |
| Net Margins | 9% | 9% | 12% | 13% | 11% | 5% |
| Net Income (k) | $65,584 | $63,116 | $96,831 | $101,125 | $96,011 | $41,352 |
| Net Interest Expense (k) | $39,917 | $44,891 | $45,047 | $44,980 | $46,686 | $51,505 |
| Depreciation & Amort. (k) | $85,707 | $91,288 | $100,935 | $111,581 | $117,364 | $120,007 |
| Earnings Per Share | $1.36 | $1.31 | $1.97 | $1.96 | $1.77 | $0.73 |
| EPS Growth | n/a | -3.68% | 50.38% | -0.51% | -9.69% | -58.76% |
| Diluted Shares (k) | 48,060 | 48,168 | 49,274 | 51,633 | 54,363 | 57,740 |
| Free Cash Flow (k) | $179,019 | $128,000 | $62,937 | $173,950 | $192,261 | $146,437 |
| Current Ratio | 0.59 | 0.51 | 0.45 | 1.1 | 1.0 | 0.79 |
