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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