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New Jersey Resources Swings To Profit In Q3; Sales Top, EPS Misses; Ups 2022 EPS Outlook Above View

New Jersey Resources Corporation (NJR) that provides regulated gas distribution, and retail and wholesale energy services on Thursday announced results for the third quarter of 2022 that showed a turnaround attributed to the strong revenue growth. Revenues topped estimates. However, earnings fell shy of the consensus view.

Fr the third quarter, the company reversed to a profit of $13.1 million or $0.14 per share, as compared to a loss of $111.8 million or $1.16 per share in the third quarter of 2021.

Net financial earnings for the period were a loss of $3.6 million or $0.04 per share as compared to a loss of $14.1 million or $0.15 per share in the prior-year period.

7 analysts polled by Thomson Reuters were expecting the company to report earnings of $0.06 per share. Analysts typically exclude one-off items.

Total operating revenues increased to $552 million, as compared to $368 million in the corresponding quarter of 2021.

2 analysts polled by Thomson Reuters were expecting the company to report revenues of $414.65 million in the quarter.

The company has increased its fiscal 2022 guidance for Net Financial earnings to the $2.40 to $2.50 range, compared to the previously announced range of $2.30 to $2.40.

9 analysts polled by Thomson Reuters expect the company to report earnings of $2.35 in the year 2022.

The guidance has been raised in the backdrop of the strong performance at New Jersey Natural Gas Company, greater than anticipated financial margin at the Energy Services' business, and increased wholesale electricity revenue at Clean Energy Ventures.

Shares of New Jersey Resources Corporation closed at $45.20, down $0.51 or 1.12 percent from the previous close.

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