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Marginal growth at New Jersey Natural Gas fails to save New Jersey Resources' earnings drop

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Marginal growth at New Jersey Natural Gas fails to save New Jersey Resources' earnings drop

onMay 4 reported fiscal second-quarter 2016 net financial earnings of $77.9million, or 91 cents per share, compared to $99.1 million, or $1.16 per share,in the same period last year.

The S&PCapital IQ consensus normalized EPS estimate for the fiscal second quarter was91 cents.

Net incomefor the fiscal second quarter was posted at $73.3 million, or 85 cents pershare, compared to $60.9 million, or 71 cents per share, in the prior-yearperiod.

Fiscalsecond-quarter total operating revenues totaled $574.2 million, compared to$1.01 billion in the year-ago quarter. The utility component fell to $242.5million in the fiscal second quarter of 2016, compared to $374.7 million in theyear-ago quarter, and the non-utility component declined to $331.7 million,compared to $638.4 million in the year-ago quarter.

"NewJersey Natural Gas, our primary business, led our results and its steady margingrowth continues to provide value for shareowners," said Laurence Downes,chairman and CEO of New Jersey Resources. Net financial earnings for rosemarginally to $49.0 million, compared to $48.6 million in the prior-yearquarter, as the rest of the businesses reported lower earnings year-over-year.

Netfinancial earnings guidance for 2016 was reaffirmed at a range of $1.55 pershare to $1.65 per share.