NASDAQ$HTO
H2O America · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
SJW Group's financial performance increased, driven by rate filings and strategic execution.
SJW Group reported a strong second quarter with net income increasing by 58% to $18.3 million, or $0.58 per diluted share, compared to the same quarter last year. The increase was primarily driven by rate filings in California and Maine, the delay in SJWC's 2022 GRC, and a decrease in income taxes due to the release of uncertain tax position reserve. Operating revenue increased by 5% to $156.9 million.
- Diluted earnings per share increased to $0.58, up from $0.38 in the same quarter last year.
- Invested $115.7 million in infrastructure projects during the first half of 2023.
- Received a constructive California Cost of Capital Decision, providing a Water Cost of Capital Mechanism (WCCM)-adjusted return on equity of 9.31%.
- Declared a quarterly dividend of $0.38 per share.
Headline financials
Revenue & EPS history
SJW Group · Revenue · Quarterly
$157M
Forward guidance
SJW Group reaffirms the company’s 2023 full-year guidance:
Tailwinds
- 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
- Regulated infrastructure investments of approximately $255 million in 2023
- Continued inflation affecting interest costs, labor costs and other expenses
- Usage recovery associated with the end of mandatory water conservation
Headwinds
- No significant rate cases expected in 2023
- Changes in the effective tax rate
- Assumes typical weather conditions in California, Maine and Texas
- Revenue protection in Connecticut via the Water Revenue Adjustment that reconciles actual revenues to authorized revenues
- Guidance is also subject to risks and uncertainties
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+0.5%
Avg return
Earnings day
+0.5%
Avg return
5 days after
+0.4%
Avg return
30 days after
45%
29 / 64 earnings
Positive
+13.6%
Q3 2016
Best reaction
-8.3%
Q1 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.7% | -3.3% | -2.4% | |
| Q3 2025 | -3.4% | -9.4% | -9.2% | |
| Q1 2025 | +6.1% | +3.2% | -1.8% | |
| Q4 2024 | -1.9% | +2.2% | +0.6% | |
| Q3 2024 | -0.4% | -2.7% | -2.0% | |
| Q2 2024 | +5.6% | +3.5% | -0.2% | |
| Q1 2024 | -3.0% | -1.2% | +0.4% | |
| Q4 2023 | -3.1% | -4.8% | -7.0% | |
| Q3 2023 | +6.5% | +10.8% | +9.8% | |
| Q2 2023 | -1.7% | -1.9% | -6.3% | |
| Q1 2023 | -0.3% | +1.0% | +0.8% | |
| Q4 2022 | +0.7% | +1.1% | -1.2% | |
| Q3 2022 | +7.1% | +5.9% | +15.1% | |
| Q2 2022 | +0.8% | +2.7% | +1.5% | |
| Q1 2022 | -2.3% | -5.7% | -1.6% | |
| Q4 2021 | +1.2% | +0.4% | +5.6% | |
| Q3 2021 | -3.3% | +3.5% | -2.3% | |
| Q2 2021 | +1.6% | +2.2% | +1.0% | |
| Q1 2021 | -1.5% | -0.5% | -2.2% | |
| Q4 2020 | -2.1% | -3.9% | -12.8% | |
| Q3 2020 | -1.6% | +2.3% | +4.1% | |
| Q2 2020 | +9.5% | +3.9% | -2.4% | |
| Q1 2020 | -2.6% | -1.7% | +8.5% | |
| Q4 2019 | -6.9% | -7.9% | -19.3% | |
| Q3 2019 | -1.1% | -2.9% | -3.2% | |
| Q2 2019 | -0.3% | +0.4% | +1.0% | |
| Q1 2019 | -1.0% | -0.6% | +2.8% | |
| Q4 2018 | +0.1% | +1.0% | +3.1% | |
| Q3 2018 | +3.3% | +2.5% | +5.9% | |
| Q2 2018 | -2.7% | -4.1% | -14.1% | |
| Q1 2018 | +6.4% | +7.9% | +10.9% | |
| Q4 2017 | +6.0% | +5.4% | -3.1% | |
| Q3 2017 | -0.4% | -2.2% | +6.5% | |
| Q2 2017 | -4.3% | +4.2% | +8.0% | |
| Q1 2017 | -4.2% | -5.4% | -7.5% | |
| Q4 2016 | -1.9% | -1.9% | -2.4% | |
| Q3 2016 | +13.6% | +12.8% | +21.6% | |
| Q2 2016 | +3.0% | +1.1% | +9.3% | |
| Q1 2016 | -8.3% | — | — | |
| Q4 2015 | +5.5% | — | — | |
| Q3 2015 | -3.1% | — | — | |
| Q2 2015 | +0.5% | — | — | |
| Q1 2015 | -4.1% | — | — | |
| Q4 2014 | -5.7% | — | — | |
| Q3 2014 | +2.9% | — | — | |
| Q2 2014 | -0.3% | — | — | |
| Q1 2014 | -0.8% | — | — | |
| Q4 2013 | +4.8% | — | — | |
| Q3 2013 | -6.0% | — | — | |
| Q2 2013 | +0.9% | — | — | |
| Q1 2013 | -0.9% | — | — | |
| Q4 2012 | -2.0% | — | — | |
| Q3 2012 | -0.1% | — | — | |
| Q2 2012 | +1.9% | — | — | |
| Q1 2011 | +0.0% | — | — | |
| Q1 2012 | +0.9% | — | — | |
| Q4 2009 | -0.3% | — | — | |
| Q4 2011 | -0.3% | — | — | |
| Q3 2010 | +6.9% | — | — | |
| Q3 2011 | +6.9% | — | — | |
| Q2 2011 | +2.5% | — | — | |
| Q2 2010 | +2.5% | — | — | |
| Q4 2010 | +2.5% | — | — | |
| Q1 2010 | +3.7% | — | — |
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