California Water Service Group (CWT) shares plummeted 5.13% during intraday trading on Thursday, following the release of the company's first-quarter financial results.

The sharp decline comes after the company reported quarterly earnings of $0.07 per share, which missed the analyst consensus estimate of $0.23 by approximately 70%. This result also represents a 68% decrease compared to earnings of $0.22 per share from the same period last year. While the company's quarterly sales of $214.57 million exceeded analyst expectations, the significant earnings shortfall appears to have driven the negative market reaction.

Further context from the earnings report indicates that the company received a revised PD in its 2024 California General Rate Case (GRC) on April 29, which may represent a significant regulatory development affecting future financial performance. The earnings miss follows a pattern, with the company having missed analyst estimates in three of the last four quarters.