SJW: Q2 Earnings Snapshot
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SAN JOSE, Calif. (AP) SJW Corp. (SJW) on Thursday reported second-quarter earnings of $20.8 million.
The San Jose, California-based company said it had profit of 69 cents per share. Earnings, adjusted for non-recurring gains, came to 60 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.
The parent of San Jose Water Co. posted revenue of $152.2 million in the period.
SJW expects full-year earnings to be $1.85 to $2.05 per share.
SJW shares have declined nearly 1% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $68.86, an increase of nearly 6% in the last 12 months.
Mandatory water restrictions likely for Santa Clara County residents as feds cut supply
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An aerial view of the dam and homes below it at Anderson Reservoir in February 2020. Anderson Lake is Valley Water’s largest reservoir and is now drained for earthquake repairs.LiPo Ching/Special to The Chronicle
Santa Clara County is likely to be the next Bay Area locale to face mandatory water restrictions as California’s drought escalates.
Officials at the Santa Clara Valley Water District said Wednesday they’re worried about meeting the region’s water demands after the U.S. Bureau of Reclamation announced earlier in the day that it was reducing water shipments to the district by more than half.
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