SJW Group (NYSE:SJW) Q1 2024 Earnings Call Transcript April 26, 2024 2:00 PM ET

Company Participants

Andrew Walters - CFO
Eric Thornburg - Chairman, President and CEO

Conference Call Participants

Richard Sunderland - JP Morgan
Gregg Orrill - UBS

Operator

Good day and thank you for standing by. Welcome to the SJW Group Q1 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Andrew Walters, Chief Financial Officer. Please go ahead.

Andrew Walters

Thank you, operator. Welcome to the first quarter 2024 financial results conference call for SJW Group. I will be presenting today with Eric Thornburg, Chair of the Board, President and Chief Executive Officer. For those of you who would like to follow along, slides accompanying our remarks are available on our website at sjwgroup.com.

Before we begin today, I would like to remind you that this presentation and the related materials posted on our website may contain forward-looking statements. These statements are based on estimates and assumptions made by the company in light of its experience, historical trends, current conditions and expected future results, as well as other factors that the company believes are appropriate under the circumstances. Many factors could cause the company's implied or actual results and performance to differ materially from those expressed or implied by the forward-looking statements. For a description of some of the factors that could cause actual results to be different from statements in this presentation, we refer you to the financial results press release and our most recent forms 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission, copies of which may be obtained on our website. All forward-looking statements are made as of today, and SJW Group disclaims any duty to update or revise such statements. As you will have an opportunity to ask questions at the end of the presentation. And as a reminder, this webcast is being recorded and an archive of the webcast will be available until July 24, 2024. You can access the press release and the webcast at our corporate website.

I will now turn the call over to Eric Thornburg. Eric?

Eric Thornburg

Welcome, everyone and thank you for joining us. My name is Eric Thornburg and it is my honor to serve as Chair, President and CEO of SJW Group. I'm pleased to share that in the first quarter of 2024, we met drinking water and environmental regulations, delivered on our public health and environmental stewardship commitments, and provided high quality water and service to customers. We also laid the foundation for a strong year by working constructively with regulators to secure approval of a general rate case in Maine and an infrastructure surcharge in Texas, investing $69 million in water and wastewater utility infrastructure, which constitutes approximately 21% of our $332 million 2024 capital expenditure plan and benefiting customers by executing our capital sourcing initiative and leveraging our national scale to save an anticipated $1.5 million through cost reduction and cost avoidance in 2024. We delivered earnings per diluted share of $0.36 in the first quarter. We will talk more about this and the solid progress made on being a force for good as part of executing our strategic plan.