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South Jersey Industries Q2 results beat estimates

South Jersey Industries Inc. on Aug. 8 posted adjusted net income of $5.5 million, or 7 cents per share, for the second quarter, up from $4.5 million, or 6 cents per share, in the prior-year period.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was 4 cents per share.

The company reported a GAAP loss of $93.8 million, or a loss of $1.12 per share, compared to a loss of $7.6 million, or 10 cents per share, in the year-ago quarter.

"Results in our marketing and fuel management businesses coupled with the record utility performance produced economic earnings through the first six months of 2018 that exceeds all of 2017," said Mike Renna, president and CEO of SJI. "This quarter was also marked by several historic milestones tied to our business transformation efforts including the closing of the Elizabethtown Gas Co. Inc. and Elkton Gas Co. acquisitions and the inking of an agreement to optimize the value of our solar assets."

South Jersey Industries reaffirmed its 2018 economic earnings guidance of $1.57 to $1.65 per fully-diluted share, excluding impacts of acquisitions and divestitures.