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SJI announces the appointment of Christopher J. Paladino, President of New Brunswick Development Corporation, to its Board of Directors, effective August 14, 2020. Paladino brings over 20 years of experience in development, including project financing, risk management, and asset management. He will join the Audit committee and the Environmental, Social, and Governance committee. Chairman Joseph Rigby expressed optimism about the fresh leadership perspective Paladino will offer, enhancing the board's diverse skill set. SJI provides natural gas services to approximately 681,000 customers across New Jersey and Maryland.
SJI (NYSE: SJI) reported Q2 2020 results, posting GAAP earnings of $(0.03) per diluted share, improving from $(0.14) in Q2 2019. Economic earnings were $(0.01), up from $(0.13) year-over-year. The quarter saw increased profitability largely from Utility and Non-Utility operations, mitigated by financing costs. SJI affirmed its economic earnings guidance for 2020 at $1.50-$1.60 per share and noted successful measures to maintain operations during the COVID-19 pandemic, including $9.7 million in deferred COVID-related expenses approved by NJ regulators.
SJI released its 2019 Environmental, Social and Governance (ESG) Report, outlining achievements in sustainability, social impact, and corporate governance. The report, which is fully web-based and mobile-responsive, aims to enhance transparency and track progress over time. President and CEO Mike Renna emphasized the company’s commitment to sustainability, transitioning towards a long-term vision for stakeholders. The ESG report is part of SJI's strategy to evolve into a future-focused energy company. For details, visit sjindustries.com/esg.
SJI (NYSE: SJI) will host its Second Quarter 2020 Earnings Conference Call on August 6, 2020, at 11:00 A.M. ET. CEO Michael J. Renna and the Senior Management team will discuss the company's Q2 financial results, set to be released on August 5, 2020, after market close. Interested parties can join via a toll-free number or listen through the SJI website. SJI, based in Folsom, NJ, provides energy services through its subsidiaries, serving approximately 700,000 customers in New Jersey and Maryland.
Melissa Orsen has been appointed as President and Chief Operations Officer of South Jersey Gas, a subsidiary of SJI (NYSE: SJI), effective July 1, 2020. Orsen, who joined SJI in 2018 as Senior Vice President, General Counsel, succeeds Dave Robbins. Her focus will be on enhancing safety, exploring growth opportunities, ensuring cost-effective operations, and delivering exceptional customer service. Robbins will continue as Senior Vice President of SJI and President of SJI Utilities. South Jersey Gas serves over 400,000 customers across New Jersey.
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SJI has appointed Kathleen Larkin as the new Chief Human Resources Officer, effective May 11, 2020. Larkin, who previously served as senior vice president of human resources at CubeSmart, will provide strategic HR leadership aimed at enhancing employee experience and aligning stakeholders. President and CEO Michael Renna emphasized the importance of strong leadership during this time. SJI, based in Folsom, NJ, serves approximately 700,000 customers through its regulated gas utilities and promotes efficiency and renewable energy through its non-utility businesses.
SJI reported first-quarter 2020 results with GAAP earnings of $101.1 million, up from $85.7 million in 2019. Economic earnings increased to $106.8 million compared to $99.4 million last year. Utility operations showed improved profitability, aided by new customer growth and infrastructure investments. The company affirmed ongoing economic earnings guidance for 2020 at $1.50-$1.60 per diluted share, despite minor impacts from COVID-19. SJI continues to focus on regulatory initiatives, infrastructure modernization, and maintaining liquidity with $470 million available in credit facilities.
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