SJW (US:SJW)2024-02-22 22:35Financial Performance - SJW Group's revenue for YTD 2023 increased by 8% to $670.4 million compared to $620.7 million in YTD 2022 [61] - Net income for YTD 2023 increased by 15% to $85.0 million compared to $73.8 million in YTD 2022 [61] - Diluted EPS for YTD 2023 increased by 10% to $2.68 compared to $2.43 in YTD 2022 [61] - Water production expenses increased by 10% for YTD 2023 [65] - Revenue for 4Q 2023 remained relatively flat at $171.3 million compared to $171.4 million in 4Q 2022 [60] - Net income for 4Q 2023 decreased by 43% to $18.9 million compared to $33.5 million in 4Q 2022 [60] - Diluted EPS for 4Q 2023 decreased by 46% to $0.59 compared to $1.09 in 4Q 2022 [60] Capital Expenditure and Investments - The company plans $1.6 billion in infrastructure investment for 2024-2028 [36, 59] - Approximately $230 million of the five-year CapEx is allocated for PFAS treatment [3] - The company invested $272 million in CapEx year-to-date, which is 107% of the $255 million budgeted in 2023 [43] - $29 million investment projected in 2024 for Advanced Metering Infrastructure (AMI) installation in California [73] Regulatory and Operational Updates - Outstanding development units (potential connections) increased 47% in 2023 to 22,000 units in Texas [1] - A proposed order authorizes $1.6 million in annualized revenue from a system improvement charge in Texas [1] - Maine Water revenues are expected to increase by $2.6 million effective January 1, 2024, following the approval of a stipulation agreement for the Biddeford-Saco Division general rate case [89] - The company filed a General Rate Case (GRC) with the California Public Utilities Commission (CPUC) on January 2, 2024, proposing a 3-year $540 million CapEx program [85] - The company is requesting $21.4 million, or an 18.1% annualized revenue increase in Connecticut [113]