2023 Earnings Guidance
Guidance for 2023 is based on constructive outcomes in the SJWC Cost of Capital proceeding in California currently in progress, a GRC in Maine’s Biddeford-Saco Division scheduled to be filed in the first quarter of 2023, and Water Infrastructure and Conservation Adjustment filed on January 26, 2023 in Connecticut. It further assumes average weather conditions in Maine and Texas, and revenue protection in California and Connecticut with the WCMA that assists in the recovery of revenues impacted due to drought related conservation and WRA that reconciles actual revenues to authorized revenues, respectively.
The following is the company’s 2023 full-year guidance:
- 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; and
- Regulated infrastructure investments of approximately $255 million in 2023.
Our guidance is subject to risks and uncertainties, including, without limitation, those factors outlined in the “Forward Looking Statements” of this release and the “Risk Factors” section of the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
“Our guidance for 2023 also reflects a significant investment we are making in our workforce. We have highly trained and passionate employees who deliver outstanding service to customers and communities and they are also feeling the effects of inflation,” stated Thornburg. “We are increasing wages across the board at an amount that is substantially higher than wage increases in past years to retain our existing people and recruit top talent when there are vacancies.”
