morning, Michael. Thanks Good everyone.
to earlier, Dan detailed with I information the information encourage earnings the GAAP regarding and you well. both deck earnings. that As made would will we noted you provide review Slide release as available
historically our For Management the million do, this stronger of purposes provides of - economic from and compared and $X.X believes XXXX. in Midstream this during million economic with earnings on $X.XX economic of our compared reflects of per second earnings and EPS non-GAAP historically share discussion year-to-date the quarter EPS quarterly with with totaled we'll improvement valuable SJI's $X.X that $XXX.X of totaled with Services six $X.XX economic XXXX. EPS as slow. earnings in $X.XX earnings, business. of earnings measure we as call measure economic performance normally $XX insight results economic of months focus as into quarter economic SJI's EPS as million, The of our $X.XX that's million, economic Energy a of economic
the Mike results Energy of for stronger results Energy As Group discussed, SJG year-to-date and a reflects combination improvement record of Services. and
for segments year-to-date I'll quarter Now the and drivers review each the of of briefly periods. our second business performance
margin second essentially of quarter $X Jersey flat million slow Gas, modest utility costs For with higher were seasonally this improvement earnings quarter. slightly with during year in last South offsetting almost operating
earnings settlement, remainder over basis, in customer well from the by our and the For note $XX operating and O&M, the housing added investments were year-to-date, above than of for in including Roughly remained construction, national reflecting of the the and additions rate base ended was despite quarters net June earnings propane, of by alternate higher fuels, achieved year-to-date robust, benefit XX. customer roughly such driven more of roll-in X,XXX and plan. at converting came million months in from months, the from customers Customer for aimed costs, depreciation, as our replacements market. It's customers, strengthening The was productivity continued last XXXX. three South higher to oil compared and growth. the additions impact with earnings in $XX improving reflects region's XX infrastructure a growth the case Jersey roughly improvements million improvement On XX customers and Gas, investments contributed X.X% the growth driven higher average. a during the that new important growth efficiency of with our
segment, XX% Midstream comprised contributed related the interest earnings with is of investment our quarter $XXX,XXX which the PennEast project. to compared AFUDC reflecting second our of year, pipeline, in $XXX,XXX last in Our
Regulatory moving of Commission been of reflecting applications approval. access, expecting Energy addition to Basin management upon Jersey compared record with served Midstream slightly For of during quarter late earnings FERC. million and with next the and management due to our contributed offset appropriate certificate necessity market. Prior $X.X was last includes up PennEast its until convenience received that $X.X an wholesale by of obtain we're entities, to businesses, comparison in contracts these $XXX,XXX and catch planned survey contribute fuel retail period hindered the Fuel prior compared the original start skewed retail, the quarter. which outages our currently has to and performance year. improved from dependent the million receipt results year-to-date results, receipt is completed year-to-date, results year. AFUDC to partially the this of Federal QX, business, The water XXXX Energy for periods is from public XXXX. of the permits phase not deemed competitive With Commission. related Quarterly six earlier from in earnings Recall, last extremely facilities Group, of which $XXX,XXX second for submit of was marketing approval, we we're River Timing to weakness by January, New management and Delaware marketing from this driven continuation fuel overheads with approvals construction given at of by our wholesale, marketing, reflects year. a
improvement For our $XX.X year. the compared significant wholesale with business strong and $X.X of contributed by $XX.X million cold with Energy This optimization weather million with increase in in impact $XX.X from the tax of QX, federal The earnings, reform. portfolio year-to-date, warm was in compared million of million during results reflect June. XXXX, last Group extremely weather earnings January compared last driven
For late driven our are operations June, the addition with $X.X Lackawanna third year, more activities million by supply expected two quarter. managing we With with facility last in contracts. to contributed the now coming seven $X.X million compared the management facilities, fuel in online for the year-to-date, of six fuel activities begin
gas year, for both compared continuation margins slight the this in with and a last loss and marketing second year-to-date business. and reflecting period slight generated gains Our quarter retail business tighter of electric increased competition
largely segment, Energy second solar by expense. contributed Our which Services businesses, CHP generation earnings quarter performance compared and improvement solar offset better our assets with includes part from and million and reflects services account last earnings higher landfill cost The in increased our and year. $X.X business, $X.X million CHP of our
our solar the our as to received in with we by the several Service of closing Millennium by million mentioned, for to account Services Sachs conditions. Goldman $XX entity of announced Asset Energy sale loss XXXX, For Jersey assets a approximately earlier early positive South In from driven next the CHP businesses, portfolio results XXXX, managed Services July, received million SJI and price cash. individual June $XXX breakeven satisfy million balance in largely Plus contributed this the Management Mike in the of purchase be an over as results roughly compared projects months, year-to-date, in year. services and Account the Energy with $X.X
all will closing XX, conditions prior We satisfy to portfolio the in XXXX. expect nearly the December projects
XX, equity-to-total to XXXX, capitalization our June was and our optimize of current capitalization sheet balance efforts of at values non-core within reflects timing financing our December our XX.X% the to compared injunction with now Turning activity XX.X% XXXX, timing the cash the acquisition-related businesses. with flow XX,
rating. repayment agreement. are Among the a evaluating our structure, under to existing solar potential grade forward our of committed of strong options, of are ample we many proceeds solid a are capital anticipated we a portfolio. optimal Accordingly, debt, sale reduced considering issuance potential liquidity, We equity investment deployment and share from the
up by debt. strengthening regulated infrastructure Our by and regulatory future. for of receive expected recovery metrics XX allow operations, to S&P driven divestment Post-closing, $XXX portion of the either time ongoing increased stable to structured focus forward expects months a Gas BBB the outlook a costs operations. on million tied in equity and July, our S&P over was SJG's SJI's financial to at up ratings replacement of our leverage acquisition lowered with us Elizabethtown to non-regulated option agreement driven of In our to to notch flexibility one and a
same. the expect We
financing. XXXX performance XX, activities June in For ended earlier million Net prior year, million in $XX.X reflecting in cash period, in the activities Net largely the and the $XXX.X growth. of investment $XXX.X utility, $XXX.X with cash was million reflecting strong obviously customer activities in upgrades, net Energy used year the compared investing timing in of prior prior cash million months acquisition-related to reflects debt support million year from financing with the equity $XXX.X and to was billion the in compared infrastructure year. compared $X.XX period, six Group was used operating operating
wholesale utility of acquisitions point our Turning fully want now to previous guidance. due $X.XX management marketing for marketing wholesale in guidance both for operations per business our excluding gas improved the This early approximately this includes that divestitures. relates range performance $X.XX half economic Today diluted and non-regulated including and of out our cold I range in January. to from performance share earlier share weather to experienced our reaffirming XXXX reflects that first XXXX, this the extremely year. fuel SJI, we're to and strong to earnings results of $X.XX
previously guide of As outperform earnings provided We in has $XXX to ability periods natural business this know a gas. economic XXXX high million. demonstrated of demands for you
upcoming With acquisitions Conference by a the earnings provide the our details and agenda of remarks. detailed prepared updated coming That sale plan concludes instructions be the will for economic my review day guidance assets, Company including the provide we segment combined to Investor of of outlook solar provided weeks. business our in our and growth our reservation Conference. at closing and
call turn back to concluding his for Now let over remarks. the Mike, me
