(Adds Outlook)
New Jersey Resources Corp. (NJR) reported a profit for fourth quarter that decreased from last year but beat the Street estimates.
The company's earnings came in at $37.024 million, or $0.38 per share. This compares with $54.522 million, or $0.56 per share, in last year's fourth quarter.
Analysts on average had expected the company to earn $0.32 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 56.7% to $331.325 million from $765.486 million last year.
Outlook:
For the full-year 2024, New Jersey Resources expects net financial earnings per share or NFEPS of $2.70 to $2.85.
On average, seven analysts polled by Thomson Reuters expect the company to earn $2.78 per share, for the year. Analysts' estimates typically exclude special items.
For the full year 2023, energy firm has reported net financial earnings of $261.827 million or $2.70 per basic share, higher than $240.321 million or $2.50 per basic share, recorded for the same period last year. For the fourth-quarter of 2023, NJR registered net financial earnings of $29.563million or $0.30 per basic share, compared with $47.896 million or $0.50 per basic share a year ago.
The company added that it maintains its long-term projected NFEPS growth of 7 percent to 9 percent.
New Jersey Resources Corp. Q4 earnings at a glance (GAAP) :
-Earnings (Q4): $37.024 Mln. vs. $54.522 Mln. last year.-EPS (Q4): $0.38 vs. $0.56 last year.-Analyst Estimates: $0.32-Revenue (Q4): $331.325 Mln vs. $765.486 Mln last year.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.