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New Jersey Resources widens Q3 net financial loss as revenue drops

New Jersey Resources Corp. on Aug. 6 posted a net financial loss of $17.5 million, or a loss of 20 cents per share, in the fiscal third quarter, compared with a loss of $8.0 million, or a loss of 9 cents per share, a year earlier.

The S&P Global Market Intelligence consensus normalized earnings estimate for the fiscal quarter was 12 cents per share.

The natural gas and clean energy utility company reported a GAAP net loss of $8.4 million, or a loss of 9 cents per share, compared with a net loss of $14.3 million, or a loss of 16 cents per share, in the corresponding quarter the previous year.

Total operating revenue was $434.9 million, compared with $543.4 million in the year-ago quarter. Utility gross margin was $59.5 million, up from $38.1 million in the same quarter a year ago.

New Jersey Resources expects full-year net financial earnings in a range of $1.95 per share to $2.05 per share. The S&P Global Market Intelligence consensus normalized EPS estimate for the year is $2.00.