New Jersey Resources Q3 Loss Widens On Lower Revenues; Reaffirms FY20 NFE Outlook

(RTTNews) - New Jersey Resources (NJR) reported a wider loss for the third quarter, reflecting a sharp decline in revenues. Further, the company reaffirmed its Net Financial Earnings outlook for fiscal 2020.

The company's third-quarter net financial loss was $5.8 million or $0.06 per share compared to a loss of $17.5 million or $0.20 per share last year.

Net loss for the quarter was $27.2 million or $0.28 per share versus a loss of $8.40 million or $0.09 per share a year ago.

Total operating revenues declined to $298.9 million from $434.9 million in the prior year period.

Analysts polled by Thomson Reuters expected earnings of $0.10 per share on revenue of $447.88 million for the quarter. Analysts' estimate typically exclude certain special items.

For fiscal 2020, NJR reaffirmed its Net Financial Earnings guidance range of $2.05 - $2.15 per share.