New Jersey Resources Turns To Profit In Q3

(RTTNews) - New Jersey Resources (NJR) reported that its net income for the third quarter of fiscal 2017 totaled $19 million or $.22 per share, compared with a net loss of $17.4 million, or $.20 per share, during the same period last year.

Third-quarter fiscal 2017 NFE totaled $17.4 million, or $.20 per share, compared with $11 million, or $.13 per share, during the same period last year.

Total operating revenues grew to $457.52 million from $393.21 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share and revenues of $410.25 million. Analysts' estimates typically exclude special items.

NJR reaffirmed fiscal 2017 NFE guidance of $1.65 to $1.75 per share. Analysts expect annual earnings of $1.73 per share.

NJR expects its regulated businesses to generate between 60 to 75 percent of total NFE, with NJNG continuing to be the largest contributor.