New Jersey Resources Lifts FY Earnings Guidance On Growth At NJR Energy

(RTTNews) - New Jersey Resources Corp (NJR)) on Tuesday said it is raising its fiscal 2015 net financial earnings guidance to a split-adjusted range of $1.60 to $1.70 per basic share, from the prior guidance of $1.45 to $1.55 per share.

Analysts polled by Thomson Reuters expect the company to report earnings of $1.53 per share for 2015. Analysts' estimates typically exclude special items.

The company said the increased guidance is due mainly to better-than-anticipated results at NJR Energy Services, its wholesale provider of physical natural gas services.

Also the company's regulated utility business, New Jersey Natural Gas, has shown strong results, as has NJR Clean Energy Services, its unregulated distributed power subsidiary, and midstream asset segment, NJR Midstream.

The company said it expects New Jersey Natural Gas to be the largest contributor to fiscal 2015 net financial earnings. Steady growth at this division continues to be supported by customer growth in both new construction and conversion markets and regulatory initiatives that earn current returns.