New Jersey Resources Corp. (NJR) Wednesday reported a loss for the fourth quarter, reflecting weak results from its Utility segment, and gas purchases exceeding operating revenues at its Energy Services segment. Adjusted for the natural gas inventory hedging effects and derivative gains, the company would have reported a profit for the quarter, but still short of Street estimates.
For the fourth quarter, New Jersey Resources reported a net loss of $7.5 million or $0.18 per share compared to a profit of $1.5 million or $0.04 per share in the year-ago period.
Results for the quarter included a net unrealized gain on derivative instruments and related transactions of $10.5 million. In the year-ago quarter, the gain was nearly double at $20.8 million.
The effects of economic hedging related to natural gas inventory, net of taxes, was mostly the same in both periods at $18.7 million for the quarter and $18.0 million last year.
Excluding the gain on derivatives, which is unrealized, and the effect from hedging, net financial earnings for the quarter was $0.7 million or $0.02 per basic share, compared to net financial loss of $1.2 million or $0.03 per basic share last year.
On average, 5 analysts polled by Thomson Reuters expected earnings of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter grew to $670.9 million from $631.5 million in the year-ago quarter. Utility revenues slipped about 23 percent. Non-utility revenues grew about 15 percent. Retail and Other revenues grew over 21 percent. NJR Clean Energy Ventures or NJRCEV contributed $0.5 million to quarterly revenues, in its first full year of operation.
Operating result slipped to loss at Natural Gas Distribution on higher operation and maintenance expense, while operating loss widened at Energy Services as Gas purchases overshot operating revenues.
Operating loss for the quarter was $17.6 million, compared to loss of $0.5 million last year.
In the first quarter of fiscal 2012, NJR Clean Energy Ventures (NJRCEV) expects to complete the $18 million ground-mounted solar system Vineland project Manalapan, New Jersey, that will generate approximately 4.5 million kWh annually.
On November 16, 2011, NJR announced a 5.6 percent increase in the quarterly dividend rate to $0.38 per share from $0.36 per share, effective with the dividend payable January 3, 2012, to shareowners of record on December 15, 2011. The new annual dividend rate will be $1.52 per share.
NJR is currently trading at $44.65, down $1.54 or 3.33%, on the NYSE. Over the past year, the stock traded in a range of $39.60 - $48.47.
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