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Dec 31, 2021
SJW Group Q4 2021 Earnings Report
Reported financial results for the fourth quarter ended December 31, 2021.
Key Takeaways
SJW Group's net income for the fourth quarter ended December 31, 2021, was $18.0 million, compared to $13.3 million for the same period in 2020. Diluted earnings per share were $0.60 and $0.46 for the quarters ended December 31, 2021 and 2020, respectively.
Net income was $18.0 million for the fourth quarter ended December 31, 2021, compared to $13.3 million for the same period in 2020.
Diluted earnings per share were $0.60 and $0.46 for the quarters ended December 31, 2021 and 2020, respectively.
Fourth quarter operating revenue was $139.7 million compared to $135.7 million in the fourth quarter of 2020.
The $4.0 million increase in revenue was primarily attributable to $10.0 million in cumulative water rate increases and $3.4 million in the recognition of balancing and memorandum accounts.
Forward Guidance
SJW Group completed $233.9 million in capital expenditures in 2021, which represents 97% of planned capital expenditures. In 2022, the company has a capital expenditure budget of $223 million to be allocated among its utility operations. SJW Group plans to invest more than $1.3 billion in capital over the next 5 years, to build and maintain its water and wastewater operations, subject to regulatory approvals.
Positive Outlook
- California, $115.1 million
- Connecticut, $61.4 million
- Maine, $21.8 million
- Texas, $24.5 million
- SJW Group has pledged to reduce greenhouse gas emissions by 50% from 2019 levels by the year 2030.
Challenges Ahead
- The California allocation does not include capital spending related to the AMI application pending before the CPUC.
- New rates are anticipated in the second quarter of 2022.
- A final decision is anticipated in the second quarter of 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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