Sjw Group - SJW STOCK NEWS

SJW Group reported strong financial results for 2024, with reported diluted EPS of $2.87 and adjusted diluted EPS of $2.95, exceeding guidance. The company's net income reached $94.0 million, an 11% increase from $85.0 million in 2023. Operating revenue grew 12% to $748.4 million, driven by rate increases of $62.2 million and higher customer usage.

The company announced a 25% increase in its five-year capital plan to $2.0 billion for infrastructure replacement, PFAS remediation, and water supply improvements. For 2025, SJW provided adjusted diluted EPS guidance of $2.90 to $3.00. The company also declared a quarterly dividend of $0.42 per share, representing a 5% increase, marking its 57th consecutive year of dividend increases.

SJW Group (NASDAQ: SJW) has announced it will release its fourth-quarter and full-year 2024 financial results after market close on February 26, 2025. The company will also provide guidance and unveil its five-year capital plan during this announcement.

A conference call is scheduled for February 27, 2025, at 11 a.m. Pacific time (2:00 p.m. Eastern time), hosted by key executives including CEO Eric W. Thornburg, CFO Andrew F. Walters, COO Bruce A. Hauk, and CAO Kristen A. Johnson. The call will be accessible via webcast through the company's website, accompanied by a slide presentation. The webcast archive will remain available until April 28, 2025.

SJW Group (NASDAQ: SJW) has announced a 5% increase in its quarterly dividend to $0.42 per share, payable on March 3, 2025, to shareholders of record as of February 10, 2025. The company's 2025 annualized dividend is expected to reach $1.68 per share, up from $1.60 in 2024.

This marks the company's 57th consecutive year of annual dividend increases, with more than 80 consecutive years of dividend payments. The board's decision reflects their confidence in SJW Group's mission and employees, who are committed to delivering high-quality water services while focusing on environmental protection and community enhancement.

SJW Group (NASDAQ: SJW) has been recognized as one of America's Most Responsible Companies 2025 by Newsweek and Statista. The water utility company, serving 1.6 million people nationwide, was selected among the top 600 U.S.-based companies for its positive global impact.

Key achievements include:

• 20% reduction in Scope 1 and 2 greenhouse gas emissions between 2019-2022, targeting 50% by 2030
• Advanced leak detection program reducing non-revenue water to under 10% in California
• Solar generation producing over 6,000 megawatt hours annually
• Secured $900,000+ in federal assistance for customers in 2023
• Obtained $15.3 million for California customers facing COVID-related hardships
• 21% of 2023 addressable spend directed to diverse vendors

The company operates through local utilities in California (San Jose Water), Texas (Texas Water), Connecticut (Connecticut Water), and Maine (Maine Water), implementing various sustainability initiatives and customer assistance programs.

SJW Group (NASDAQ: SJW) announced that its subsidiary, San Jose Water Company, along with three other California water utilities, received approval from the California Public Utilities Commission (CPUC) to defer their 2025 Cost of Capital (COC) filings to May 1, 2026. The company maintains a 9.81% return on equity (10.01% before a 20 basis point reduction related to the Water Conservation Memorandum Account).

The Water Cost of Capital Mechanism (WCCM) will remain active until January 1, 2027, allowing return on equity adjustments based on the Moody's Aa Utility Bond Index movements. The postponement follows a previous one-year deferment granted in February 2024 and aims to reduce administrative costs for both parties.

SJW Group announced CPUC's approval of San Jose Water's General Rate Case, authorizing $450 million in water infrastructure investments over 2025-2027. The decision approves a settlement agreement between the Company and Public Advocates Office from August 19, 2024. The plan includes a 4% rate increase effective January 1, 2025, with subsequent years' rates based on authorized plant investments and CPI changes. The investment aims to enhance drinking water infrastructure, fire protection, and environmental conservation efforts. The CPUC denied two items outside the settlement regarding service charge calculation and full cost balancing account enhancement.

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.