New Jersey Resources Reaffirms FY24 NFE Outlook; Q2 Profit Increases

(RTTNews) - While reporting financial results for the second quarter on Tuesday, New Jersey Resources Corp. (NJR) reaffirmed its net financial earnings or NFE guidance for the full-year 2024.

For fiscal 2024, the company continues to project NFE in a range of $2.85 to $3.00 per share.

On average, six analysts polled by Thomson Reuters expect the company to report earnings of $2.93 per share for the year. Analysts' estimates typically exclude special items.

The company also maintained its long-term projected NFE per share growth rate of 7 to 9 percent.

For the second quarter, net income increased to $120.81 million or $1.22 per share from $110.25 million or $1.13 per share last year.

Net financial earnings or NFE for the quarter were $138.58 million or $1.41 per share, compared to $112.31 million or $1.16 per share in the previous year.

The Street was looking for earnings of $1.33 per share for the quarter.

Total operating revenues for the quarter increased to $657.91 million from $644.03 million in the prior-year quarter.

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