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Investing.com -- New Jersey Resources Corporation (NYSE:NJR) reported third-quarter adjusted earnings that beat analyst expectations, but shares tumbled 4.8% after the company’s revenue missed estimates.
The utility company posted adjusted earnings of $0.06 per share for its fiscal 2025 third quarter, surpassing analyst expectations of a $0.06 per share loss. However, revenue came in at $298.95 million, falling short of the consensus estimate of $304.96 million.
Despite the revenue miss, New Jersey Resources raised the lower end of its fiscal 2025 earnings guidance to a range of $3.20 to $3.30 per share, up from its previous range of $3.15 to $3.30 per share. The new guidance exceeds the analyst consensus of $3.17 per share.
The company reported a GAAP net loss of $15.1 million, or $0.15 per share, compared with a net loss of $11.6 million, or $0.12 per share, in the same quarter last year.
"We continued to execute on our strategy to drive stable growth through a diversified business model," said Steve Westhoven, President and CEO of New Jersey Resources. "Our third-quarter results underscore the power of our complementary portfolio and reaffirm the critical role of our physical infrastructure in delivering sustained value."
For the first nine months of fiscal 2025, New Jersey Resources reported net income of $320.6 million, or $3.20 per share, compared with $198.6 million, or $2.02 per share, for the same period in fiscal 2024.
The company maintains its long-term adjusted earnings per share growth target of 7% to 9%, based on a target of $2.83 per share for fiscal 2025.
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