SJW Group Files Q3 2024 10-Q

TL;DR

SJW Group's Q3 10-Q is in. Check financials for water utility performance.

AI Summary

SJW Group filed its 10-Q for the period ending September 30, 2024. The company, a water utility, reported its financial performance for the third quarter and the first nine months of the year. Specific financial figures for revenue, net income, and earnings per share for these periods are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance data for SJW Group, crucial for understanding the company's operational health and future prospects in the water utility sector.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing for a regulated utility company, indicating standard operational reporting.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The 10-Q covers financial data up to this date.)
• 2024-10-28 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• SJW Group (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-28 (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-20240930.htm (10-Q) — 1165KB
• exhibit102.htm (EX-10.2) — 18KB
• exhibit103.htm (EX-10.3) — 25KB
• sjw-93024xex311.htm (EX-31.1) — 10KB
• sjw-93024xex312.htm (EX-31.2) — 10KB
• sjw-93024xex321.htm (EX-32.1) — 5KB
• sjw-93024xex322.htm (EX-32.2) — 5KB
• 0000766829-24-000102.txt ( ) — 6129KB
• sjw-20240930.xsd (EX-101.SCH) — 41KB
• sjw-20240930_cal.xml (EX-101.CAL) — 73KB
• sjw-20240930_def.xml (EX-101.DEF) — 154KB
• sjw-20240930_lab.xml (EX-101.LAB) — 562KB
• sjw-20240930_pre.xml (EX-101.PRE) — 351KB
• sjw-20240930_htm.xml (XML) — 843KB

Forward-Looking Statements

Forward-Looking Statements 3 P ART I FINANCIAL INFORMATION 4 I tem 1. F inancial Statements 4 Condensed Consolidated Statements of Comprehensive Income (unaudited) For the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets (unaudited) as of S eptember 30, 2024 and December 31, 202 3 5 C on densed Consolidated Statements of Changes in Stockholders ' Equity (unaudited) For the Three and Nine Months Ended September 30, 2024 and 2023 7 C ondensed Consolidated Statements of Cash Flows ( unaudited) For the Nine M onths Ended September 30, 2024 and 2023 9 N otes to Unaudited Con densed Consolidated Financial Statements 10 I tem 2. M anagement ' s Discussion and Analysis of Financial Con dition and Results of Operations 21 I tem 3. Q uantitative and Qualitative Disclosures About Market Risk 31 I tem 4 .

Controls and Procedures

Controls and Procedures 31 PART II OTHER INFORMATION 32 I tem 1. L egal Proceedings 32 I tem 1 A. R isk Factors 32 I tem 2. U nregistered Sales of Equity Securities and Use of Proceeds 32 I tem 3. D efaults Upon Senior Securities 32 I tem 4. M ine Sa fety Disclosures 32 I tem 5. O ther I nformation 32 I tem 6. E xhibits 33 S ig natures 34 2

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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Operating revenue $ 225,063 204,843 $ 550,619 499,025 Operating expense: Production Expenses: Purchased water 54,310 46,044 118,631 101,054 Power 3,396 2,785 8,560 7,363 Groundwater extraction charges 25,081 21,398 54,759 46,751 Other production expenses 12,919 12,415 36,020 36,379 Total production expenses 95,706 82,642 217,970 191,547 Administrative and general 25,708 23,888 71,964 71,759 Maintenance 8,512 6,457 23,080 18,813 Property taxes and other non-income taxes 9,361 8,795 26,610 25,092 Depreciation and amortization 27,423 26,455 84,159 78,872 Total operating expense 166,710 148,237 423,783 386,083 Operating income 58,353 56,606 126,836 112,942 Other (expense) income: Interest on long-term debt and other interest expense ( 17,516 ) ( 16,744 ) ( 53,394 ) ( 48,913 ) Pension non-service credit (cost) 940 ( 740 ) 2,829 ( 906 ) Other, net ( 1,197 ) 1,661 2,659 7,042 Income before income taxes 40,580 40,783 78,930 70,165 Provision for income taxes 1,928 4,561 7,883 4,127 Net income 38,652 36,222 71,047 66,038 Other comprehensive income (loss), net — 318 ( 442 ) 420 Comprehensive income $ 38,652 36,540 $ 70,605 66,458 Earnings per share Basic $ 1.17 1.14 $ 2.19 2.10 Diluted $ 1.17 1.13 $ 2.18 2.09 Dividends per share $ 0.40 0.38 $ 1.20 1.14 Weighted average shares outstanding Basic 32,896,967 31,862,518 32,458,666 31,436,077 Diluted 32,982,580 31,934,636 32,530,954 31,526,732 See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements. 4 SJW Group and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) September 30, 2024 December 31, 2023 Assets Utility plant: Land $

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View this 10-Q filing on SEC EDGAR