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SJW GROUP ANNOUNCES 2021 THIRD QUARTER FINANCIAL RESULTS , REAFFIRMS 2021 GUIDANCE , AND DECLARES DIVIDEND ● 2021 diluted earnings of $ 1.43 per share Reaffirms 2021 guidance range of $ 1.85 to $ 2.05 per diluted share Dividend of $ 0.34 per share declared EXHIBIT 99.1 SAN JOSE , CA , October 28 , 2021 - SJW Group ( NYSE : SJW ) today reported financial results for the third quarter ended September 30 , 2021. SJW Group net income was $ 19.1 million for the quarter ended September 30 , 2021 , compared to $ 26.1 million for the same period in 2020. Diluted earnings per share were $ 0.64 and $ 0.91 for the quarters ended September 30 , 2021 and 2020 , respectively . Diluted earnings per share in 2020 includes $ 0.89 per share from ongoing operations and a non - recurring gain on the sale of real estate investments of $ 0.9 million ( net of tax ) or $ 0.03 per share , offset by non - recurring expenses related COVID - 19 related reserves and expenses of $ 0.3 million ( net of tax ) or $ 0.01 per share . Operating revenue was $ 166.9 million for the quarter ended September 30 , 2021 , compared to $ 165.9 million for the same period in 2020. The $ 1.0 million increase in revenue was primarily attributable to $ 7.6 million in cumulative water rate increases , $ 3.3 million in net recognition of certain regulatory mechanisms in Connecticut and Maine , and $ 1.8 million in the recognition of balancing and memorandum accounts , partially offset by $ 12.9 million decrease in year over year customer usage . Operating expenses for the quarter ended September 30 , 2021 , were $ 133.1 million , compared to $ 124.0 million in 2020 , an increase of $ 9.1 million . Operating expenses include water production expenses of $ 72.1 million in 2021 compared to $ 69.7 million in 2020 , an increase of $ 2.4 million . The increase in water production expenses was primarily attributable to $ 7.8 million in higher average per unit costs for purchased water , groundwater extraction , energy charges and other production expenses , and $ 1.2 million due to a decrease in surface water supply production , partially offset by $ 7.5 million in lower customer usage . General and administrative expenses increased $ 3.2 million primarily due to the cost of regulatory fees and regulatory proceedings , contracted work , and accounts receivable activities , partially offset by lower service provider fees . In addition , maintenance expense was $ 1.8 million higher and depreciation and amortization was $ 1.4 million higher . For the quarter ended September 30 , 2021 , compared to the same period in 2020 , the change in other expense and income was primarily due to the sale of a real estate investments of $ 1.1 million in the third quarter of 2020. No similar income was earned in the third quarter of 2021 . The effective consolidated income tax rates were approximately 13 % and 15 % for the quarters ended September 30 , 2021 and 2020 , respectively . The lower effective tax rate for the quarter ended September 30 , 2021 was primarily due to the impact of flow - through tax benefits . Year - to - date net income was $ 42.5 million , compared to $ 48.2 million in 2020. Diluted earnings per share were $ 1.43 in the first nine months of 2021 , compared to $ 1.68 per diluted share for the same period in 2020 . Diluted earnings per share in 2021 includes $ 1.37 per share from ongoing operations and non - recurring income related to the Texas Water Alliance Limited ( “ TWA ” ) holdback amount of $ 2.7 million ( net of tax ) or $ 0.09 per share , partially offset by non - recurring expenses related to the Texas ice storms of $ 0.8 million ( net of tax ) or $ 0.03 per share . Diluted earnings per share in 2020 includes $ 1.73 per share from ongoing operations and a non - recurring gain on the sale of real estate investments of $ 0.9 million ( net of tax ) or $ 0.03 per share , offset by non - recurring expenses related to the Connecticut Water Service , Inc. merger and integration fees of $ 1.0 million ( net of tax ) or $ 0.04 per share and COVID - 19 related reserves and expenses of $ 1.0 million ( net of tax ) or $ 0.04 per share . 1