New Jersey Resources (NJR) has reported a 30.53 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $34.93 million, or $0.40 a share in the quarter, compared with $50.28 million, or $0.58 a share for the same period last year. Revenue during the quarter grew 21.78 percent to $541.03 million from $444.26 million in the previous year period. Gross margin for the quarter contracted 646 basis points over the previous year period to 23.21 percent. Total expenses were 92.33 percent of quarterly revenues, up from 86.62 percent for the same period last year. That has resulted in a contraction of 572 basis points in operating margin to 7.67 percent.
Operating income for the quarter was $41.48 million, compared with $59.45 million in the previous year period.
"Our results for the first quarter were consistent with our expectations, and we are confident in our ability to achieve our fiscal 2017 earnings guidance," said Laurence M. Downes, chairman and chief executive officer of New Jersey Resources. “Our outlook is supported by our new base rates, continued customer growth and our growing portfolio of clean energy assets that will allow us to deliver expected performance this year."
For financial year 2017, New Jersey Resources projects diluted earnings per share to be in the range of $1.65 to $1.75.
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