South Jersey Industries (SJI) Tops Q3 EPS by 16c; Offers FY20 EPS Guidance

South Jersey Industries (NYSE: SJI) reported Q3 EPS of ($0.06), $0.16 better than the analyst estimate of ($0.22). Revenue for the quarter came in at $261.55 million versus the consensus estimate of $261.28 million.

• Q3 2020 GAAP earnings of $(0.10) per diluted share compared to $(0.38) per diluted share in 2019
• Q3 2020 Economic Earnings* of $(0.06) per diluted share compared to $(0.30) per diluted share in 2019
• Third quarter results reflect increased profitability from Utility and Non-Utility operations partially offset by impact of financing activities; ITC's related to clean energy investments contributed $0.12 per diluted share
• Successful execution of key initiatives, including positive resolution of SJG base rate case, targeted clean energy investments in support of regional goals, and new regulatory proposals supporting enhanced energy efficiency
• 2020 ongoing economic earnings guidance now expected at upper end of $1.50-$1.60 per diluted share
• 2020 capital expenditures of ~$600 million affirmed, with ~$500 million for utility growth, safety and reliability

"I am pleased to report our business operations continue to function effectively during the pandemic with a minimal financial impact, thanks in large part to the dedication and commitment of our exceptional employees," said Mike Renna, SJI President and Chief Executive Officer. "The successful execution of our business priorities has allowed us to provide steady improvement for a fourth consecutive quarter and update our 2020 ongoing economic earnings guidance to the upper end of the range. We remain committed to supporting economic recovery efforts in New Jersey, addressing critical infrastructure investments to modernize our system and ensure adequate supply and system redundancy, and investments that will lower consumption and the carbon content of natural gas in support of our region's clean energy goals," added Renna.

GUIDANCE:

South Jersey Industries sees FY2020 EPS of $1.50-$1.60, versus the consensus of $1.55.

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

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