California Water Service shares jump, beats on earnings as the Golden State burns
Chubb CEO Evan Greenberg discusses the impact of the California wildfires, company growth and the impact of China trade.
SAN JOSE, Calif. (AP) _ California Water Service Group Holding (CWT) on Thursday reported third-quarter profit of $42.4 million.
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.
PG&E ISN'T THE ONLY COMPANY AT RISK IN CALIFORNIA FIRES
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.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
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.