SJW Group Announces 2023 Financial Results
SJW Group (NYSE: SJW) exceeded financial expectations in 2023 with $2.68 diluted earnings per share, surpassing 2022's $2.43. They invested $272 million in infrastructure, achieving a 10.01% return on equity in California. A 2024 guidance of $2.68 to $2.78 diluted earnings per share was issued.
Positive
Exceeded 2023 financial expectations with $2.68 diluted earnings per share compared to $2.43 in 2022.
Invested $272 million in infrastructure, surpassing 2023 guidance.
Achieved a 10.01% return on equity in California as of January 1, 2024.
Issued 2024 guidance of $2.68 to $2.78 diluted earnings per share.
Negative
Quarterly net income decreased by 43% in Q4 2023 compared to Q4 2022.
Operating revenue for Q4 2023 was slightly lower compared to Q4 2022.
Operating expenses increased by 11% in Q4 2023 compared to Q4 2022.
The reported earnings of $2.68 per diluted share represent a significant 10.3% increase from the prior year's $2.43, surpassing the initial guidance range and aligning with the updated forecast. This suggests a robust financial performance that may appeal to investors seeking companies with strong earnings growth. The 15% rise in net income and an 8% increase in operating revenue are indicative of effective cost management and revenue enhancement strategies, which could positively influence investor sentiment and stock valuation.
The company's capital expenditure of $272 million , which exceeded its guidance, reflects a commitment to long-term growth through infrastructure investments. This level of reinvestment is substantial and may affect short-term cash flows but is expected to enhance service reliability and regulatory compliance, potentially yielding long-term benefits for shareholders. The 10.01% WCCM-adjusted return on equity in California is a critical metric, as it indicates the profitability from shareholders' equity, which is above the standard utility sector average of 9-10%, making it a significant point for investor consideration.
The customer base growth in Texas by 12%, driven by organic growth and strategic acquisitions, is a vital indicator of the company's market expansion and could signal future revenue increases. The investments in the water supply portfolio in this rapidly growing service area align with demographic trends and may present opportunities for increased market share and revenue.
Regulatory outcomes, such as the WCCM-adjusted return on equity and revenue increases in Maine, are essential for utility companies like SJW Group, which operate in a highly regulated environment. These outcomes can provide stability and predictability in earnings, which are favorable factors for investors. The regulatory approval for capital expenditure plans, including treatment for PFAS, demonstrates the company's proactive approach to addressing environmental concerns, which may enhance its public image and potentially lead to increased customer trust and market growth.
The company's performance must be contextualized within the broader economic environment, which includes factors such as inflationary pressures on operational costs and interest rates affecting borrowing costs. The decrease in income taxes due to the partial release of an uncertain tax position reserve has a non-recurring positive impact on earnings, which analysts should consider when projecting future tax rates and net income.
The reported decrease in maintenance costs and increase in general and administrative expenses reflect a shift in spending priorities. The proactive asset management and advanced leak detection programs that contributed to lower maintenance expenses may indicate operational efficiency and could result in reduced long-term costs. However, the increase in water production costs and interest expenses due to higher borrowing costs are concerns that require monitoring, as they could impact future profitability if not managed effectively.
02/21/2024 - 10:06 PM
$2.68 of diluted earnings per share in 2023 surpassing $2.43 per diluted share in 2022, initial 2023 guidance of $2.40 to $2.50 and inline with the updated guidance of $2.65 to $2.70
$272 million in infrastructure investments, exceeding 2023 guidance
10.01% Water Cost of Capital Mechanism (WCCM)-adjusted return on equity in California as of January 1, 2024
2024 guidance issued of $2.68 to $2.78 diluted earnings per share
SAN JOSE, Calif. --(BUSINESS WIRE)--
SJW Group (NYSE: SJW) today reported financial results for 2023.
“With a strong fourth quarter, our 2023 financial results and operating performance exceeded expectations and the initial earnings per share guidance we set for SJW Group at this time last year,” stated SJW Group Chair, CEO, and President, Eric W. Thornburg. “The results we announce today are a testament to our talented teams across the country delivering on our company’s mission to be a force for good every day for our customers, communities and shareholders.”
Continued Thornburg, “I’m also pleased to share that we met and surpassed our annual capital expenditure goal in 2023 by $17 million , with $272 million invested in improving and maintaining our water supply and infrastructure across our local operations. We secured constructive regulatory outcomes that in 2024 are providing a 10.01% WCCM-adjusted return on equity in California , and a $2.6 million revenue increase in Maine related to operating and financing costs for our award-winning Saco River Drinking Water Resource Center. Importantly, we grew our customer base in Texas by 12% in 2023 through organic growth and acquisitions, while also significantly increasing our water supply portfolio in this rapidly growing service area through strategic acquisitions. I’m confident that our continued focus on executing our proven growth strategy will position us for further success in 2024.”
2023 Operating Results
Net income in 2023 was $85.0 million , or $2.68 per diluted share, up 15% compared to $73.8 million , or $2.43 per diluted share, in 2022, surpassing initial guidance of $2.40 to $2.50 per share and inline with updated guidance of $2.65 to $2.70 per diluted share announced in October 2023. The increase was primarily driven by rate filings in California and Maine , a decrease in income taxes due to the partial release of an uncertain tax position reserve (which had a $0.14 positive impact on net income per diluted share), and lower maintenance costs; partially offset by higher water production costs and increased interest expense from higher cost of borrowings for our short-term debt and new long-term debt.
Operating revenue for 2023 was $670.4 million , up 8% compared to $620.7 million for 2022. The increase was primarily driven by $46.6 million in rate filings, $5.7 million due to regulatory mechanism adjustments, and customer growth of $3.8 million ; partially offset by lower customer usage of $6.6 million driven primarily by weather conditions in California , Maine , and Texas .
Operating expenses for 2023 were $520.9 million , up 6% compared to $489.7 million for 2022. This change in operating expenses reflects:
An increase in water production expenses of $23.4 million , to $256.2 million in 2023 compared to $232.8 million in 2022, due to the higher cost of purchased water, partially offset by lower usage;
A decrease in the gain on sale of nonutility properties of $6.2 million due to the recording of a non-recurring sale of non utility properties in 2022, and no recorded gain on the sale of nonutility properties in 2023;
An increase in general and administrative expenses of $3.3 million primarily due to allowances for customer credit losses;
An increase in depreciation and amortization of $1.5 million primarily due to increases in depreciation related to new utility plant additions; partially offset by a $2.4 million one-time impact related to amortization on certain Cupertino concession assets in 2022; and
A decrease in maintenance expenses of $5.0 million primarily due to a one-time cost incurred in the prior year. In addition, our proactive asset management and advanced leak detection programs, which enable us to reduce emergency projects and replace them with scheduled improvements, also contributed to lower maintenance expenses for the year.
The effective consolidated income tax rates for 2023 and 2022 were approximately 7% and 10% , respectively. The lower effective tax rate for 2023 was primarily due to the partial release of an uncertain tax position reserve.
Note Regarding Fourth Quarter Operating Results
Comparisons between 2023 and 2022 fourth quarter operating results are affected by and reflect the delay in San Jose Water Company's (SJWC) 2022 to 2024 general rate case (GRC) proceeding. As a reminder, while the California Public Utilities Commission (CPUC) approved the settlement agreement and SJWC recorded the authorized revenue increase from the GRC in the fourth quarter of 2022, the revenue increase was retroactive to January 1, 2022. This delayed recognition of GRC-authorized revenues affects quarter-over-quarter comparisons through 2023.
As noted last quarter, the CPUC approved SJWC's request for reinstatement of the Water Conservation Memorandum Account (WCMA) and Water Conservation Expense Memorandum Account (WCEMA) on October 2, 2023. The WCMA and WCEMA are temporary revenue protection mechanisms that allow water utilities to track for potential future recovery revenue losses and incremental expenses in response to water conservation efforts. The mechanisms were no longer available after the end of the drought emergency on April 11, 2023. SJWC requested authorization to reinstate the mechanisms based on our water wholesaler’s, Valley Water, request for a voluntary 15% reduction in water usage. Valley Water has cited restricted local storage over the next decade and precipitation volatility as the basis for continuing voluntary conservation. The reinstated WCMA and WCEMA protections were retroactive to April 20, 2023 and remain in effect.
Quarterly Operating Results
Net income for the quarter ended December 31, 2023 was $18.9 million , or $0.59 per diluted share, a 43% decrease compared to $33.5 million , or $1.09 per diluted share, in the same quarter last year. The decrease was primarily driven by the delayed decision in SJWC's 2022 GRC proceeding and higher production costs in 2023.
Operating revenue for the quarter ended December 31, 2023 was $171.3 million , a slight decrease compared to $171.4 million for the same quarter last year. The decrease was primarily driven by SJWC's delayed 2022 GRC, which resulted in approximately $20.7 million being reflected entirely in the fourth quarter of 2022; partially offset by $12.5 million in rate filings, an increase of $6.6 million due to regulatory mechanism adjustments, customer growth of $0.8 million , and higher customer usage of $0.7 million driven primarily by weather conditions and the end of California mandatory water conservation requirements.
Operating expenses for the quarter ended December 31, 2023 were $134.8 million , up 11% compared to $121.0 million for the same quarter last year. This change in operating expenses reflects:
An increase in water production expenses of $11.6 million due to increased groundwater extraction charges, resulting in $64.7 million in water production expenses for the fourth quarter 2023 compared to $53.1 million in the same quarter last year;
An increase in taxes other than income tax of $1.1 million ;
An increase in depreciation and amortization of $0.9 million primarily due to increases in new utility plant additions;
A decrease in the gain on the sale of nonutility properties of $0.7 million due to the recording of a non-recurring sale of non utility properties in the fourth quarter 2022, and no recorded gain on the sale of nonutility properties in the fourth quarter 2023; and
A decrease in maintenance expenses of $3.2 million primarily due to costs incurred in the prior year related to the Order of Instituting Investigation settlement agreement.
The effective consolidated income tax rates for the fourth quarter of December 31, 2023 and 2022 were approximately 9% and 13% , respectively. The lower effective tax rate was primarily due to the partial release of an uncertain tax position reserve.
Capital Expenditures
In 2023 SJW Group invested $272 million in infrastructure and water supply, which exceeded our 2023 capital expenditures guidance of $255 million .
SJW Group plans to invest more than $1.6 billion in capital over the next 5 years to build and maintain its water and wastewater operations, including approximately $230 million to install treatment for per- and polyfluoroalkyl substances (PFAS), subject to regulatory approvals and availability of funding.
Rate Activity and Regulatory Updates
California
On December 28, 2023, the CPUC approved SJWC's Advice Letter 603 establishing a Group Insurance Balancing Account effective on January 1, 2024. The purpose of the account is to capture the difference between authorized and actual medical, dental, and opt-out insurance costs.
On January 1, 2024, new rates went into effect that included a WCCM-adjusted return on equity (ROE) of 10.01% , less 20 basis points (bps) for use of the WCMA, a 5.28% cost of debt, a capital structure of 54.55% equity, and a 7.75% overall rate of return (ROR) including the 20 bps ROE reduction due to the WCMA. On January 1, 2023, the ROE was 8.80% , the cost of debt was 6.20% , the capital structure was 53.28% equity, and the overall ROR was 7.64% .
On January 2, 2024, SJWC filed its 2024 GRC application with the CPUC for new rates spanning 2025 to 2027. The company proposed an increase over current authorized revenues of approximately $55.2 million , or 11.1% , in 2025, approximately $22.0 million , or 4.0% , in 2026, and approximately $25.8 million , or 4.5% , in 2027. SJWC is also proposing a 3-year $540 million capital expenditure program focusing on:
Treating PFAS in drinking water;
Reducing greenhouse gas emissions through solar generation, energy storage systems, continued electrification of our vehicle fleet, and expansion of our advanced leak detection program; and
Advancing the CPUC’s Environmental and Social Justice Action Plan by improving access to high-quality water service, climate resiliency, and economic and workforce development.
On February 2, 2024, SJWC, along with three other Class A California water utilities, received approval from CPUC granting a one-year deferment in their 2024 Cost of Capital (COC) filings to May 1, 2025 in response to the water utilities' request for a one-year postponement of their COC filings otherwise scheduled to be filed on May 1, 2024. This deferment alleviates administrative processing costs for both the water utilities and CPUC staff. The approved deferral includes a provision that the WCCM remains in place for 2025 and allows it to adjust up or down in accordance with movements of 100 bps or more in the Moody’s Aa Utility Bond Index between October 1, 2023 and September 30, 2024.
Connecticut
On October 3, 2023, The Connecticut Water Company (CWC) filed a GRC application with the Connecticut Public Utilities Regulatory Authority (PURA) to amend rates. CWC is requesting a $21.4 million , or approximately 18.1% , increase over current authorized revenues to recover approximately $135 million in drinking water and wastewater infrastructure investment, as well increased operating and borrowing costs. CWC expects any PURA authorized increase in rates to be effective on or about July 1, 2024.
Maine
On January 5, 2024, the Maine Public Utilities Commission approved a stipulation agreement between Maine Water Company (MWC) and the Office of the Public Advocate to settle MWC’s March 2023 rate application in the Biddeford Saco Division. Under the approved agreement, MWC annual revenues will increase by $2.6 million , or 17.6% , effective January 1, 2024. MWC had requested a $2.9 million revenue increase in March 2023 to cover the operating expenses and increased borrowing costs of the $60 million Saco River Drinking Water Resource Center that went in-service in June 2022.
Texas
On January 5, 2024, The Texas Water Company (TWC) filed an application with the Public Utilities Commission of Texas (PUCT) to acquire 3009 Water Company, a water system serving approximately 270 water customers in Comal County, Texas .
On January 26, 2024, TWC closed on the acquisition of Elm Ridge, a water system serving approximately 21 water customers in Comal County, Texas .
TWC's completed application for a system improvement charge (SIC) is pending before the PUCT. We expect the PUCT to issue a final decision on the application in the first quarter of 2024. The SIC would allow TWC to add certain utility plant additions made since 2020 to its rate base, thereby increasing revenue and avoiding the need for a general rate case in 2024. At the time of filing in December 2022, the SIC was projected to increase TWC’s annualized water revenue by $1.6 million , and sewer revenue by $29,000 within one year of the SIC's approval.
Corporate Responsibility Recognition
SJW Group was recently recognized in the Newsweek Excellence 1000 Index 2024. SJW Group was the highest ranked water utility company in the index, which ranks a select group of 1000 companies globally that have been identified as exemplars of corporate success and responsibility.
2024 Guidance
The following is the company’s 2024 full-year guidance:
Net income per diluted common share of $2.68 to $2.78 ; and
Regulated infrastructure investments of approximately $332 million in 2024
In addition, we reiterate our non-linear long-term diluted EPS growth of 5% to 7% , anchored off 2022's diluted EPS of $2.43 .
When considering the company's 2024 guidance relative to actual results in 2023, it is important to note that the company's adjustment to income tax reserves in 2023 resulted in an increase of $0.14 per diluted share.
Our guidance is subject to risks and uncertainties, including, without limitation, those factors outlined in the “Forward Looking Statements” of this release and the “Risk Factors” section of the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
Financial Results Call Information
Eric W. Thornburg, president, chief executive officer, and board chair, and Andrew F. Walters, chief financial officer and treasurer, will review results for 2023 in a live webcast presentation at 11 a.m. PT, or 2 p.m. ET, on Thursday, February 22, 2024.
Interested parties may access the webcast and related presentation materials at the website www.sjwgroup.com . An archive of the webcast will be available until April 22, 2024.
About SJW Group
SJW Group is among the largest investor-owned pure-play water and wastewater utilities in the United States , providing life-sustaining and high-quality water service to nearly 1.5 million people. SJW Group’s locally led and operated water utilities - San Jose Water Company in California , The Connecticut Water Company in Connecticut , The Maine Water Company in Maine , and SJWTX, Inc. (dba The Texas Water Company) in Texas - possess the financial strength, operational expertise, and technological innovation to safeguard the environment, deliver outstanding service to customers, and provide opportunities to employees. SJW Group remains focused on investing in its operations, remaining actively engaged in its local communities, and delivering continued sustainable value to its stockholders. For more information about SJW Group, please visit www.sjwgroup.com .
Forward-Looking Statements
This release 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,” “estimates,” “anticipates,” “intends,” “seeks,” “plans,” “projects,” “may,” “should,” “will,” 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.
These forward-looking statements involve a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) 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 and other decisions; (2) changes in demand for water and other services; (3) unanticipated weather conditions and changes in seasonality including those affecting water supply and customer usage; (4) the effect of the impact of climate change; (5) unexpected costs, charges or expenses; (6) our ability to successfully evaluate investments in new business and growth initiatives; (7) contamination of our water supplies and damage or failure of our water equipment and infrastructure; (8) the risk of work stoppages, strikes and other labor-related actions; (9) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, epidemic, or similar occurrences; (10) changes in general economic, political, business and financial market conditions; (11) the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, changes in interest rates, compliance with regulatory requirements, compliance with the terms and conditions of our outstanding indebtedness, and general market and economic conditions; and (12) legislative, and general market and economic developments. The risks, uncertainties and other factors may cause the actual results, performance or achievements of SJW Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Results for a quarter are not indicative of results for a full year due to seasonality and other factors. Other factors that may cause actual results, performance or achievements to materially differ are described in SJW Group’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC. Forward-looking statements are not guarantees of performance, and speak only as of the date made. SJW Group undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SJW Group
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands, except share and per share data)
Three months ended December 31,
Twelve months ended December 31,
2023
2022
2023
2022
OPERATING REVENUE
$
171,338
171,374
$
670,363
620,698
OPERATING EXPENSE:
Production Expenses:
Purchased water
34,928
38,021
135,982
122,334
Power
2,239
(1,498
)
9,602
8,889
Groundwater extraction charges
16,229
4,811
62,980
56,158
Other production expenses
11,257
11,802
47,636
45,409
Total production expenses
64,653
53,136
256,200
232,790
Administrative and general
26,897
24,030
98,656
95,404
Maintenance
6,916
10,083
25,729
30,734
Property taxes and other non-income taxes
9,383
8,330
34,475
32,572
Depreciation and amortization
26,996
26,075
105,868
104,417
Gain on sale of nonutility property
—
(665
)
—
(6,197
)
Total operating expense
134,845
120,989
520,928
489,720
OPERATING INCOME
36,493
50,385
149,435
130,978
OTHER (EXPENSE) INCOME:
Interest on long-term debt and other interest expense
(17,231
)
(15,902
)
(66,144
)
(58,062
)
Pension non-service (cost) credit
(324
)
2,163
(1,230
)
5,023
Other, net
1,840
1,691
8,882
4,385
Income before income taxes
20,778
38,337
90,943
82,324
Provision for income taxes
1,829
4,838
5,956
8,496
NET INCOME
18,949
33,499
84,987
73,828
Other comprehensive (loss) income, net
(106
)
2,242
314
1,640
COMPREHENSIVE INCOME
$
18,843
35,741
$
85,301
75,468
EARNINGS PER SHARE
Basic
$
0.59
1.10
$
2.69
2.44
Diluted
$
0.59
1.09
$
2.68
2.43
DIVIDENDS PER SHARE
$
0.38
0.36
$
1.52
1.44
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic
31,988
30,478
31,575
30,305
Diluted
32,068
30,618
31,663
30,424
Note: Certain prior period amounts on the condensed consolidated statements of comprehensive income have been reclassified to conform to the current period presentation.
SJW Group
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share data)
December 31,
2023
December 31,
2022
ASSETS
Utility plant:
Land
$
41,415
39,982
Depreciable plant and equipment
3,967,911
3,661,285
Construction in progress
106,980
116,851
Intangible assets
35,946
35,959
Total utility plant
4,152,252
3,854,077
Less accumulated depreciation and amortization
981,598
1,223,760
Net utility plant
3,170,654
2,630,317
Nonutility properties and real estate investments
13,350
58,033
Less accumulated depreciation and amortization
194
17,158
Net nonutility properties and real estate investments
13,156
40,875
CURRENT ASSETS:
Cash and cash equivalents
9,723
12,344
Accounts receivable:
Customers, net of allowances for uncollectible accounts of $6,551 and $5,753 on December 31, 2023 and December 31, 2022, respectively
67,870
59,172
Income tax
5,187
—
Other
3,684
5,560
Accrued unbilled utility revenue
49,543
45,722
Assets held for sale
40,850
—
Prepaid expenses
11,110
9,753
Current regulatory assets, net
4,276
19,740
Other current assets
6,146
6,095
Total current assets
198,389
158,386
OTHER ASSETS:
Regulatory assets, less current portion
235,910
246,035
Investments
16,411
14,819
Postretirement benefit plans
33,794
16,990
Other intangible asset
28,386
—
Goodwill
640,311
640,311
Other
8,056
7,323
Total other assets
962,868
925,478
TOTAL ASSETS
$
4,345,067
3,755,056
Note: Certain prior period amounts on the condensed consolidated balance sheets have been reclassified to conform to the current period presentation.
SJW Group
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share data)
December 31,
2023
December 31,
2022
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Stockholders’ equity:
Common stock, $0.00 1 par value; authorized 70,000,000 shares; issued and outstanding shares 32,023,004 on December 31, 2023 and 30,801,912 on December 31, 2022
$
32
31
Additional paid-in capital
736,191
651,004
Retained earnings
495,383
458,356
Accumulated other comprehensive income
1,791
1,477
Total stockholders’ equity
1,233,397
1,110,868
Long-term debt, less current portion
1,526,699
1,491,965
Total capitalization
2,760,096
2,602,833
CURRENT LIABILITIES:
Lines of credit
171,500
159,578
Current portion of long-term debt
48,975
4,360
Accrued groundwater extraction charges, purchased water and power
24,479
19,707
Accounts payable
46,121
29,581
Accrued interest
15,816
13,907
Accrued payroll
12,229
11,908
Income tax payable
—
2,696
Current regulatory liabilities
3,059
3,672
Other current liabilities
20,795
22,913
Total current liabilities
342,974
268,322
DEFERRED INCOME TAXES
238,528
218,155
ADVANCES FOR CONSTRUCTION
146,582
137,696
CONTRIBUTIONS IN AID OF CONSTRUCTION
326,451
323,668
POSTRETIREMENT BENEFIT PLANS
46,836
59,738
REGULATORY LIABILITIES, LESS CURRENT PORTION
461,108
118,760
OTHER NONCURRENT LIABILITIES
22,492
25,884
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES
$
4,345,067
3,755,056
Note: Certain prior period amounts on the condensed consolidated balance sheets have been reclassified to conform to the current period presentation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221538675/en/
Andrew F. Walters
Chief Financial Officer and Treasurer
408.279.7818
Andrew.Walters@sjwater.com
Daniel J. Meaney, APR
Director of Investor Relations
860.664.6016
Daniel.Meaney@ctwater.com
Source: SJW Group
What were SJW Group's diluted earnings per share in 2023?
SJW Group reported $2.68 diluted earnings per share in 2023, surpassing 2022's $2.43.
How much did SJW Group invest in infrastructure in 2023?
SJW Group invested $272 million in infrastructure in 2023, exceeding the guidance.
What was the return on equity in California as of January 1, 2024?
The return on equity in California as of January 1, 2024, was 10.01%.
What is SJW Group's 2024 guidance for diluted earnings per share?
The 2024 guidance for diluted earnings per share is $2.68 to $2.78.
How did SJW Group's quarterly net income compare between Q4 2023 and Q4 2022?
SJW Group's quarterly net income decreased by 43% in Q4 2023 compared to Q4 2022.
What was the change in operating expenses for SJW Group in Q4 2023 compared to Q4 2022?
Operating expenses increased by 11% for SJW Group in Q4 2023 compared to Q4 2022.