South Jersey Industries has $1.9M loss for 3Q

By Andrew Maykuth

INQUIRER STAFF WRITER

South Jersey Industries, owner of the South Jersey Gas utility, reported a loss of $1.9 million (6 cents per share), as compared with income of $43.9 million ($1.47 per share) for the third quarter of 2008.

The Folsom, Atlantic County, company reported income from continuing operations was $34.8 million ($1.16 per share) for the first nine months of 2009. Last year, it reported income of $55.3 million ($1.85 per share).

The company said last year's earnings were inflated because of unusually large unrealized gains from trading in the company's non-utility asset management unit. When comparing "economic earnings," this year's loss compared with income of $1.1 million or 4 cents per share a year ago.

Though the results were slightly below analysts' expectations, and chief executive Edward J. Graham reduced earnings projections for the year, the company's stock appeared unharmed at noon today on the New York Stock Exchange, trading at $35.36, up 50 cents or 1.4 percent.