SJW Group reported a consolidated net income of $16.6 million for the first quarter of 2025, marking a 41% increase from $11.7 million in the same period of 2024. This growth was primarily driven by rate increases in California and Connecticut, which contributed to a 12% rise in total operating revenue, reaching $167.6 million compared to $149.4 million in the prior year. Revenue from contracts with customers increased to $164.9 million, up from $150 million, while alternative revenue programs and other balancing accounts also showed positive adjustments.
The company's financial position showed significant changes compared to the previous fiscal period. Total assets rose to $4.73 billion as of March 31, 2025, up from $4.66 billion at the end of 2024. Notably, cash and cash equivalents increased to $23.7 million from $11.1 million, reflecting improved liquidity. Stockholders' equity also grew to $1.4 billion, driven by net income and stock issuances, which included the sale of 495,900 shares under a new equity distribution agreement that generated $26.5 million in net proceeds.
Operationally, SJW Group served approximately 404,000 connections and provided wastewater services to around 4,000 connections, serving a combined population of over 1.6 million across California, Connecticut, Maine, and Texas. The company reported a slight increase in customer counts, with a 1% rise in consumption contributing to revenue growth. However, water production expenses also increased by 6% due to higher costs associated with purchased water and groundwater extraction, which were impacted by regulatory adjustments.
Looking ahead, SJW Group anticipates continued capital investments, with budgeted capital expenditures for 2025 estimated at $451 million. The company is focused on upgrading and expanding its facilities to meet regulatory requirements and customer demand. Additionally, the company is actively pursuing opportunities for strategic acquisitions to enhance its service offerings. Management remains optimistic about future growth, although they acknowledge potential risks associated with regulatory changes and market conditions that could impact financial performance.
About SJW GROUP
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