Mon, Oct 28, 9:17 PM (65 days ago)
For the quarter ending September 30, 2024, SJW Group (SJW) reported operating revenue of $225,063,000, a 9.9% increase from $204,843,000 in Q3 2023. Net income rose to $38,652,000, reflecting a 7% year-over-year increase, attributed to rate hikes in California and Connecticut, alongside reduced income tax expenses. However, challenges included higher water production costs and reduced customer usage in Texas due to weather conditions. The company’s operating expenses increased to $166,710,000, driven by rising water production costs and other operational expenses. Cash flow from operations decreased to $154,066,000 from $159,303,000 in the prior year, reflecting changes in regulatory assets and liabilities. SJW's balance sheet showed total assets of $4,552,302,000, with stockholders' equity rising to $1,333,805,000. The company continues to prioritize capital investments, with planned expenditures of $332,000,000 for 2024. Future operations may be impacted by regulatory changes and environmental compliance costs, particularly related to PFAS regulations.