Sjw Group - SJW STOCK NEWS

SJW Group (NYSE: SJW) will release its Q2 2021 financial results on July 29, 2021, after market close. A webcast review, featuring CEO Eric Thornburg and CFO James Lynch, is scheduled for July 30, 2021, at 10:00 a.m. PT (1:00 p.m. ET). The company's strong position as the second-largest investor-owned water utility in the U.S. serves nearly 1.5 million people. For further details, visit www.sjwgroup.com. Forward-looking statements in the release highlight potential risks affecting business performance.

SJW Group's Texas subsidiary, SJWTX Inc., plans to acquire Kendall West Utility and Bandera East Utility in Texas, pending approval from the Public Utilities Commission of Texas (PUCT). This acquisition will serve approximately 4,000 people and expand SJWTX's service area. The merger aims to enhance operational efficiency and leverage resources for better service delivery. If approved, it will mark SJWTX's 14th acquisition since 2006, growing its customer base from 6,500 to 21,500 connections and serving about 65,000 people across seven counties in Texas.

San Jose Water (SJW) announced the appointment of Willie Brown as Vice President, General Counsel, and Corporate Secretary, effective June 1. Previously Corporate Secretary and Assistant General Counsel, Brown joined the company in 2008. He will oversee corporate governance and legal matters, among other responsibilities. Eric W. Thornburg, CEO of SJW Group, praised Brown's commitment to governance, resulting in a '1' rating from ISS for the company. Brown holds a Juris Doctorate from Georgetown University and has experience in venture capital and mergers and acquisitions.

SJW Group reported first-quarter 2021 financial results, showing a net income of $2.6 million, up from $2.4 million in Q1 2020. Diluted earnings per share increased to $0.09 from $0.08. Revenue fell to $114.8 million, down from $115.8 million, primarily due to $2.8 million in reduced customer usage and winter storm credits. Operating expenses increased to $101.7 million from $100.3 million. The company issued 1.2 million shares, raising $66.9 million. It declared a $0.34 quarterly dividend, maintaining a history of 77 years of dividend payments.

SJW Group (NYSE: SJW) will release its first quarter 2021 financial results on April 28, 2021, after market close. A webcast presentation will occur on April 29, 2021, at 8:00 a.m. (PT), featuring President Eric Thornburg and CFO James Lynch. SJW Group is the second-largest investor-owned water utility in the U.S., serving nearly 1.5 million customers. The company emphasizes strong operational expertise, technological innovation, and community engagement, aiming to sustain shareholder value. For more information, visit www.sjwgroup.com.

SJW Group’s Texas subsidiary, SJWTX Inc., has successfully acquired the Clear Water Estates Water System in Canyon Lake, Texas, for approximately $1 million, following approval from the Public Utilities Commission of Texas on March 1. This acquisition adds 230 customers and valuable water resources, enhancing SJWTX’s market position. The deal marks the first use of Texas’s new Fair Market Value legislation. Since 2006, SJWTX has completed 13 acquisitions, tripling its connections to about 20,000, serving approximately 59,000 residents.

SJW Group (SJW) has priced its public offering of 1,030,000 shares at $59.00 each, aiming for gross proceeds of approximately $60.77 million. The underwriters hold a 30-day option to purchase an additional 154,500 shares. The offering concludes on or about March 11, 2021. Proceeds will be used to repay debt and fund general corporate needs, including infrastructure improvements. J.P. Morgan and RBC Capital Markets are the lead underwriters, with the offering conducted under an effective SEC registration statement.

SJW Group (NYSE: SJW) has initiated a public offering of 1,030,000 shares of common stock, with an option for underwriters to purchase an additional 154,500 shares. The net proceeds will primarily be used to repay existing debt and for general corporate purposes, possibly including infrastructure improvements and working capital. J.P. Morgan is the sole book-running manager for this offering, which is conducted under an effective shelf registration statement with the SEC. Investors are encouraged to review the preliminary prospectus for comprehensive details.

SJW Group reported a net income of $61.5 million for 2020, up from $23.4 million in 2019, with diluted earnings per share of $2.14. Operating revenue rose to $564.5 million, driven by higher customer usage and cumulative rate increases, primarily from the CTWS merger. Operating expenses increased to $446.9 million due to higher production costs. In Q4, net income was $13.3 million versus a $5.5 million loss in 2019. The company announced a dividend increase to $1.36 per share, marking 53 years of consecutive dividend increases.