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SJW (SJW) - 2025 Q1 - Quarterly Results
SJWSJW (SJW)2025-04-28 21:15

Financial Performance - Net income for Q1 2025 was 16.6million,a4116.6 million, a 41% increase from 11.7 million in Q1 2024, with diluted EPS rising to 0.49,a360.49, a 36% increase year-over-year [3]. - Adjusted net income for Q1 2025 was 16.7 million, a 43% increase compared to the prior year, with adjusted diluted EPS at 0.50,a390.50, a 39% increase [3]. - Net income for Q1 2025 reached 16,551,000, up 41.5% from 11,699,000inQ12024[31].−Dilutedearningspershareincreasedto11,699,000 in Q1 2024 [31]. - Diluted earnings per share increased to 0.49 in Q1 2025, compared to 0.36inQ12024,reflectingagrowthof36.10.36 in Q1 2024, reflecting a growth of 36.1% [31]. Revenue and Operating Performance - Operating revenue for Q1 2025 reached 167.6 million, up 12% from 149.4millioninthesamequarterlastyear,drivenbyrateincreasesof149.4 million in the same quarter last year, driven by rate increases of 17.2 million and higher customer usage of 1.0million[5].−OperatingrevenueforQ12025was1.0 million [5]. - Operating revenue for Q1 2025 was 167,599,000, an increase of 12.2% compared to 149,382,000inQ12024[31].−OperatingexpensesforQ12025were149,382,000 in Q1 2024 [31]. - Operating expenses for Q1 2025 were 131.7 million, an 8% increase from 121.5millioninQ12024,primarilyduetohigherwaterproductionandadministrativecosts[5].−Totaloperatingexpensesroseto121.5 million in Q1 2024, primarily due to higher water production and administrative costs [5]. - Total operating expenses rose to 131,703,000 in Q1 2025, a 8.5% increase from 121,469,000inQ12024[31].CapitalExpendituresandInvestments−CapitalexpendituresinQ12025totaled121,469,000 in Q1 2024 [31]. Capital Expenditures and Investments - Capital expenditures in Q1 2025 totaled 78.2 million, representing approximately 17% of the planned 473millionforthefullyear[6].−ConnecticutWaterreceiveda473 million for the full year [6]. - Connecticut Water received a 1.6 million revenue increase effective April 1, 2025, for infrastructure investment projects [12]. - Maine Water anticipates a decision on a GRC application requesting a 15.9% increase in annual revenues, expected in Q2 2025 [14]. Dividends and Shareholder Returns - The company declared a quarterly cash dividend of 0.42pershare,withanexpectedannualizeddividendof0.42 per share, with an expected annualized dividend of 1.68 per share for 2025, compared to 1.60persharein2024[19].GuidanceandFutureProjections−Thecompanyaffirms2025adjusteddilutedEPSguidanceof1.60 per share in 2024 [19]. Guidance and Future Projections - The company affirms 2025 adjusted diluted EPS guidance of 2.90 to 3.00,withlong−termgrowthprojectedat53.00, with long-term growth projected at 5% to 7% through 2029 [18]. Balance Sheet and Cash Flow - Cash and cash equivalents increased to 23,696,000 as of March 31, 2025, up from 11,114,000atDecember31,2024[34].−TotalassetsasofMarch31,2025,were11,114,000 at December 31, 2024 [34]. - Total assets as of March 31, 2025, were 4,728,810,000, an increase from 4,658,309,000atDecember31,2024[36].−Stockholders′equityroseto4,658,309,000 at December 31, 2024 [36]. - Stockholders' equity rose to 1,397,337,000 as of March 31, 2025, compared to 1,366,974,000atDecember31,2024[36].−Thecurrentportionoflong−termdebtincreasedto1,366,974,000 at December 31, 2024 [36]. - The current portion of long-term debt increased to 18,665,000 as of March 31, 2025, from 3,648,000atDecember31,2024[36].MergersandAcquisitions−Thecompanyincurred3,648,000 at December 31, 2024 [36]. Mergers and Acquisitions - The company incurred 254,000 in expenses related to merger and acquisition activities during Q1 2025 [39].