New Jersey Resources Q4 Profit Matches View, But Revenues Miss

(RTTNews) - New Jersey Resources (NJR) reported that its fourth-quarter net income rose to $43.3 million or $0.45 per share, from $18.1 million or $0.20 per share last year.

Net financial earnings were $54.7 million or $0.57 per share, compared to $26.0 million, or $0.29 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share. Analysts' estimates typically exclude special items.

Total operating revenues for the quarter declined to $400.04 million from $479.08 million in the prior year. Analysts expected revenues of $701.52 million for the quarter.

The company anticipates fiscal 2021 net financial earnings to be in the range of $1.55 to $1.65 per share. Analysts expect annual earnings of $2.30 per share.

The company expects approximately 30% year-over-year growth in net financial earnings in fiscal 2022, with a 6-10% long-term growth rate thereafter.