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'Robust utility performance' boosts South Jersey Industries Q1 results

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'Robust utility performance' boosts South Jersey Industries Q1 results

onMay 5 reported 2016 first-quarter economic earnings of $57.0 million, or 80cents per share, compared to $58.9 million, or 86 cents per share, during theprior-year period.

TheS&P Capital IQ first-quarter consensus estimate for normalized EPS was 80cents, with five analysts reporting.

SouthJersey posted income from continuing operations of $68.2 million, or 95 centsper share, compared to $53.9 million, or 79 cents per share, during the sameperiod in 2015.

"Robustperformance in our utility, complemented by a 56% year-over-year increase inearnings from our commodity business and improved operations from our energyproduction business, nearly offset an $8.5 million year over year plannedreduction in investment tax credits," South Jersey President and CEOMichael Renna said in a statement.

SouthJersey expects its gas utility operations to contribute 67% to 70% to thecompany's 2016 earnings, while its non-utility segments South Jersey EnergyGroup and South Jersey Energy Services are expected to contribute 18% to 23%and 10% to 15%, respectively, according to the earnings release.