SJW Group Announces Second Quarter 2024 Financial Results
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.
Il gruppo SJW ha riportato risultati finanziari robusti per il secondo trimestre del 2024, con un EPS diluito GAAP di $0,64, in aumento di $0,06 rispetto all'anno precedente, e un EPS diluito rettificato di $0,66, in crescita di $0,08. L'azienda ha investito 158 milioni di dollari in infrastrutture durante il primo semestre del 2024, circa il 48% del suo budget per il capitale del 2024. SJW ha raggiunto un accordo sulla questione delle tariffe generali in California e ha aggiornato la previsione GAAP per il 2024 a un EPS diluito tra $2,66 e $2,76. I ricavi operativi sono aumentati a $176,2 milioni, sostenuti dall'aumento delle tariffe e dalla crescita dei clienti. L'azienda prevede di investire oltre 1,6 miliardi di dollari in capitale nei prossimi cinque anni, inclusi 230 milioni di dollari per il trattamento dei PFAS. SJW ha anche ottenuto approvazioni normative in California e Connecticut, e ha ampliato i programmi di assistenza ai clienti.
El grupo SJW reportó resultados financieros sólidos para el segundo trimestre de 2024, con un EPS diluido GAAP de $0,64, un aumento de $0,06 en comparación con el año pasado, y un EPS diluido ajustado de $0,66, un incremento de $0,08. La compañía invirtió 158 millones de dólares en infraestructura durante el primer semestre de 2024, alrededor del 48% de su presupuesto de capital para 2024. SJW llegó a un acuerdo sobre el caso de tarifa general en California y actualizó la guía GAAP para 2024 a un EPS diluido de $2,66 a $2,76. Los ingresos operativos aumentaron a $176,2 millones, impulsados por el aumento de tarifas y el crecimiento de clientes. La empresa planea invertir más de 1,6 mil millones de dólares en capital durante los próximos cinco años, incluidos $230 millones para el tratamiento de PFAS. SJW también obtuvo aprobaciones regulatorias en California y Connecticut, y amplió los programas de asistencia a clientes.
SJW 그룹은 2024년 2분기 강력한 재무 결과를 보고했습니다. GAAP 희석 EPS는 $0.64로 전년 대비 $0.06 증가하였고, 조정 희석 EPS는 $0.66로 $0.08 증가하였습니다. 이 회사는 2024년 상반기 동안 인프라에 1억 5,800만 달러를 투자했습니다, 이는 2024년 자본 예산의 약 48%입니다. SJW는 캘리포니아 일반 요금 사건에 대한 합의에 도달했으며 2024년 GAAP 가이던스를 희석 EPS $2.66 - $2.76로 업데이트했습니다. 운영 수익은 $176.2 백만으로 증가했으며, 이는 요금 인상과 고객 증가에 의해 촉진되었습니다. 이 회사는 향후 5년 동안 16억 달러 이상의 자본을 투자할 계획입니다, PFAS 처리에 $2억 3천만 달러를 포함합니다. SJW는 또한 캘리포니아와 코네티컷에서 규제 승인을 받았으며, 고객 지원 프로그램을 확대했습니다.
Le groupe SJW a rapporté de solides résultats financiers pour le deuxième trimestre 2024, avec un BPA dilué GAAP de 0,64 USD, en hausse de 0,06 USD par rapport à l'année précédente, et un BPA dilué ajusté de 0,66 USD, en hausse de 0,08 USD. L'entreprise a investi 158 millions de dollars dans les infrastructures durant le premier semestre 2024, représentant environ 48% de son budget d'investissement pour 2024. SJW a conclu un accord sur l'affaire tarifaire générale en Californie et a mis à jour les prévisions GAAP 2024 à un BPA dilué de 2,66 à 2,76 USD. Les revenus d'exploitation ont augmenté pour atteindre 176,2 millions de dollars, soutenus par des augmentations de tarifs et une croissance du nombre de clients. L'entreprise prévoit d'investir plus de 1,6 milliard de dollars en capital au cours des cinq prochaines années, y compris 230 millions de dollars pour le traitement des PFAS. SJW a également obtenu des approbations réglementaires en Californie et au Connecticut, et a élargi ses programmes d'assistance aux clients.
Die SJW Group berichtete von starken finanziellen Ergebnissen im 2. Quartal 2024, mit einem GAAP verwässerten EPS von 0,64 USD, was einem Anstieg von 0,06 USD im Jahresvergleich entspricht, und einem bereinigten verwässerten EPS von 0,66 USD, was einem Anstieg von 0,08 USD entspricht. Das Unternehmen investierte 158 Millionen US-Dollar in Infrastruktur im ersten Halbjahr 2024, was etwa 48% seines Kapitalbudgets für 2024 entspricht. SJW erzielte eine Einigung im Kalifornischen allgemeinen Tarifsachen und aktualisierte die GAAP-Prognose für 2024 auf ein verwässertes EPS von 2,66 USD bis 2,76 USD. Die Betriebseinnahmen stiegen auf 176,2 Millionen USD, angetrieben durch Tariferhöhungen und Kundenzuwachs. Das Unternehmen plant, in den nächsten fünf Jahren über 1,6 Milliarden US-Dollar in Kapital zu investieren, einschließlich 230 Millionen USD für die Behandlung von PFAS. SJW erhielt auch regulatorische Genehmigungen in Kalifornien und Connecticut und erweiterte die Kundenhilfsprogramme.
- Q2 2024 GAAP diluted EPS increased 13% to $0.64
- Adjusted diluted EPS rose 14% to $0.66
- Operating revenue grew to $176.2 million from $156.9 million year-over-year
- $158 million invested in infrastructure during H1 2024
- Agreement reached on California general rate case
- Plans to invest over $1.6 billion in capital over next five years
- Secured regulatory approvals for rate increases in California and Connecticut
- Operating expenses increased 8% to $135.6 million
- Severe to extreme drought in Texas service area may impact 2024 revenue
- Higher effective tax rate of 15% compared to -9% in Q2 2023
Insights
SJW Group's Q2 2024 results demonstrate solid financial performance and strategic execution. The company reported a 13% increase in GAAP diluted EPS to
Key financial highlights include:
- Operating revenue increased by
12.3% to$176.2 million - Net income rose by
13.1% to$20.7 million - Capital expenditures of
$158 million in the first half of 2024
The company's focus on infrastructure investment and regulatory progress is evident. The
However, investors should note potential headwinds, including drought conditions in Texas that may impact revenue and the lower-than-requested rate increase approved in Connecticut. The company's updated 2024 GAAP EPS guidance of
Overall, SJW Group's financial performance and strategic initiatives position it well for future growth, but close attention should be paid to regulatory outcomes and environmental factors that could impact results.
SJW Group's Q2 results highlight the company's strategic focus on its national platform and local water utility operations. The all-party settlement agreement reached in California for the general rate case (GRC) is a significant development, potentially streamlining the regulatory process and providing more certainty for future revenue.
Key operational insights include:
- The
$540 million capital expenditure program proposed in California, focusing on PFAS treatment, greenhouse gas reduction and environmental justice initiatives, aligns with current regulatory priorities. - The approval of the Advanced Metering Infrastructure (AMI) project in California, with a
$100 million investment, demonstrates a commitment to modernization and efficiency. - The Connecticut rate case outcome, while lower than requested, still provides for a
5.5% revenue increase and an improved return on equity of9.3% .
The company's proactive approach to customer assistance programs, such as securing
However, the ongoing drought conditions in Texas and potential water usage restrictions pose a risk to revenue in that region. The company's ability to navigate these challenges while maintaining its growth trajectory will be important for long-term success.
SJW Group's Q2 2024 results and strategic initiatives reflect a growing emphasis on environmental sustainability and regulatory compliance in the water utility sector. The company's focus on PFAS treatment, greenhouse gas reduction and climate resiliency aligns with increasing environmental concerns and regulatory pressures.
Key environmental and policy considerations include:
- The
$230 million allocation for PFAS treatment over the next five years demonstrates proactive management of emerging contaminants. - Investments in solar generation, energy storage systems and fleet electrification show commitment to reducing the company's carbon footprint.
- The expansion of advanced leak detection programs addresses water conservation, a critical issue in drought-prone areas.
The company's engagement with California's Environmental and Social Justice Action Plan indicates a recognition of the broader societal impacts of water infrastructure and service.
However, the severe to extreme drought conditions in Texas highlight the ongoing challenges water utilities face due to climate change. SJW Group's ability to balance water supply management with customer demand and regulatory requirements will be important in navigating these environmental challenges.
The approval of expanded customer assistance programs in Connecticut also reflects a growing trend of integrating social equity considerations into utility operations and rate structures.
Overall, SJW Group's strategic direction appears well-aligned with evolving environmental and social priorities in the water sector, potentially positioning the company favorably for future regulatory and policy developments.
-
Delivers
of GAAP diluted earnings per share (EPS), a year-over-year increase of$0.64 ; adjusted diluted EPS (non-GAAP) of$0.06 , a year-over-year increase of$0.66 $0.08 -
Invests
in infrastructure during the first half of 2024, or approximately$158 million 48% of 2024 capital budget -
Agreement in principle reached on
California general rate case (GRC) -
Updates 2024 GAAP guidance to
to$2.66 diluted EPS. Reaffirms 2024 guidance range of$2.76 to$2.68 for adjusted diluted EPS (non-GAAP)$2.78 -
Declares
cash dividend per share of common stock$0.40
"We are pleased with our financial results for the quarter, which demonstrate the benefits of our national platform combined with the strength of our local water utility operations," stated SJW Group Chair, CEO, and President, Eric W. Thornburg. "We continued to deliver on our growth strategy by investing in our water supply and infrastructure across our footprint, as well as reaching an all-party settlement agreement in principle on almost all issues in our
Second Quarter Operating Results
Net income prepared in accordance with
Adjusted net income is a non-GAAP measure representing GAAP net income excluding special items. The difference between 2024 GAAP net income and adjusted net income for the quarter was due to a loss on the sale of real estate of
Operating revenue for the second quarter was
Operating expenses for the quarter ended June 30, 2024 were
-
An increase in water production expenses of
compared to the same quarter last year;$8.6 million -
An increase in depreciation and amortization of
primarily due to utility plant additions; and$2.2 million -
An increase in maintenance costs of
primarily due to adjustments to certain regulatory assets as a result of the final decision in the$1.6 million Connecticut general rate case and increased security costs; offset by, -
A decrease in administrative and general expenses of
primarily due to decreases in the allowance for uncollectible customer accounts and higher allocations to construction activities, partially offset by inflationary increases.$3.1 million
The effective consolidated income tax rates for the second quarter of 2024 and 2023 were approximately
Year-to-Date Operating Results
Net income prepared in accordance with
Operating revenue year-to-date was
Operating expenses for the first six months of 2024 were
-
An increase in water production expenses of
compared to the same period last year;$13.4 million -
An increase in depreciation and amortization of
primarily due to utility plant additions; and$4.3 million -
An increase of maintenance costs of
primarily due to adjustments to certain regulatory assets as a result of the final decision in the Connecticut GRC and increased security costs; offset by,$2.2 million -
A decrease in administrative and general expenses of
primarily due to decreases in the allowance for uncollectible customer accounts and higher allocations to construction activities, partially offset by inflationary increases.$1.6 million
The effective consolidated income tax rates for the first half of 2024 and 2023 were approximately
Capital Expenditures
Through the second quarter of 2024, SJW Group invested
San Jose Water has begun installation on a
Rate Activity and Regulatory Updates
On June 14, 2024, San Jose Water notified the CPUC that it had reached an all-party settlement agreement in principle with the Public Advocates Office and Water Rate Advocates for Transparency, Equity and Sustainability (WRATES) on all but two policy issues in its 2025 through 2027 GRC application. The formal settlement motion and agreement will be submitted by August 19, 2024. Briefs on the two policy issues, which are expected to be fully litigated, will also be submitted by August 19.
The company's GRC application filed with the CPUC in January 2024 proposed an increase over current authorized revenues of approximately
- Treating PFAS in drinking water;
- Reducing greenhouse gas emissions through solar generation, energy storage systems, continued electrification of our vehicle fleet, and expansion of our advanced leak detection program; and
- Advancing the CPUC’s Environmental and Social Justice Action Plan by improving access to high-quality water service, climate resiliency, and economic and workforce development.
A decision on the GRC and/or the settlement agreement is expected by the CPUC in fourth quarter of 2024 and new rates are anticipated to be effective on January 1, 2025.
On June 12, 2024, the CPUC approved advice letter 609, which increased the authorized revenue requirement by
On June 21, 2024, the CPUC approved advice letter 610/610A, which requested a
On June 28, 2024, the Connecticut Public Utilities Regulatory Authority (PURA) issued a final decision on Connecticut Water's GRC that was filed on October 3, 2023. PURA's decision provided for:
-
An increase in the annual revenue requirement of
, or$6.5 million 5.5% ; -
An opportunity to earn additional revenue of
for meeting certain performance metrics;$1.1 million -
A return on equity of
9.3% , which is up from9.0% in the last GRC; -
A capital structure of
53% equity and47% debt, which is similar to the last GRC; and - Approval of the company's proposal to expand the existing customer financial assistance program.
As part of the GRC process, the Water Infrastructure and Conservation Adjustment (WICA) infrastructure recovery charge was reset to zero and the prior WICA of
Connecticut Water had requested a
On June 24, 2024, Maine Water filed for increases in the Water Infrastructure Charge in both the
Force for Good
In May 2024, San Jose Water secured
In June 2024, PURA approved Connecticut Water's request to expand income-eligibility for the Water Rate Assistance Program (WRAP), a first of its kind program in the state that offers water bill discounts for income-eligible customers. The expansion allows Connecticut Water to serve more customers and provide greater discounts to eligible WRAP customers.
2024 Guidance
The following table includes a reconciliation of the company's 2024 diluted EPS guidance (GAAP) to adjusted diluted EPS guidance (non-GAAP):
|
2024 Earnings Guidance |
||||||
Estimated Diluted EPS Guidance on a GAAP Basis |
$ |
2.66 |
|
to |
|
2.76 |
|
Adjustments: |
|
|
|
|
|
||
Loss on sale of real estate investments, net of tax |
|
0.02 |
|
|
|
0.02 |
|
Adjusted EPS Guidance (non-GAAP) |
$ |
2.68 |
|
to |
|
2.78 |
In addition, we reiterate our non-linear long-term diluted EPS growth of
Our guidance is subject to risks and uncertainties, including, without limitation, those factors outlined in the “Forward Looking Statements” of this release and the “Risk Factors” section of the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
Dividend
On July 24, 2024, the directors of SJW Group declared a quarterly cash dividend on common stock of
Financial Results Call Information
Eric W. Thornburg, president, chief executive officer, and board chair, and Andrew F. Walters, chief financial officer, treasurer, and interim principal accounting officer, will review results for the second quarter of 2024 in a live webcast presentation at 11 a.m. Pacific Daylight Time, or 2 p.m. Eastern Daylight Time, on Thursday, July 25, 2024.
Interested parties may access the webcast and related presentation materials at the website www.sjwgroup.com. An archive of the webcast will be available until October 21, 2024.
Non-GAAP Financial Measures
SJW Group's net income and diluted EPS are prepared in accordance with GAAP and represent the earnings as reported to the Securities and Exchange Commission. Adjusted net income and Adjusted diluted EPS are non-GAAP measures representing GAAP earnings adjusted to exclude the effects of real estate transactions and costs associated with mergers and acquisition activities, if any, which management believes are not representative of our core business activities. These non-GAAP financial measures are provided as additional information for investors to evaluate the performance of SJW Group's ongoing business activities. SJW Group uses adjusted net income and/or adjusted diluted EPS as the primary performance measurements when communicating with analysts and investors regarding our outlook and results. Adjusted net income and Adjusted diluted EPS are also used internally to measure performance. However, these non-GAAP financial measures may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes. Further, these non-GAAP financial measures should be considered as a supplement to the financial information prepared on a GAAP basis rather than an alternative to the respective GAAP financial measures.
About SJW Group
SJW Group is among the largest investor-owned pure-play water and wastewater utilities in
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as “believes,” “expects,” “estimates,” “anticipates,” “intends,” “seeks,” “plans,” “projects,” “may,” “should,” “will,” or the negative of those words or other comparable terminology. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict.
These forward-looking statements involve a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the effect of water, utility, environmental and other governmental policies and regulations, including regulatory actions concerning rates, authorized return on equity, authorized capital structures, capital expenditures, PFAS and other decisions; (2) changes in demand for water and other services; (3) unanticipated weather conditions and changes in seasonality including those affecting water supply and customer usage; (4) the effect of the impact of climate change; (5) unexpected costs, charges or expenses; (6) our ability to successfully evaluate investments in new business and growth initiatives; (7) contamination of our water supplies and damage or failure of our water equipment and infrastructure; (8) the risk of work stoppages, strikes and other labor-related actions; (9) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, epidemic, or similar occurrences; (10) changes in general economic, political, business and financial market conditions; (11) the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, changes in interest rates, compliance with regulatory requirements, compliance with the terms and conditions of our outstanding indebtedness, and general market and economic conditions; and (12) legislative, and general market and economic developments. The risks, uncertainties and other factors may cause the actual results, performance or achievements of SJW Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Results for a quarter are not indicative of results for a full year due to seasonality and other factors. Other factors that may cause actual results, performance or achievements to materially differ are described in SJW Group’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC. Forward-looking statements are not guarantees of performance, and speak only as of the date made. SJW Group undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SJW Group |
||||||||||||||
Condensed Consolidated Statements of Comprehensive Income |
||||||||||||||
(Unaudited) |
||||||||||||||
(in thousands, except share and per share data) |
||||||||||||||
|
|
|
||||||||||||
|
Three months ended June 30, |
|
Six months ended June 30, |
|||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||
Operating revenue |
$ |
176,174 |
|
|
156,886 |
|
|
$ |
325,556 |
|
|
294,182 |
|
|
Operating expense: |
|
|
|
|
|
|
|
|||||||
Production Expenses: |
|
|
|
|
|
|
|
|||||||
Purchased water |
|
38,129 |
|
|
32,592 |
|
|
|
64,321 |
|
|
55,010 |
|
|
Power |
|
2,737 |
|
|
2,379 |
|
|
|
5,164 |
|
|
4,578 |
|
|
Groundwater extraction charges |
|
17,552 |
|
|
14,994 |
|
|
|
29,678 |
|
|
25,353 |
|
|
Other production expenses |
|
12,052 |
|
|
11,921 |
|
|
|
23,101 |
|
|
23,964 |
|
|
Total production expenses |
|
70,470 |
|
|
61,886 |
|
|
|
122,264 |
|
|
108,905 |
|
|
Administrative and general |
|
20,468 |
|
|
23,527 |
|
|
|
46,256 |
|
|
47,871 |
|
|
Maintenance |
|
7,881 |
|
|
6,298 |
|
|
|
14,568 |
|
|
12,356 |
|
|
Property taxes and other non-income taxes |
|
8,419 |
|
|
7,896 |
|
|
|
17,249 |
|
|
16,297 |
|
|
Depreciation and amortization |
|
28,366 |
|
|
26,121 |
|
|
|
56,736 |
|
|
52,417 |
|
|
Total operating expense |
|
135,604 |
|
|
125,728 |
|
|
|
257,073 |
|
|
237,846 |
|
|
Operating income |
|
40,570 |
|
|
31,158 |
|
|
|
68,483 |
|
|
56,336 |
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|||||||
Interest on long-term debt and other interest expense |
|
(18,294 |
) |
|
(16,397 |
) |
|
|
(35,878 |
) |
|
(32,169 |
) |
|
Pension non-service credit (cost) |
|
939 |
|
|
(102 |
) |
|
|
1,889 |
|
|
(166 |
) |
|
Other, net |
|
1,205 |
|
|
2,115 |
|
|
|
3,856 |
|
|
5,381 |
|
|
Income before income taxes |
|
24,420 |
|
|
16,774 |
|
|
|
38,350 |
|
|
29,382 |
|
|
Provision for income taxes |
|
3,724 |
|
|
(1,512 |
) |
|
|
5,955 |
|
|
(434 |
) |
|
Net income |
|
20,696 |
|
|
18,286 |
|
|
|
32,395 |
|
|
29,816 |
|
|
Other comprehensive income (loss), net |
|
— |
|
|
9 |
|
|
|
(442 |
) |
|
102 |
|
|
Comprehensive income |
$ |
20,696 |
|
|
18,295 |
|
|
$ |
31,953 |
|
|
29,918 |
|
|
|
|
|
|
|
|
|
|
|||||||
Earnings per share |
|
|
|
|
|
|
|
|||||||
Basic |
$ |
0.64 |
|
|
0.58 |
|
|
$ |
1.00 |
|
|
0.96 |
|
|
Diluted |
$ |
0.64 |
|
|
0.58 |
|
|
$ |
1.00 |
|
|
0.95 |
|
|
Dividends per share |
$ |
0.40 |
|
|
0.38 |
|
|
$ |
0.80 |
|
|
0.76 |
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|||||||
Basic |
|
32,397,501 |
|
|
31,499,068 |
|
|
|
32,237,115 |
|
|
31,219,324 |
|
|
Diluted |
|
32,460,894 |
|
|
31,594,494 |
|
|
|
32,302,741 |
|
|
31,319,248 |
|
SJW Group |
|||||
Condensed Consolidated Balance Sheets |
|||||
(Unaudited) |
|||||
(in thousands, except share and per share data) |
|||||
|
June 30,
|
|
December 31,
|
||
Assets |
|
|
|
||
Utility plant: |
|
|
|
||
Land |
$ |
41,415 |
|
41,415 |
|
Depreciable plant and equipment |
|
4,077,009 |
|
3,967,911 |
|
Construction work in progress |
|
159,084 |
|
106,980 |
|
Intangible assets |
|
35,986 |
|
35,946 |
|
Total utility plant |
|
4,313,494 |
|
4,152,252 |
|
Less accumulated depreciation and amortization |
|
1,030,065 |
|
981,598 |
|
Net utility plant |
|
3,283,429 |
|
3,170,654 |
|
|
|
|
|
||
Nonutility properties and real estate investments |
|
13,376 |
|
13,350 |
|
Less accumulated depreciation and amortization |
|
96 |
|
194 |
|
Net nonutility properties and real estate investments |
|
13,280 |
|
13,156 |
|
|
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
|
22,804 |
|
9,723 |
|
Accounts receivable: |
|
|
|
||
Customers, net of allowances for uncollectible accounts of |
|
70,238 |
|
67,870 |
|
Income tax |
|
— |
|
5,187 |
|
Other |
|
5,584 |
|
3,684 |
|
Accrued unbilled utility revenue |
|
57,822 |
|
49,543 |
|
Assets held for sale |
|
— |
|
40,850 |
|
Prepaid expenses |
|
9,856 |
|
11,110 |
|
Current regulatory assets |
|
1,057 |
|
4,276 |
|
Other current assets |
|
5,818 |
|
6,146 |
|
Total current assets |
|
173,179 |
|
198,389 |
|
Other assets: |
|
|
|
||
Regulatory assets, less current portion |
|
238,963 |
|
235,910 |
|
Investments |
|
17,368 |
|
16,411 |
|
Postretirement benefit plans |
|
36,816 |
|
33,794 |
|
Other intangible asset |
|
28,386 |
|
28,386 |
|
Goodwill |
|
640,311 |
|
640,311 |
|
Other |
|
7,695 |
|
8,056 |
|
Total other assets |
|
969,539 |
|
962,868 |
|
Total assets |
$ |
4,439,427 |
|
4,345,067 |
SJW Group |
|||||
Condensed Consolidated Balance Sheets |
|||||
(Unaudited) |
|||||
(in thousands, except share and per share data) |
|||||
|
June 30,
|
|
December 31,
|
||
Capitalization and liabilities |
|
|
|
||
Capitalization: |
|
|
|
||
Stockholders’ equity: |
|
|
|
||
Common stock, |
$ |
33 |
|
32 |
|
Additional paid-in capital |
|
771,189 |
|
736,191 |
|
Retained earnings |
|
502,037 |
|
495,383 |
|
Accumulated other comprehensive income |
|
1,349 |
|
1,791 |
|
Total stockholders’ equity |
|
1,274,608 |
|
1,233,397 |
|
Long-term debt, less current portion |
|
1,549,587 |
|
1,526,699 |
|
Total capitalization |
|
2,824,195 |
|
2,760,096 |
|
|
|
|
|
||
Current liabilities: |
|
|
|
||
Lines of credit |
|
217,495 |
|
171,500 |
|
Current portion of long-term debt |
|
9,023 |
|
48,975 |
|
Accrued groundwater extraction charges, purchased water and power |
|
32,581 |
|
24,479 |
|
Accounts payable |
|
37,932 |
|
46,121 |
|
Accrued interest |
|
15,582 |
|
15,816 |
|
Accrued payroll |
|
10,683 |
|
12,229 |
|
Income tax payable |
|
2,059 |
|
— |
|
Current regulatory liabilities |
|
1,930 |
|
3,059 |
|
Other current liabilities |
|
22,848 |
|
20,795 |
|
Total current liabilities |
|
350,133 |
|
342,974 |
|
|
|
|
|
||
Deferred income taxes |
|
240,903 |
|
238,528 |
|
Advances for construction |
|
144,087 |
|
146,582 |
|
Contributions in aid of construction |
|
333,611 |
|
326,451 |
|
Postretirement benefit plans |
|
47,516 |
|
46,836 |
|
Regulatory liabilities, less current portion |
|
475,293 |
|
461,108 |
|
Other noncurrent liabilities |
|
23,689 |
|
22,492 |
|
Commitments and contingencies |
|
|
|
||
Total capitalization and liabilities |
$ |
4,439,427 |
|
4,345,067 |
SJW Group |
|||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||
(Unaudited) |
|||||||
(in thousands, except per share data) |
|||||||
|
2024 Earnings Guidance |
||||||
Estimated Diluted EPS Guidance on a GAAP Basis |
$ |
2.66 |
|
to |
|
2.76 |
|
Adjustments: |
|
|
|
|
|
||
Loss on sale of real estate investments, net of tax |
|
0.02 |
|
|
|
0.02 |
|
Adjusted EPS Guidance (non-GAAP) |
$ |
2.68 |
|
to |
|
2.78 |
|
Three months ended June 30, |
|
Six months ended June 30, |
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Reported GAAP Net Income |
$ |
20,696 |
|
|
18,286 |
|
32,395 |
|
|
29,816 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|||||
Loss (gain) on sale of real estate investments1 |
|
909 |
|
|
— |
|
909 |
|
|
(1,473 |
) |
|
Tax effect of above adjustment2 |
|
(291 |
) |
|
— |
|
(291 |
) |
|
412 |
|
|
Adjusted Net Income (non-GAAP) |
$ |
21,314 |
|
|
18,286 |
|
33,013 |
|
|
28,755 |
|
|
|
|
|
|
|
|
|
|
|||||
Reported GAAP Diluted Earnings Per Share |
$ |
0.64 |
|
|
0.58 |
|
1.00 |
|
|
0.95 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|||||
Loss (gain) on sale of real estate investments, net of tax |
|
0.02 |
|
|
— |
|
0.02 |
|
|
(0.03 |
) |
|
Adjusted Diluted Earnings Per Share (non-GAAP) |
$ |
0.66 |
|
|
0.58 |
|
1.02 |
|
|
0.92 |
|
1 |
Included in the "Other, net" line on the condensed consolidated statements of comprehensive income. |
|
2 |
The tax effect on all adjustments is calculated at the applicable statutory rate. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724496356/en/
Andrew F. Walters
Chief Financial Officer, Treasurer and Interim Principal Accounting Officer
408.279.7818
Andrew.Walters@sjwater.com
Daniel J. Meaney, APR
Director of Investor Relations
860.664.6016
Daniel.Meaney@ctwater.com
Source: SJW Group
FAQ
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