South Jersey Industries Q2 Profit From Cont. Ops Down

(RTTNews) - South Jersey Industries Inc. (SJI) announced GAAP income from continuing operations for the second quarter 2013 of $0.9 million, or $0.03 per share, compared with income of $10.8 million, or $0.36 per share, for the second quarter 2012. GAAP results for 2013 were heavily impacted by unrealized mark-to-market losses on unsettled derivative contracts.

Income from continuing operations on an Economic Earnings basis for the second quarter 2013 was $9.9 million, or $0.31 per share, compared with $8.6 million, or $0.28 per share, for the same period last year.

The company maintains its targeted guidance of 4-8 percent growth in Economic Earnings for 2013, anticipating performance gains in the second half of 2013 to be realized from cumulative infrastructure spending by South Jersey Gas, and the impacts of improved operating efficiencies within our non-utility businesses. The company's long-term goal remains to grow earnings by an average of at least 6-7 percent annually.