New Jersey Resources (NJR) Tops Q2 EPS by 10c; Offers FY19 EPS Guidance Below Consensus

New Jersey Resources (NYSE: NJR) reported Q2 EPS of $1.27, $0.10 better than the analyst estimate of $1.17. Revenue for the quarter came in at $866.26 million versus the consensus estimate of $1.01 billion.

• Consolidated net income of $73.6 million, compared with $140.3 million in the second-quarter of fiscal 2018
• Consolidated net financial earnings (NFE), a non-GAAP financial measure, were $112.4 million, compared with NFE of $142.1 million in the second-quarter of fiscal 2018
• Reaffirmed NFE guidance for fiscal 2019 of $1.95 to $2.05 per share
• New Jersey Natural Gas (NJNG) filed a rate case with the New Jersey Board of Public Utilities (BPU), seeking a $128.2 million increase in delivery rates
• NJNG submitted a filing to the BPU to invest $507 million over five years to upgrade its natural gas delivery and information technology systems
• NJR Clean Energy Ventures (CEV) closed the sale of the remaining assets in its wind portfolio for total proceeds of $208.6 million

"While our strong second-quarter results were lower than the same period last year, due to the outsized performance of NJR Energy Services in fiscal 2018, the quarter\'s results put us on track to meet our fiscal 2019 NFE guidance target," said Steve Westhoven, president and COO of New Jersey Resources. "Results were driven by higher utility gross margin, new customer growth and our regulated infrastructure investments."

GUIDANCE:

New Jersey Resources sees FY2019 EPS of $1.95-$2.05, versus the consensus of $2.11.

For earnings history and earnings-related data on New Jersey Resources (NJR) click here.

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