Welcome to our dedicated page for SJW Group news (Ticker: SJW), a resource for investors and traders seeking the latest updates and insights on SJW Group stock.
SJW Group Common Stock (symbol: SJW) is a U.S.-based holding company that primarily offers water utility services. With headquarters in San Jose, California, the company is dedicated to providing, storing, purifying, and distributing water to several Californian municipalities, as well as other states across the nation. SJW Group operates through two main segments: Water Utility Services and Real Estate Services.
The Water Utility Services segment is the cornerstone of the company's operations, accounting for the majority of its revenue. This segment focuses on ensuring the reliable delivery of clean and safe water to residential, commercial, and industrial customers. SJW Group emphasizes stringent water quality standards and employs advanced purification technologies to meet regulatory requirements and customer expectations.
The Real Estate Services segment complements the water utility operations by managing the company's real estate assets. This includes the strategic acquisition, development, and leasing of properties to maximize value. While not the primary revenue driver, this segment provides additional financial stability and growth opportunities.
Recently, SJW Group has been involved in several key projects aimed at enhancing infrastructure and expanding service coverage. For example, the company has initiated upgrades to aging water pipelines and treatment facilities to improve efficiency and reliability. Additionally, SJW Group is exploring sustainable water sourcing options to address the challenges posed by climate change and growing demand.
Financially, SJW Group maintains a solid position with consistent revenue growth and prudent management of resources. The company has formed strategic partnerships to bolster its service offerings and enhance customer satisfaction. These collaborations often involve local governments, environmental agencies, and technology providers.
Overall, SJW Group is committed to upholding the highest standards in water utility services while exploring innovative solutions to meet future demands. Investors and stakeholders can feel confident in SJW Group's ability to adapt and thrive in a dynamic industry landscape.
SJW Group (NASDAQ: SJW) has appointed Douwe Busschops as Chief Information Officer (CIO), effective immediately. Busschops will lead the integration and optimization of technology systems to enhance operational efficiency, customer experience, and business growth. He joins from Veolia North America, where he served as VP and CIO for the Municipal Water division, leading technology modernization initiatives and digital transformation strategies.
Prior to this, Busschops held senior positions at SUEZ Water North America, including VP of customer experience. He is a CIO 100 Award recipient and former chairman of the Customer Experience Committee for the National Association of Water Companies. Busschops holds an MS in International Business Studies from Maastricht University.
SJW Group (NASDAQ: SJW) has appointed Ann Kelly as its new chief accounting officer and principal accounting officer, effective November 12, 2024. Kelly, who previously served as CFO at American Electric Power (AEP), brings 15 years of utility accounting and finance experience. In her new role, she will oversee financial strategy, accounting operations, budgeting, cost management, and regulatory compliance. Kelly's prior experience includes leadership positions at UGI and Exelon Generation/PECO Energy. She holds a bachelor's degree in accounting from Ohio Wesleyan University and an MBA in finance from Villanova University.
SJW Group reported strong Q3 2024 financial results with GAAP diluted EPS of $1.17, up $0.04 year-over-year, and adjusted diluted EPS of $1.18. Operating revenue increased to $225.1 million from $204.8 million last year, driven by rate increases of $17.0 million. The company invested $252 million in infrastructure through Q3 2024, representing 76% of its 2024 capital budget. SJW Group reaffirmed its 2024 guidance range of $2.68 to $2.78 for adjusted diluted EPS and declared a $0.40 cash dividend per share.
SJW Group (NYSE: SJW) has announced the date for its 2024 third quarter financial results release. The company plans to report the results before the market opens on Monday, October 28, 2024. Following the release, a webcast presentation will be held at 11 a.m. PDT / 2 p.m. EDT on the same day.
The presentation will feature Eric W. Thornburg, president, CEO, and board chair, along with Andrew F. Walters, CFO and treasurer. They will review the quarterly results and provide insights. An accompanying slide presentation will be available on SJW Group's investor website prior to the call. Interested parties can access the webcast link at www.sjwgroup.com. The webcast archive will remain accessible until January 20, 2025.
SJW Group (NYSE: SJW) has been recognized as one of America's Greenest Companies 2025 by Newsweek and Plant-A Insights Group. The company is one of only two water companies and eight utilities on the list of 300 honored companies. SJW Group's commitment to sustainability across its operations in California, Texas, Connecticut, and Maine was highlighted.
Key sustainability achievements include:
- Reducing Scope 1 and 2 greenhouse gas emissions by 20% between 2019 and 2022, with a target of 50% reduction by 2030
- Implementing an advanced leak detection program, reducing non-revenue water to less than 10% in California
- Expanding recycled water use for irrigation and non-potable purposes
- Installing solar generation expected to produce 6,000 megawatt hours of electricity annually
The selection process involved rigorous evaluation of over 25 parameters in four main categories: greenhouse gas emissions, water usage, waste generation, and commitment and disclosures.
San Jose Water (SJW), a subsidiary of SJW Group (NYSE: SJW), has filed a settlement agreement for its 2025-2027 General Rate Case with the California Public Utilities Commission (CPUC). The agreement, reached with the Public Advocates Office, includes a $450 million investment in drinking water infrastructure over three years. Key points of the settlement:
1. Lower sales forecast to align actual and authorized usage
2. Greater revenue recovery through service charges
3. Approval to recover $15.8 million from balancing and memorandum accounts
Two policy issues remain to be litigated. The CPUC is expected to decide on the agreement in Q4 2024, with new rates effective January 1, 2025.
SJW Group reported strong Q2 2024 financial results, with GAAP diluted EPS of $0.64, up $0.06 year-over-year, and adjusted diluted EPS of $0.66, up $0.08. The company invested $158 million in infrastructure during H1 2024, about 48% of its 2024 capital budget. SJW reached an agreement on the California general rate case and updated 2024 GAAP guidance to $2.66-$2.76 diluted EPS. Operating revenue increased to $176.2 million, driven by rate increases and customer growth. The company plans to invest over $1.6 billion in capital over the next five years, including $230 million for PFAS treatment. SJW also secured regulatory approvals in California and Connecticut, and expanded customer assistance programs.
SJW Group (NYSE: SJW) has announced the schedule for releasing its 2024 second quarter financial results. The company will report its results after market close on Wednesday, July 24, 2024. A webcast presentation reviewing the results will be held on Thursday, July 25, 2024, at 11 a.m. PDT / 2 p.m. EDT. The presentation will be led by Eric W. Thornburg, president, CEO, and board chair, along with Andrew F. Walters, CFO and treasurer. An accompanying slide presentation will be available on SJW Group's investor website before the call. Interested parties can access the webcast at www.sjwgroup.com, and an archive will be available until October 21, 2024.
San Jose Water (SJW) has received a total of $15.3 million in customer relief funding from the state of California, financed by the American Rescue Plan Act (ARPA). The funds, administered by the California Water and Wastewater Arrearage Payment Program, aim to assist customers who struggled to pay water bills from June 15, 2021, to December 31, 2022, due to COVID-19.
On May 13, SJW received $9.1 million in the second round of relief funding, following an earlier $6.2 million allocation. The company will credit eligible customer accounts, notifying them by mail. Additionally, more than 1,300 customers have accessed nearly $1.3 million through the Low-Income Household Water Assistance Program (LIHWAP).
SJW also offers payment plans via PromisePay and a 15% discount through its Customer Assistance Program. The company promotes water conservation through free check-ups, low-flow devices, and educational materials to reduce bills.
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