California Water Service shares jump, beats on earnings as the Golden State burns

SAN JOSE, Calif. (AP) _ California Water Service Group Holding (CWT) on Thursday reported third-quarter profit of $42.4 million.

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The San Jose, California-based company said it had profit of 88 cents per share. The firm chalked up most of its increase in revenue to general rate increases and said it had incurred $800,000 in costs due to wildfire management.

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The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.

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The water utility posted revenue of $232.5 million in the period.

California Water Service Group shares have risen 15% since the beginning of the year. The stock has risen 27% in the last 12 months.