New Jersey Resources (NJR) said its first-quarter net income surged to $57.36 million or $1.38 per share from $24.51 million or $0.59 per share last year.
Quarterly net financial earnings climbed to $45.31 million or $1.09 per basic share from $29.13 million or $0.71 per basic share a year earlier, primarily to projects placed into service at NJR Clean Energy Ventures, the company's renewable energy subsidiary, continued growth at New Jersey Natural Gas and improved results at NJR Energy Services.
On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.74 for the quarter. Analysts' estimates typically exclude one-time items.
Total operating revenues amounted to $642.41 million compared with $713.15 million in the prior-year quarter, whereas 3 analysts projected revenues of $742.73 million for the quarter.
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