South Jersey Industries (SJI) Tops Q1 EPS by 4c, Revenues Miss

South Jersey Industries (NYSE: SJI) reported Q1 EPS of $1.15, $0.04 better than the analyst estimate of $1.11. Revenue for the quarter came in at $534.11 million versus the consensus estimate of $598.28 million.

• First Quarter 2020 GAAP earnings of $1.09 per diluted share compared to $0.94 per diluted share in 2019
• First Quarter 2020 Economic Earnings* of $1.15 per diluted share compared to $1.09 per diluted share in 2019
• First quarter results reflect increased profitability from Utility operations partially offset by decreased profitability from Non-Utility operations and impact of financing activities
• COVID-19: Operations and delivery of natural gas to customers has not been materially impacted; incremental operating costs have been incurred for emergency response; some construction activity has ceased in line with governmental directives; capital markets steps completed to strengthen liquidity and support 2020 capital plan
• Continuing execution of key initiatives - Efficient integration of ETG including TSA exit, execution of critical infrastructure modernization programs, and progress on regulatory initiatives including SJG base rate case
• 2020 ongoing economic earnings affirmed $1.50-$1.60 per diluted share; SJI continues to monitor operations, market conditions and business development initiatives for future impacts to financial projections

"This is a challenging time for our customers and communities, and our continuing priority remains the safety of our 1,100 employees and assuring critical gas delivery to the more than 700,000 customers we are honored to serve,” said Mike Renna, SJI President and Chief Executive Officer. "While we have thus far witnessed a minimal financial impact from the pandemic, which is consistent with our first quarter results, we are continually monitoring all facets of our operations and will communicate any future impacts to our financial projections. Our long-term focus remains on addressing critical infrastructure investments to modernize our system, new projects to ensure adequate supply and system redundancy, and new investments that will lower consumption and the carbon content of natural gas in support of New Jersey's Energy Master Plan," added Renna.

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

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