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Mar 31, 2023
SJW Group Q1 2023 Earnings Report
Reported first quarter 2023 financial results, demonstrating the strength of water utility operations and commitment to providing high-quality and reliable water service.
Key Takeaways
SJW Group reported a strong first quarter in 2023, with net income increasing by 209% compared to the same quarter last year, driven by rate filings and customer growth. The company reaffirmed its 2023 earnings guidance and declared a dividend of $0.38 per share.
Diluted earnings per share increased to $0.37, up from $0.12 in the same quarter last year.
Net income for the quarter reached $11.5 million, a 209% increase year-over-year.
Operating revenue increased by 10% to $137.3 million, driven by rate filings and customer growth.
The company invested $52.4 million in infrastructure projects during the quarter.
Forward Guidance
SJW Group reaffirms its 2023 full-year guidance, with net income per diluted common share expected to be in the range of $2.40 to $2.50.
Positive Outlook
- Constructive outcomes in the SJWC Cost of Capital proceeding.
- General rate case proceeding for Maine’s Biddeford-Saco Division.
- Usage recovery associated with the end of mandatory water conservation.
- Temporary decoupling mechanism in California.
- Average weather conditions in Maine and Texas, and revenue protection in Connecticut.
Challenges Ahead
- Risks and uncertainties outlined in the “Forward Looking Statements”.
- Factors outlined in the “Risk Factors” section of the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
- Effect of water, utility, environmental and other governmental policies and regulations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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