SOUTH JERSEY INDUSTRIES, INC. FOLSOM, NJ (February 24, 2021) - SJI (NYSE: SJI) today reported operating results for its 2020 full year and fourth quarter ended December 31, 2020. Highlights include:
- 2020 GAAP earnings of $1.62 per diluted share compared to $0.84 per diluted share in 2019
- 2020 Economic Earnings* of $1.68 per diluted share compared to $1.12 per diluted share in 2019
- 2020 GAAP/Economic Earnings include $0.13 per diluted share in nonrecurring items - adjustments for certain tax benefits ($.07), adjustments to SJG's rate design ($.03) and pipeline supplier refunds ($.03)
- Significant improvement in 2020 financial results, despite historic challenge of COVID pandemic, driven by increased profitability from Utility and Non-Utility operations
- 2020 highlights include positive resolution of SJG base rate case, targeted clean energy investment in support of regional goals, and regulatory proposals in support of safety and reliability, energy efficiency, decarbonization and job creation
- Dividend increased to indicated annual $1.21 per share, reflecting 22 consecutive years of rising dividends
- Consistent with SJI's decarbonization commitment, we have acquired a minority interest in REV LNG, LLC - a company specializing in the development, production and transportation of renewable natural gas (RNG), liquefied natural gas and compressed natural gas - along with the rights to develop anaerobic digesters at a portfolio of dairy farms to produce RNG (see pg. 6 for additional details)
- Financial growth outlook for 2021 and beyond to be outlined at Virtual Investor Day in May
'We are pleased to report solid growth in 2020 economic earnings despite one of the most challenging years in the history of our country' said Michael Renna, SJI President and Chief Executive Officer. 'With the unyielding commitment of our dedicated and talented employees, we successfully executed our mission to provide safe, reliable and affordable natural gas to more than 700,000 customers across New Jersey while achieving significant progress to becoming a 21st century infrastructure company delivering the clean energy of the future. Our investment in REV, as well as pending regulatory proposals in support of accelerated infrastructure modernization and energy efficiency, are expected to positively impact our financial metrics and advance our decarbonization goals. We are currently incorporating these investments and initiatives into our plans and look forward to sharing our vision for the future with you at our upcoming Investor Day in May,' added Renna.
Q4 2020 Earnings Press Release
SJI (NYSE: SJI), an energy services holding company based in Folsom, NJ, delivers energy services to its customers through three primary subsidiaries. SJI Utilities, SJI's regulated natural gas utility business, delivers safe, reliable, affordable natural gas to approximately 700,000 South Jersey Gas and Elizabethtown Gas customers in New Jersey. SJI's non-utility businesses within South Jersey Energy Solutions promote efficiency, clean technology and renewable energy by providing customized wholesale commodity marketing and fuel management services; and developing, owning and operating on-site energy production facilities. SJI Midstream houses the company's interest in the PennEast Pipeline Project. Visit sjindustries.com for more information about SJI and its subsidiaries.
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SJI - South Jersey Industries Inc. published this content on 24 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2021 22:13:05 UTC.
