New Jersey Resources Boosts FY22 NFE Outlook; Q2 Profit Declines

(RTTNews) - While reporting financial results for the second quarter on Thursday, New Jersey Resources Corp. (NJR) raised its net financial earnings or NFE guidance for the full-year 2022, due primarily to better-than-anticipated results at the Energy Services business.

For fiscal 2022, the company now projects NFE in a range of $2.30 to $2.40 per share, up from the previously announced range of $2.20 to $2.30 per share.

On average, nine analysts polled by Thomson Reuters expect the company to report earnings of $2.27 per share for the year. Analysts' estimates typically exclude special items.

For the second quarter, net income declined to $96.04 million or $1.00 per share from $149.81 million or $1.55 per share last year.

Net financial earnings or NFE for the quarter were $130.21 million or $1.36 per share, compared to $170.60 million or $1.77 per share in the previous year.

The Street was looking for earnings of $1.28 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues for the quarter increased to $912.32 million from $802.19 million in the prior-year quarter.