New Jersey Resources (NJR) Tops Q2 EPS by 59c, Revenues Beat

New Jersey Resources (NYSE: NJR) reported Q2 EPS of $1.77, $0.59 better than the analyst estimate of $1.18. Revenue for the quarter came in at $802.19 million versus the consensus estimate of $667 million.

Highlights include:

• Consolidated net income of $149.8 million, compared with $73.8 million in the second-quarter of fiscal 2020
• Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $170.6 million, or $1.77 per share, compared with $84.3 million, or $0.88 per share, in the second quarter of fiscal 2020
• Increased NFE per share (NFEPS) guidance to a range of $2.05 to $2.15 for fiscal 2021 primarily driven by the performance of our Energy Services business
• Energy Services reported second-quarter 2021 NFE of $96.5 million driven by strong market demand due to colder weather in February 2021
• New Jersey Natural Gas (NJNG) filed a rate case with the New Jersey Board of Public Utilities (BPU), seeking a $165.7 million increase in delivery rates
• NJNG received approval from the BPU for SAVEGREEN 2020, a new three-year, $259 million energy efficiency program

"The results in the second quarter illustrate the value of Energy Services' long-option strategy as we work to deliver more fee-based revenues," said Steve Westhoven, President and CEO of New Jersey Resources. "These impressive results have enabled us to increase our fiscal 2021 guidance for the second time this year and continue to deliver value to our shareowners."

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

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