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South Jersey Industries, Inc. (SJI) Stock Surged 41.44% Today, Here’s Why

South Jersey Industries, Inc. (SJI) stock soared 41.44% in the current-market trading session at the price of $33.21 after reporting its earnings report for the fourth quarter and year 2021. SJI, headquartered in Folsom, New Jersey, is an energy infrastructure corporation. The company provides energy services to clients through its subsidiaries SJI Energy Enterprises and SJI Utilities.

SJI Year 2021 Financial Results

On 24th February 2022, SJI published its earnings report for the Q4 and full-year ended 31st December 2021. SJI has GAAP earnings per share (diluted) of US$0.72 for the Q4 of 2021. For the same quarter of 2020, GAAP earnings per share (diluted) were US$0.69.

GAAP earnings per share (diluted) totaled US$0.80 for the year 2021. For the year 2020, GAAP earnings per share (diluted) were US$1.62. For the year ended 31st December 2021, the economic earnings totaled US$178.0M compared to US$163.0M in the previous year. These earnings during 2021 grew to 9.2%, or US$15.0M, despite the endless challenges of Covid-19.

Management Comments

Chief Executive Officer of SJI, Michael Renna, remarked that their 2021 financial results reached the higher end of their expectations. The robust performance was driven by strong growth across their core operating sectors.

As energy companies accelerate the shift toward renewable energy, the SJI Board decided to join hands with IIF, a long-term investor and trusted partner in renewable energy markets. Jointly they will be well-positioned to achieve their decarbonization and clean energy initiatives to support the sustainable environmental goals, Renna added.

SJI Signed Deal with IIF

On 24th February 2022, SJI announced signing a definitive deal with the IIF. Under the agreement, the Infrastructure Investments Fund will buy SJI for $36 per share, a business value of roughly $8.1B. President and CEO of SJI, Mike Renna, remarked that this dealing is a testament to the accomplishments of their workers. They are happy that IIF acknowledges the potency of SJI’s workforce and culture.

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