New Jersey Resources (NYSE: NJR) reported Q1 EPS of $0.61, $0.08 worse than the analyst estimate of $0.69. Revenue for the quarter came in at $811.77 million versus the consensus estimate of $711.5 million.

• Consolidated net income of $86.2 million, compared with $123.7 million in the first-quarter of fiscal 2018
• Consolidated net financial earnings (NFE), a non-GAAP financial measure, were $54.1 million, compared with NFE of $135.3 million in the first-quarter of fiscal 2018
• Reaffirmed NFE guidance for fiscal 2019 of $1.95 - $2.05
• Construction began on the Southern Reliability Link (SRL)
• The PennEast project received a favorable ruling from the U.S. District Court, allowing the project to conduct the land surveys in New Jersey
• The Adelphia Gateway Project received a positive response on its Environmental Assessment from the Federal Energy Regulatory Commission (FERC)

"Our results for the first quarter are consistent with our expectations, and we remain on track to achieve our earnings guidance for fiscal 2019," said Steve Westhoven, president and COO of New Jersey Resources. "Our view is supported by continued customer growth at New Jersey Natural Gas and our infrastructure investments. Our team is focused on delivering results for our customers and shareowners."

GUIDANCE:

New Jersey Resources sees FY2019 EPS of $1.95-$2.05, versus the consensus of $2.14.

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