New Jersey Resources Turns To Q3 Loss, But Revenue Improves

(RTTNews) - New Jersey Resources Corporation (NJR), an energy services holding company, Tuesday reported net loss of $11.6 million or $0.12 per share for the third quarter, compared with net income of $1.5 million or $0.02 per share in the same quarter a year ago.

Consolidated net financial loss, was $8.9 million, or $0.09 per share, compared to net financial earnings of $9.7 million, or $0.10 per share, last year. On average, 5 analysts were expecting a loss of $0.02 per share. Analysts' estimates typically exclude special items.

NFE or net financial earnings is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts.

Operating income grew to $5.94 million from $4.73 million a year ago.

Revenue for the quarter increased to $275.64 million from $264.08 million in the previous year.

Looking ahead, the company has re-affirmed its full-year net financial earnings per share guidance range of $2.85 to $3.00. The consensus estimate stands at $2.94 per share.