SJW Group (NYSE: SJW) shares moved upward Monday, on reporting financial results for the first quarter ended March 31, 2023.
Net income for the quarter was $11.5 million, up 209% compared to $3.7 million in the same quarter last year. The increase was primarily driven by rate filings in California and Maine, and the delay in SJWC's 2022 GRC.
Operating revenue for the quarter was $137.3 million, up 10% compared to $124.3 million for the same quarter last year. 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.
Operating expenses for the quarter were $112.1 million, up 4% compared to $107.7 million for the same quarter last year.
"We are pleased with our financial results for the quarter, which demonstrate the strength of our water utility operations and our commitment to providing high-quality and reliable water service to our customers, said CEO Eric Thornburg, “We continued to deliver on our growth strategy by investing in our water supply and infrastructure across our local operations, securing the approval of four general rate cases in Maine and an infrastructure surcharge in Connecticut, and advancing the regulatory process for our Texas acquisition announced earlier this year. Our strong operating performance and continued strategic execution position us well for the future."
SJW shares began Monday advanced $1.70, or 2.2%,to $77.61.
