SJW Group on July 25 reported net income of $12.9 million, or 62 cents per share, in the second quarter of 2018, down from $18.7 million, or 90 cents per share, a year ago.
Operating revenue also declined year over year to $99.1 million from $102.1 million. The water utility attributed the decline to a $10.9 million decrease in the net recognition of certain balancing and memorandum accounts.
Water production expenses totaled $39.9 million in the most recent period, compared to $38.8 million in the 2017 second quarter. Operating expenses, excluding water production costs, increased to $36.4 million from $31.4 million year over year.
The utility will pay a quarterly common stock dividend of 28 cents per share on Sept. 4 to shareholders of record Aug. 6.
SJW Group has a merger of equals transaction with Connecticut Water Service Inc. The utilities recently filed a new application for their proposed deal with the Connecticut Public Utilities Regulatory Authority following the completion of a go-shop period.