New Jersey Q2 Profit Surges, Beats View; Backs FY Earnings Guidance

(RTTNews) - New Jersey Resources (NJR) Wednesday posted second-quarter net income of $172.9 million or $4.07 per share compared with $45.4 million or $1.08 per share last year.

Excluding all unrealized and certain realized gains and losses associated with derivative instruments, net of applicable tax adjustments, net financial earnings for the quarter soared to $151.9 million or $3.61 per basic share from $68.6 million or $1.64 per basic share in the year-ago period. On average, 5 analysts polled by Thomson Reuters expected earnings per share of $2.72 for the quarter. Analysts' estimates typically exclude one-time items.

Second -quarter operating revenues climbed to $1.57 billion from prior-year's $960.8 million. Analysts estimated revenues of $1.01 billion for the quarter.

In addition, the company said it continues to expect basic earnings per share of $3.90 to $4.10 for the fiscal 2014.Analysts estimate full-year earnings of $4.00 per share on revenues of $3.41 billion.