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New Jersey Resources widens fiscal Q4 loss, posts full-year earnings growth

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New Jersey Resources widens fiscal Q4 loss, posts full-year earnings growth

New Jersey Resources Corp. on Nov. 21 posted a net financial loss of $12.5 million, or 14 cents per share, in the fiscal fourth quarter, compared with a loss of $2.1 million, or 2 cents per share, a year earlier.

The S&P Capital IQ consensus normalized earnings estimate for the fiscal fourth quarter was a loss of 13 cents per share.

The company reported a GAAP loss of $36.5 million, or 42 cents per share, compared with GAAP net income of $25.4 million, or 30 cents per share, in the year-ago fiscal quarter.

Operating revenue was $536.5 million, growing from $469.2 million in the previous fiscal fourth quarter. Utility gross margin was $46.4 million, an increase from $42.3 million a year ago.

For the full year, New Jersey Resources reported net financial earnings of $149.4 million, or $1.73 per share, compared with $138.1 million, or $1.61 per share, the previous fiscal year.

The S&P Capital IQ consensus normalized EPS estimate for the year was $1.74.

GAAP net income for the year was $132.1 million, or $1.53 per share, compared with $131.7 million, or $1.53 per share, a year earlier.

New Jersey Resources also announced net financial earnings guidance for fiscal 2018 of $1.75 per share to $1.85 per share.