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Dec 31, 2024
SJW Group Q4 2024 Earnings Report
SJW Group reported strong financial results for Q4 2024, with significant increases in revenue, net income, and EPS, driven by rate increases and customer growth.
Key Takeaways
SJW Group delivered a strong performance in Q4 2024, with operating revenue increasing by 15% to $197.8 million and net income rising by 21% to $22.9 million. Diluted EPS reached $0.68, reflecting robust growth driven by rate increases and higher customer usage.
Operating revenue increased by 15% to $197.8 million in Q4 2024 compared to the same period last year.
Net income for Q4 2024 was $22.9 million, a 21% increase from $18.9 million in Q4 2023.
Diluted EPS for Q4 2024 was $0.68, up from $0.59 in the prior-year period.
Adjusted diluted EPS for Q4 2024 was $0.74, a 31% increase compared to $0.59 in Q4 2023.
Forward Guidance
SJW Group is introducing 2025 adjusted diluted EPS guidance of $2.90 to $3.00 and extending its non-linear long-term diluted EPS growth of 5% to 7% through 2029, anchored off of 2022's diluted EPS of $2.43. The company expects to achieve growth in the top half of the range.
Positive Outlook
- Introducing 2025 adjusted diluted EPS guidance of $2.90 to $3.00.
- Extending non-linear long-term diluted EPS growth of 5% to 7% through 2029.
- Anticipates achieving growth in the top half of the long-term EPS growth range.
- Approved settlement agreement in California GRC application, leading to new rates effective January 1, 2025.
- Authorized $450 million investment in drinking water infrastructure over the next three years in San Jose Water.
Challenges Ahead
- Guidance is subject to risks and uncertainties outlined in Forward-Looking Statements.
- Water Conservation Memorandum Account (WCMA) is a temporary revenue protection mechanism.
- The WCMA is due to a voluntary 15% water reduction request from San Jose Water's water wholesaler.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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