SJW Group reported strong financial performance for the third quarter and the first nine months of 2024, with notable increases in both revenue and net income compared to the same periods in 2023. For the three months ended September 30, 2024, operating revenue reached $225.1 million, a 10% increase from $204.8 million in Q3 2023. For the nine months ended September 30, 2024, total operating revenue was $550.6 million, up from $499.0 million in the prior year, also reflecting a 10% increase.
Operating expenses for Q3 2024 totaled $166.7 million, compared to $148.2 million in Q3 2023, while for the nine-month period, expenses rose to $423.8 million from $386.1 million. Despite the increase in expenses, operating income for Q3 2024 was $58.4 million, slightly up from $56.6 million in the same quarter of 2023. Net income for Q3 2024 was $38.7 million, an increase from $36.2 million in Q3 2023, while net income for the nine months ended September 30, 2024, was $71.0 million, compared to $66.0 million in the prior year.
The growth in revenue was primarily driven by rate increases in California and Connecticut, alongside customer growth in Texas. However, this was partially offset by higher water production expenses and decreased real estate revenue due to the sale of properties in Tennessee. The company reported a decrease in cash and cash equivalents to $3.97 million as of September 30, 2024, down from $9.72 million at the end of 2023.
Strategically, SJW Group completed the acquisition of KT Water Development in August 2023 for $7.34 million, enhancing its water rights and utility assets. Additionally, the company sold properties in Tennessee, resulting in a net pre-tax loss of $969,000 for the nine months ended September 30, 2024.
As of September 30, 2024, total assets increased to $4.55 billion from $4.35 billion at the end of 2023, with total stockholders’ equity rising to $1.33 billion. The company also reported an increase in regulatory assets and liabilities, reflecting ongoing adjustments related to water supply costs and pension obligations.
SJW Group continues to focus on its core business of providing water utility services while exploring opportunities for growth through acquisitions and strategic partnerships. The company remains committed to maintaining compliance with regulatory requirements and managing its financial health amid changing market conditions.
About SJW GROUP
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