SJI Reports Second Quarter 2022 Results – Press Release


FOLSOM, NJ , Aug. 03, 2022 (GLOBE NEWSWIRE) —

Investor Contact:
Daniel Fidell
609-561-9000 x7027
[email protected]
 
Media Contact:
Dominick DiRocco
609-561-9000 x4262
[email protected]

SJI Reports Second Quarter 2022 Results
Acquisition Proceeding on Track

FOLSOM, NJ (August 3, 2022) – SJI SJI today reported operating results for the second quarter ended June 30, 2022. Highlights include:

  • Q2 2022 GAAP earnings $(0.15) per diluted share compared to $(0.87) per diluted share in 2021 Economic Earnings* $0.05 per diluted share compared to $0.02 per diluted share in 2021
  • YTD 2022 GAAP earnings $0.90 per diluted share compared to $0.30 per diluted share in 2021 Economic Earnings $1.27 per diluted share compared to $1.22 per diluted share in 2021
  • YTD Economic EPS improvement reflects increased profitability from both Utility and Non-Utility operations and the impact of financing activities
  • Acquisition by Infrastructure Investment Fund (IIF) on track; Closing expected in Q4 2022
  • Regulatory initiatives advancing — SJG new Infrastructure Investment Program (IIP) authorized; Base rate cases for ETG/SJG proceeding on schedule
  • RNG production at ten dairy farms under development; Expected in-service in 2022/2023

“Our businesses have performed very well year-to-date, and we remain on track to achieve our financial goals in 2022,” said Mike Renna, SJI President and Chief Executive Officer. “Our regulatory initiatives and clean energy investments targeting enhanced infrastructure safety, reliability and decarbonization continue to advance. And our acquisition by IIF continues to secure requisite approvals, with closing of the transaction expected later this year,” added Renna.

    Three Months Ended June 30, 2022   Three Months Ended June 30, 2021
    GAAP GAAP Economic Economic   GAAP GAAP Economic Economic
    Earnings EPS Earnings EPS   Earnings EPS Earnings EPS
Utility   $ 1.5   $ 0.01   $ 2.8   $ 0.02     $ 3.3   $ 0.03   $ 3.3   $ 0.03  
Non-Utility   $ (11.3 ) $ (0.09 ) $ 12.7   $ 0.10     $ (90.7 ) $ (0.82 ) $ 8.1   $ Read Full Story