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Jun 30, 2024
SJW Group Q2 2024 Earnings Report
Reported second quarter earnings with increased EPS and revenue driven by rate increases and customer growth.
Key Takeaways
SJW Group reported a strong second quarter with net income of $20.7 million, or $0.64 diluted EPS, a 13% increase year-over-year. Adjusted diluted EPS (non-GAAP) was $0.66, a year-over-year increase of $0.08. Operating revenue increased to $176.2 million, driven by rate increases, customer growth in Texas, and higher customer usage.
GAAP diluted earnings per share (EPS) increased by $0.06 year-over-year to $0.64; adjusted diluted EPS (non-GAAP) increased by $0.08 year-over-year to $0.66.
Invested $158 million in infrastructure during the first half of 2024, representing approximately 48% of the 2024 capital budget.
Reached an agreement in principle on California general rate case (GRC).
Updated 2024 GAAP guidance to $2.66 to $2.76 diluted EPS and reaffirmed 2024 guidance range of $2.68 to $2.78 for adjusted diluted EPS (non-GAAP).
Forward Guidance
SJW Group updated its 2024 GAAP earnings guidance to $2.66 - $2.76 diluted EPS and reaffirmed its 2024 adjusted diluted EPS guidance of $2.68 - $2.78. The company also reiterated its non-linear long-term diluted EPS growth of 5% to 7%, anchored off 2022's diluted EPS of $2.43.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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