South Jersey Industries (SJI) Misses Q2 EPS by 9c

South Jersey Industries (NYSE: SJI) reported Q2 EPS of $0.03, $0.09 worse than the analyst estimate of $0.12.

Earnings included the write-down of the company`s investment related to the central energy facility at the former Revel casino property.

"The decision to write down our investment in the energy assets at Revel enables us to focus our full attention and efforts on the areas of our business that will drive SJI`s growth in 2015 and beyond," said President and CEO Michael J. Renna. "As a result of this write-down, and the lack of operating income previously associated with the facility, we are revising our 2015 Economic Earnings per share guidance to a range of $1.49 to $1.54. If we exclude all impacts associated with Revel for both 2014 and 2015, our Economic Earnings per share guidance in 2015 would reflect growth in the range of four to eight percent."

"Operating performance across our core business lines continues to deliver strong results, a trend we expect to maintain. As we move toward our goal of achieving at least $150 million of Economic Earnings by 2020, we anticipate strong growth from our utility and increasing contributions from our commodity marketing and fuel supply management business lines," Renna added. "These items, combined with expected contributions from our ownership interest in the Penn East pipeline, will not only drive substantial earnings growth, but will also improve the quality of earnings by delivering more regulated and repeatable, multi-year earnings streams."

For earnings history and earnings-related data on South Jersey Industries (SJI) click here.

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