Significant Increase in Net Income
SJW Group reported a nearly 41% increase in net income from the first quarter of 2024 on a GAAP basis, reflecting strong financial performance and execution of growth strategies.
Revenue Growth
The company reported revenue of $167.6 million, marking a 12% increase over the $149.4 million reported in 2024, primarily due to rate increases in California and Connecticut.
Successful Rate Case Approvals
San Jose Water's 2025 to 2027 general rate case was delivered on time and effective January 1, with Connecticut Waters' filings also approved.
Strong Earnings per Share
Earnings per diluted share stood at $0.49, with adjusted non-GAAP earnings per diluted share at $0.50, affirming the company's strong financial position.
Capital Investment and Growth Strategy
In Q1, $78 million was invested in water and wastewater utility infrastructure across four states, and the company is on track to meet its 2025 capital plan.