California Water Service Loss Widens Five-Fold as Sales Slip

May 01, 2014 11:21 am ET

(Updates in 2nd paragraph with stock’s drop.)

May 1 (Bloomberg) -- California Water Service Group, a water provider to about 2 million people from New Mexico and Washington state to Hawaii, said its first-quarter loss widened five-fold as revenue stagnated.

The shares fell for a sixth day to almost a six-month low, dropping 4 percent to $21.60 at 10:45 a.m. New York time. The stock has declined more than 5 percent this year compared with a 2 percent gain in the same period by the S&P 500.

The water utility’s net loss of $5.5 million compared with a $1.1 million loss for the year-earlier quarter. Revenue slipped 1 percent to $110.5 million, the San Jose, California- based company said yesterday in a statement.