SJW Group Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SJW Group filed its Q1 2024 10-Q, detailing financial performance and position as of March 31, 2024.</b>

AI Summary

SJW GROUP (HTO) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. SJW Group filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal business is water supply. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components like common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed for these periods.

Why It Matters

For investors and stakeholders tracking SJW GROUP, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results and operational updates for SJW Group, crucial for assessing the company's performance and future outlook. The detailed financial statements and disclosures within the filing allow stakeholders to understand the company's financial health, including its assets, liabilities, and equity, as well as changes from previous periods.

Risk Assessment

Risk Level: low — SJW GROUP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately apparent significant negative events or trends.

Analyst Insight

Review the detailed financial statements and segment information in the 10-Q to understand SJW Group's revenue streams, cost structure, and profitability trends for Q1 2024.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-26 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Fiscal Quarter)
• 2023-03-31 — Prior Year Quarter End Date (Comparative Financial Period)

Key Players & Entities

• SJW GROUP (company) — FILER
• SJW CORP (company) — FORMER COMPANY

FAQ

Industry Context

SJW Group operates in the water supply industry, providing essential water utility services.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting by public companies.

What Investors Should Do

1. Analyze the balance sheet details for March 31, 2024, comparing assets, liabilities, and equity to prior periods.
2. Examine any disclosures related to subsequent events or significant business combinations mentioned in the filing.
3. Review the fair value input levels (Level 1, 2, 3) for assets and liabilities to understand valuation methodologies.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial information compared to the previous year's Q1 and the end of 2023.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share SJW New York Stock Exchange L

Filing Documents

• sjw-20240331.htm (10-Q) — 829KB
• sjw-33124xex311.htm (EX-31.1) — 10KB
• sjw-33124xex312.htm (EX-31.2) — 10KB
• sjw-33124xex321.htm (EX-32.1) — 5KB
• sjw-33124xex322.htm (EX-32.2) — 5KB
• 0000766829-24-000041.txt (&nbsp;) — 4983KB
• sjw-20240331.xsd (EX-101.SCH) — 36KB
• sjw-20240331_cal.xml (EX-101.CAL) — 72KB
• sjw-20240331_def.xml (EX-101.DEF) — 141KB
• sjw-20240331_lab.xml (EX-101.LAB) — 506KB
• sjw-20240331_pre.xml (EX-101.PRE) — 324KB
• sjw-20240331_htm.xml (XML) — 598KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of the federal securities laws relating to future events and future results of SJW Group and its subsidiaries that are based on current expectations, estimates, forecasts, and projections about SJW Group and its subsidiaries and the industries in which SJW Group and its subsidiaries operate and the beliefs and assumptions of the management of SJW Group. Some of these forward-looking statements can be identified by the use of forward-looking words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," "projects," "strategy," or "anticipates," or the negative of those words or other comparable terminology. These forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: the effect of water, utility, environmental and other governmental policies and regulations, including regulatory actions concerning rates, authorized return on equity, authorized capital structures, capital expenditures, per- and polyfluroralkyl substances ("PFAS") and other decisions; changes in demand for water and other services; unanticipated weather conditions and changes in seasonality including those affecting water supply and customer usage; the effect of the impacts of climate change; unexpected costs, charges or expenses; our ability to successfully evaluate investments in new business and growth initiatives; contamination of our water supplies and damage or failure of our water equipment and infrastructure; the risk of work stoppages, strikes and other labor-related actions; catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attack

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SJW Group and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (in thousands, except share and per share data) Three months ended March 31, 2024 2023 Operating revenue $ 149,382 137,296 Operating expense: Production Expenses: Purchased water 26,192 22,418 Power 2,427 2,199 Groundwater extraction charges 12,126 10,359 Other production expenses 11,049 12,043 Total production expenses 51,794 47,019 Administrative and general 25,788 24,344 Maintenance 6,687 6,058 Property taxes and other non-income taxes 8,830 8,401 Depreciation and amortization 28,370 26,296 Total operating expense 121,469 112,118 Operating income 27,913 25,178 Other (expense) income: Interest on long-term debt and other interest expense ( 17,584 ) ( 15,772 ) Pension non-service credit (cost) 950 ( 64 ) Other, net 2,651 3,266 Income before income taxes 13,930 12,608 Provision for income taxes 2,231 1,078 Net income 11,699 11,530 Other comprehensive (loss) income, net ( 442 ) 93 Comprehensive income $ 11,257 11,623 Earnings per share Basic $ 0.36 0.37 Diluted $ 0.36 0.37 Dividends per share $ 0.40 0.38 Weighted average shares outstanding Basic 32,076,720 30,936,476 Diluted 32,144,579 31,040,897 See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements. 3 SJW Group and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets Utility plant: Land $ 41,415 41,415 Depreciable plant and equipment 4,005,195 3,967,911 Construction work in progress 133,369 106,980 Intangible assets 35,946 35,946 Total utility plant 4,215,925 4,152,252 Less accumulated depreciation and amortization 1,007,078 981,598 Net utility plant 3,208,847 3,170,654 Nonutility properties and real estate investments 13,377 13,350 Less accumulated depreciation and amortization 195 194 Net nonu

View Full Filing

View this 10-Q filing on SEC EDGAR