$XX.X XXXX operating the reported and $XXX.X our million. quarter of revenue and business, close income fourth quarter, released fourth of net of the at Yesterday Eric. you, In million we results. Thank we
this favorably to XX% compares EPS Our reflecting share. diluted and $XX increase EPS reflecting XX% revenue an due of of and a for Case. the California increases XXXX the XX% of of period income revenue million, reflecting $XXX.X a fourth in increase. an $X.XX, The net significant million, quarterly the year to the This diluted true-up increase approval were of by quarter General per $X.XX prior the driven Rate of
of For million, compares XXXX, diluted $XX.X EPS of revenue a and to of which reflecting XX% X% a million million favorably XX% increase $XX.X reflecting we an revenue $X.XX. diluted of of net or reflected net increase. $XXX.X annual reported $XXX.X increase; income of EPS XXXX income $X.XX, a or million, This
diluted per per in share, you increase primarily better costs diluted XXXX actual contributing see, increases is share increase I which by attributable can per in XX% California year-over-year earnings As was will revenue share shortly. The production driven to that $X.XX. earnings for the also break for our cost match in $X.XX you of down
rate the new by in in infrastructure to our owned supply also in customers. in outcome were recovery that interest increase drive due addition per help as offset due administrative the investments. well the a benefit benefited customers increases investments for $X.XX break due an earnings as prior particularly that shortly, water company's of cost in water costs XXXX, in Inflation in share, general higher and as our fact, increase increases increases In supply partially employees in down impacted all. These which in depreciation to to will California, the to as investments welcome interest well
to Company in increase million Jose approved that compared $XX.X XXXX. XXXX. X, case As the in was promised, San the was rate quarter driven mostly revenue rate Water retroactive of The to the related January recognized X% increases by and and fourth in to million general $XX.X and cumulative increase water true-up revenue in a breakdown the
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water by a water call under supplier. declared to Company continues operate for wholesale As San mandatory conservation reminder, a our Water, Jose Water Valley
XX% to XXXX as compared in for consumption water declaration a reduction The XXXX. called
During business for customers. and by in for a usage XXXX, of our residential XX% customers approximately conservation X% California resulted decrease customers
about of the Also pricing water from year. a in in as and expenses modest million. $XX.X that by production energy some was X% promised, water expenses for was increase offsetting increases the There $X.X the recovery. increase XXXX primarily total production water balancing of in by detail decrease lower driven production-related costs Partially million expenses to and And and owned in customer in reduced memorandum an California was account that supply $XX.X in increase million in costs usage increase cost $X.X million. water
driven increase in other An to an in depreciation compared that total reflecting of $X.X $X.X to and expenses our was $XX general of costs million. assets instituting the labor million, of increase XX% operating The operating and primarily administrative an increase increase costs higher expenses prior and million year income investigation. the finally, by increased increase an than order in included from in maintenance utilities. million due $X.X other and of in And costs million $X.X taxes
$XX had long-lived the million through at the $X.X XX, on partially additions notes Water and Company's of and of XXXX expenses. bank December of drawn San XXXX. in for XXXX, million impairment the XXXX we million credit interest operating activities. on lines senior $XXX A quarter funded $XXX by of debt issuances share repeat was end Group and XXXX, did in fourth prices senior in utility $XX Two and Company's and offset At of SJW raised XX, equity million not assets debt Connecticut of short-term increased million $XXX Water competitive notes issuances; million rates. plant available Jose January financing our were and the XXXX
line of funding X, the borrowing rate XXXX secured approximately X.XX%. XXXX. advances borrowing was X.XX%. on The the credit which XXXX note, approximately the Of was period in X.XX% for overnight average rate The XX, February for rate X.XX% compared average on SOFR to January XXXX, during same was
period, same highlight compared XXXX. more and like The that nearly times effective XX% double rate treasury was tax rate doubled Also XX% for than were to XXXX XXXX. to the XX-year in over during at income the
per our $X.X $X.X million billion sorry, announcing our outlook billion. to $X.XX -- from guidance five-year XXXX billion investment to from are share and We of capital updating $X.XX $X.X diluted $X.X
to XXXX capital customers to Our infrastructure excluded California the share $X.XX the of reliably investments safe critical high-quality the the delay company's communities. to proceeding per our mission given of cost earnings water provide related are and decision. diluted adjustments to and in
cost included XXXX debt in company in the included guidance its testimony of range the adjustment While the CPUC. the
as Factors affecting and rate in continued impacting significant case a capital labor other the as guidance constructive costs well no decisions XXXX cost XXXX, include, expenses interest California. in ruling expected costs, inflation of
expenses. in on and significant To inflation it cost cost, XXXX, spend interest increases labor in a chemicals drove minute
As earlier, interest increased noted XXXX. dramatically I during costs
rates. low impact full to XXXX with expect compared of historically started those that the XXXX, increases We which will include
spend costs in estimated last and increase XXXX. Labor into increased year also an from year-end significantly continue XX% since compounded of increased XX% rate will at alone. XXXX XXXX to and Chemical
of some across chemical While changing the types was mix utilities. the of increases the inflation reflect and the acquisitions, factor universal water cost
impact than As rate water higher authorized I've are requirements lower necessary a interest markets currently the for environment the ROEs a average. factor and with capital. the supports on highlighted, in attract financing is California The utilities return national inflation ROE to significant certainly than
decision. consider an the ROE proceeding commission We the optimistic increased all factors supportive ROE that its in and when the capital proposed a for cost are our for strong will to of commission made case making for application the the
comment While proceeding, I a on outcome. constructive further the for can't hopeful remain we
As in adjustment inflationary forward a the rate California final cases of impacts. Utility offset mechanisms the that note has on inflation, inflation some our help
of rate on our impacts inflationary should reduce and investments to Our in that execute the that help made discuss with a of company Bruce in and further will plans system. number XXXX cases recovery help
is instituting EPS X% EPS five-year The rate. $X.XX. XXXX diluted for of The new long-term anchored growth X%, company growth is guidance to off of target
not timing. and relative the utility each growth Importantly, rate linear is be case contributions given expected to year-over-year of the
With call that, Bruce. I turn over to the
