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SJI reported its second quarter 2021 results with a GAAP loss of $(96.7) million or $(0.87) per diluted share, compared to a loss of $(2.6) million or $(0.03) in Q2 2020. Economic earnings showed improvement at $2.0 million or $0.02 per diluted share, up from $(0.9) million in the prior year.
Year-to-date, GAAP earnings fell to $32.1 million, down from $98.5 million in 2020, while economic earnings rose to $130.9 million from $106.0 million. SJI reaffirms its economic earnings guidance for 2021 at $1.55 to $1.65 per share and capital expenditures between $740 million to $780 million.
SJI will host its Second Quarter 2021 Earnings Conference Call on August 5, 2021, at 11:00 A.M. ET. The company will release its financial results on August 4, 2021, after market close. The call will be led by Michael J. Renna, President and CEO, along with senior management. Investors can access the call via toll-free and international numbers or through the web broadcast, which will be archived for 30 days. SJI provides energy services through several subsidiaries, including SJI Utilities and South Jersey Energy Solutions.
SJI has released its 2020 Environmental, Social, and Governance (ESG) Report, showcasing its commitment to sustainability and corporate governance. The report emphasizes the company's resilience during the global pandemic and its efforts to support stakeholders while progressing as a clean energy provider. Features of the report include enhanced transparency, improved data disclosures, and a focus on addressing key ESG topics. The mobile-responsive report is part of SJI's ongoing strategy to balance environmental and social responsibilities with business operations.
SJI (NYSE: SJI) announced key executive promotions amid an organizational transition following the retirement of Dave Robbins, President of SJI Utilities, effective August 1, 2021. Melissa Orsen will become the first woman president of SJI Utilities, taking over from Robbins, while Brent Schomber will step into her former role as President and COO of South Jersey Gas. Leonard Brinson and Eric Stein have been promoted to Senior Vice Presidents, continuing to drive strategy within the leadership team. The changes aim to bolster SJI's growth and operational excellence.
SJI Honored with Esri's SAG Award
SJI received Esri's Special Achievement in GIS Award during a virtual conference, recognized for its innovative use of mapping and analytics technology in the utility sector. Out of 300,000 candidates, SJI stood out for its leadership and successful implementation of Esri's ArcGIS® Enterprise platform, enhancing leak management and business processes. The award highlights SJI's commitment to technological innovation, especially post-acquisition of Elizabethtown and Elkton Gas.
SJI will host its Second Quarter 2021 Earnings Conference Call on August 5, 2021, at 11:00 A.M. ET. The financial results will be released on August 4, 2021, after market closure. SJI provides energy services through its subsidiaries, serving approximately 700,000 customers in New Jersey. The call can be accessed via toll-free and international numbers or through an internet webcast, archived for 30 days.
SJI (NYSE: SJI) has been awarded a significant Offshore Wind Renewable Energy Certificate (OREC) by the New Jersey Board of Public Utilities to Atlantic Shores Offshore Wind for developing a 1,509.6MW wind energy project. This project aligns with SJI's commitment to clean energy, as it partners with Atlantic Shores to explore green hydrogen technology. Expected to be operational by 2028, the project aims to generate $1.87 billion in economic benefits for New Jersey. Additionally, SJI is advancing its goal of 100% carbon-neutral operations by 2040 through various renewable initiatives.
Captona has announced the acquisition of a 5 MW fuel cell project, its third, partnering with South Jersey Industries through the Catamaran Renewables joint venture. Located in Bronx, New York, the project is under construction and expected to serve the New York metropolitan area later this year. The acquisition increases Captona's fuel cell portfolio to 12.5 MW. Captona aims to strengthen its energy transition efforts, investing in various sustainable technologies including renewable natural gas and green hydrogen.
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SJI (NYSE: SJI) has announced a new fuel cell project in Bronx, New York, through its joint venture Catamaran Renewables, which also includes Captona. The project involves a 5.0 MW fuel cell with projected commercial operations by Q4 2021, contributing to New Jersey's clean energy goals. With 75% of revenues fixed under New York’s VDER program, the investment promises steady cash flows. Marina Energy will own 92% of the project, benefiting from long-term agreements with creditworthy customers. This aligns with SJI's commitment to carbon-neutral energy by 2040.
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