South Jersey Industries (SJI) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $9.64 million, or $ 0.12 a share in the quarter, against a net loss of $12.62 million, or $0.18 a share in the last year period. Revenue during the quarter surged 55.31 percent to $219.08 million from $141.06 million in the previous year period. Gross margin for the quarter expanded 608 basis points over the previous year period to 32.84 percent. Operating margin for the quarter period stood at positive 5.75 percent as compared to a negative 10.67 percent for the previous year period.
Operating income for the quarter was $12.59 million, compared with an operating loss of $15.05 million in the previous year period.
"Our results clearly demonstrate progress toward the key tenets of our strategic plan, most notably, growth in our core businesses supported by a strong balance sheet," said SJI president and chief executive officer Michael J. Renna. "Growing contributions from our utility coupled with strong performance from our fuel management contracts and solar assets have us well positioned to achieve our full year objectives, including Economic EPS of $1.29 to $1.35, as we move toward our goal of $150 million of Economic Earnings by 2020."
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