The following is a summary of the SJW Group (SJW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SJW Group reported a Q1 2024 revenue of $149.4 million, reflecting a 9% increase from Q1 2023, mainly due to rate increases.

• Net income for the quarter reached $11.7 million, a 1% increase from Q1 2023.

• Diluted EPS saw a slight decrease, recording $0.36 per share compared to $0.37 in Q1 2023.

• The company experienced a 10% increase in water production expense due to higher customer usage and rate increases from their water wholesaler in California. Other operating expenses also increased by 7%.

Business Progress:

• SJW Group secured approval of a general rate case in Maine and an infrastructure surcharge in Texas, laying a solid foundation for the year.

• The company has invested $69 million in water and wastewater utility infrastructure, which is about 21% of their $332 million 2024 capital expenditure plan.

• They are expanding operations in California, Connecticut, Maine, and Texas, and plans to implement smart meter installation for their advanced metering infrastructure (AMI) project.

• A warehouse building in Tennessee was sold for $27 million.

• Remediation strategy for PFAS is underway in Connecticut and California, anticipating compliance with the EPA's timeline.

• The company is looking forward to finalizing the rate case in Connecticut, implementing an AMI initiative in California, and closing '3009' in Texas.

• SJW Group aims for continued growth and shareholder value, highlighted by 80 years of consistent dividend payments with increases for the past 56 consecutive years.

More details: SJW Group IR

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