South Jersey Industries (SJI: Quote) reported that its first-quarter net income increased to $54.08 million or $1.78 per share, from $51.45 million or $1.72 per share in the same quarter last year.
GAAP income from continuing operations for the first quarter 2012 was $54.2 million, or $1.79 per share, as compared with income of $51.8 million, or $1.73 per share, for the first quarter 2011.
Income from continuing operations on an Economic Earnings basis for the first quarter 2012 was $50.0 million, or $1.65 per share, compared with $48.9 million, or $1.63 per share, for the same period last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.68 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter declined to $274.83 million from $331.92 million in the prior year quarter. Two analysts had consensus revenue estimate of $358.20 million for the quarter.
The company expects Economic Earnings per Share growth of 4%-to-8%, which equates to $3.01 to $3.12 per share for the full year 2012. Analysts expect the company to report earnings of $3.13 per share for fiscal 2012.
The company noted that its long-term goal remains to grow Economic Earnings by an average of 6%-to-7% annually.
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by RTT Staff Writer
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