New Jersey Resources (NYSE: NJR) reported Q2 EPS of $1.12, $0.36 worse than the analyst estimate of $1.48. Revenue for the quarter came in at $639.61 million versus the consensus estimate of $872.39 million.

• Consolidated net income of $88.5 million, compared with $73.6 million in the second quarter of fiscal 2019
• Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $106.9 million, or $1.12 per share, compared with $112.4 million, or $1.27 per share, in the second quarter of fiscal 2019
• Reaffirmed NFE guidance of $2.05 to $2.15 per share for fiscal 2020
• Business continuity plans implemented due to COVID-19 pandemic; operations remain fundamentally intact
• Strengthened liquidity position by entering into a new $250 million credit facility and priced long-term financing for the Leaf River and Adelphia Gateway acquisitions, subject to customary signing and closing conditions
• Clean Energy Ventures (CEV) placed two commercial solar installations into service that added 20.0 megawatts (MW); total installed capacity of over 315 MW

Second quarter fiscal 2020 net income totaled $88.5 million, or $0.93 per share, compared with $73.6 million, or $0.83 per share, during the same period in fiscal 2019. Fiscal 2020 year-to-date net income totaled $177.9 million, or $1.90 per share, compared with $159.8 million, or $1.80 per share, for the same period in fiscal 2019.

Second quarter fiscal 2020 NFE totaled $106.9 million, or $1.12 per share, compared with NFE of $112.4 million, or $1.27 per share, during the same period last year. Fiscal 2020 year-to-date NFE totaled $147.3 million, or $1.57 per share, compared with $166.5 million, or $1.88 per share, for the same period in fiscal 2019.

"Business operations at NJR have not experienced a material impact due to the COVID-19 pandemic as we continue to add new customers and provide essential services. During the quarter, we strengthened our liquidity position by entering into a new $250 million credit facility," said Steve Westhoven, President and CEO of New Jersey Resources. "Our team has been working tirelessly to serve our customers since the early days of the pandemic following our business continuity plan to protect the health and safety of our employees, customers and communities. Throughout this crisis, the talent and flexibility of our team has ensured business operations continue uninterrupted and our more than half a million utility customers have the safe, reliable energy they need."

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