New Jersey Resources Lifts Fiscal 2014 Earnings View - Quick Facts

(RTTNews) - New Jersey Resources Corp. (NJR) Wednesday increased its fiscal 2014 net financial earnings or NFE guidance to a range of $3.90 to $4.10 per basic share from the previously announced range of $2.75 to $2.95 per basic share.

The increase is due to better-than-anticipated results at NJR Energy Services or NJRES, a provider of producer and physical natural gas services.

For the year ending in September 2014, on average, seven analysts polled by Thomson Reuters expect earnings of $2.87 per share. Analysts' estimates typically exclude special items.

Demand for natural gas increased considerably in this winter in regions affected by extreme cold weather across the U.S., especially in the Midwest.

According to the company, during this period of high demand and volatility, NJRES effectively utilized its strategically located portfolio of natural gas storage and transportation contracts to meet the needs of its customers in these regions.

Laurence Downes, CEO, said, "The resulting increase in our earnings allows us to finance our future capital expenditures more efficiently and further strengthens our balance sheet. In addition to the better-than-expected results of NJR Energy Services, we continue to forecast strong year-over-year growth at our core subsidiary, New Jersey Natural Gas."

NJR expects New Jersey Natural Gas or NJNG, its regulated utility, to be the largest contributor to fiscal 2014 NFE. Steady growth at NJNG is supported by customer growth in new construction and conversion markets, the return of the majority of Sandy-affected customers and regulatory initiatives that earn current returns.