SJW - SJW GAAP EPS of $0.37 beats by $0.15 revenue of $137.3M beats by $5.3M

2023-05-01 07:31:46 ET

• SJW press release ( NYSE: SJW ): Q1 GAAP EPS of $0.37 beats by $0.15 .
• Revenue of $137.3M (+10.5% Y/Y) beats by $5.3M .
• The increase was primarily driven by $17.4 million in rate filings and customer growth of $1.0 million; partially offset by lower customer usage of $6.6 million driven primarily by weather conditions.

• In consideration of first quarter results, SJW Group reaffirms the company’s 2023 full-year guidance:

  • Net income per diluted common share of $2.40 to $2.50;
  • Non-linear long-term diluted EPS growth of 5% to 7%, anchored off of 2022 diluted EPS of $2.43; and
  • Regulated infrastructure investments of approximately $255 million in 2023.

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