SJW Group Announces First Quarter 2025 Financial Results

Core Insights - SJW Group reported strong financial results for Q1 2025, highlighting the effectiveness of its business strategy and local water operations [2][3][5] Financial Performance - Net income for Q1 2025 was $16.6 million, a 41% increase from $11.7 million in Q1 2024 [3] - Diluted EPS rose to $0.49, a 36% increase compared to $0.36 in the prior year [3][8] - Adjusted net income (non-GAAP) was $16.7 million, up 43% from the previous year, with adjusted diluted EPS at $0.50, a 39% increase [3][4] Revenue and Expenses - Operating revenue for Q1 2025 was $167.6 million, a 12% increase from $149.4 million in Q1 2024, driven by rate increases and higher customer usage [5] - Operating expenses increased by 8% to $131.7 million, primarily due to higher water production expenses and administrative costs [5][9] Capital Expenditures - The company invested $78.2 million in infrastructure during Q1 2025, representing approximately 17% of the planned $473 million capital expenditures for the year [6][8] Rate Activity and Regulatory Updates - New rates for San Jose Water took effect on January 1, 2025, resulting in an authorized revenue increase of $53.1 million over three years [10] - The Connecticut Public Utilities Regulatory Authority approved a $1.6 million revenue increase for Connecticut Water effective April 1, 2025 [14] Dividend Declaration - SJW Group declared a quarterly cash dividend of $0.42 per share, payable on June 2, 2025, with an expected annualized dividend of $1.68 per share for 2025 [23][24] Guidance - The company affirmed its 2025 adjusted diluted EPS guidance of $2.90 to $3.00, anticipating growth in the top half of the range through 2029 [21]