SJW (US:SJW)2023-05-01 20:04Financial Performance (Q1 2023) - Revenue increased by 10% from $124.3 million in 1Q 2022 to $137.3 million in 1Q 2023[9] - Net income saw a significant increase of 209%, rising from $3.7 million in 1Q 2022 to $11.5 million in 1Q 2023[9] - Diluted EPS increased by 208%, from $0.12 in 1Q 2022 to $0.37 in 1Q 2023[9] Capital Expenditure and Investment - Capital expenditures totaled $52.4 million in 1Q 2023, representing 21% of the $255 million budgeted for the year[13] - The company has $278 million available on bank lines of credit, with $72 million currently drawn[36] - Planned equity issuance of $40 million - $50 million in 2023, excluding acquisition growth, with $42 million already issued in 1Q[45] Regulatory Updates and Rate Cases - General Rate Cases (GRCs) approved in four divisions in Maine, resulting in a $692,000 increase in annualized revenue[60] - Connecticut Water WICA saw a 3.1% increase, resulting in a $3.3 million increase in annualized revenue[58] - Awaiting Cost of Capital decision from the California Public Utilities Commission (CPUC), with a proposed revenue increase reflecting a 10.3% return on equity and a 5.48% cost of debt[37] Future Outlook and Guidance - EPS growth guidance is anchored off of 2022 diluted EPS of $2.43[46] - Long-term growth rate is projected to be between 5% and 7%[66] - Initial CapEx estimate for PFAS treatment is $170 million to $190 million[68]