New Jersey Resources Q3 Loss Widens; Lifts FY21 NFE Outlook

(RTTNews) - Energy service holding company New Jersey Resources Corp. (NJR) on Thursday recorded wider loss in the third quarter, impacted by an after-tax impairment charge related to the investment in the PennEast Project. The company raised its net financial earnings outlook for fiscal 2021.

The company posted net loss of $111.8 million or $1.16 per share in the quarter, wider than net loss of $19.3 million or $0.20 per share in the year-ago period.

Net financial loss came in at $14.1 million or $0.15 per share during the three-month period, compared to net financial income of $2.7 million or $0.03 per share in the same period last year.

On average, 5 analysts polled by Thomson Reuters expected the company to post loss of $0.11 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Total operating revenues rose to $367.6 million from $298.9 million in the prior-year period, while analysts were looking for revenues of $309 million in the third quarter.

The company also raised its full year 2021 net financial earnings per share guidance to between $2.10 and $2.20 from the previous $2.05 to $2.15. Analysts expect the company to post earnings of $2.12 per share in the year ahead.