SJW Group Files Q2 2024 10-Q

TL;DR

SJW Group's Q2 10-Q is in: check financials for the first half of 2024.

AI Summary

SJW Group filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance for the second quarter and the first half of the year. Specific financial details such as revenue, net income, and earnings per share for these periods are detailed within the filing.

Why It Matters

This filing provides investors with an update on SJW Group's financial health and operational performance, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Players & Entities

• SJW Group (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240725 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• sjw-20240630.htm (10-Q) — 1046KB
• sjw-63024xex311.htm (EX-31.1) — 10KB
• sjw-63024xex312.htm (EX-31.2) — 10KB
• sjw-63024xex321.htm (EX-32.1) — 5KB
• sjw-63024xex322.htm (EX-32.2) — 5KB
• 0000766829-24-000081.txt ( ) — 5790KB
• sjw-20240630.xsd (EX-101.SCH) — 38KB
• sjw-20240630_cal.xml (EX-101.CAL) — 73KB
• sjw-20240630_def.xml (EX-101.DEF) — 147KB
• sjw-20240630_lab.xml (EX-101.LAB) — 542KB
• sjw-20240630_pre.xml (EX-101.PRE) — 341KB
• sjw-20240630_htm.xml (XML) — 811KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. 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 attacks, cyber-attacks, epidemic or other similar occurrences; changes in general economic, political, business and financial market conditions; the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, changes in interest rates,

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 June 30, Six months ended June 30, 2024 2023 2024 2023 Operating revenue $ 176,174 156,886 $ 325,556 294,182 Operating expense: Production Expenses: Purchased water 38,129 32,592 64,321 55,010 Power 2,737 2,379 5,164 4,578 Groundwater extraction charges 17,552 14,994 29,678 25,353 Other production expenses 12,052 11,921 23,101 23,964 Total production expenses 70,470 61,886 122,264 108,905 Administrative and general 20,468 23,527 46,256 47,871 Maintenance 7,881 6,298 14,568 12,356 Property taxes and other non-income taxes 8,419 7,896 17,249 16,297 Depreciation and amortization 28,366 26,121 56,736 52,417 Total operating expense 135,604 125,728 257,073 237,846 Operating income 40,570 31,158 68,483 56,336 Other (expense) income: Interest on long-term debt and other interest expense ( 18,294 ) ( 16,397 ) ( 35,878 ) ( 32,169 ) Pension non-service credit (cost) 939 ( 102 ) 1,889 ( 166 ) Other, net 1,205 2,115 3,856 5,381 Income before income taxes 24,420 16,774 38,350 29,382 Provision for income taxes 3,724 ( 1,512 ) 5,955 ( 434 ) Net income 20,696 18,286 32,395 29,816 Other comprehensive income (loss), net — 9 ( 442 ) 102 Comprehensive income $ 20,696 18,295 $ 31,953 29,918 Earnings per share Basic $ 0.64 0.58 $ 1.00 0.96 Diluted $ 0.64 0.58 $ 1.00 0.95 Dividends per share $ 0.40 0.38 $ 0.80 0.76 Weighted average shares outstanding Basic 32,397,501 31,499,068 32,237,115 31,219,324 Diluted 32,460,894 31,594,494 32,302,741 31,319,248 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) June 30, 2024 December 31, 2023 Assets Utility plant: Land $ 41,415 41,415 Depre

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