New Jersey Resources Corporation (NJR) has reported a 505.19 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $25.40 million, or $0.29 a share in the quarter, compared with $4.20 million, or $0.05 a share for the same period last year.
Revenue during the quarter grew 7.06 percent to $469.24 million from $438.31 million in the previous year period. Gross margin for the quarter expanded 572 basis points over the previous year period to 26 percent. Total expenses were 90.95 percent of quarterly revenues, down from 98.57 percent for the same period last year. This has led to an improvement of 763 basis points in operating margin to 9.05 percent.
Operating income for the quarter was $42.48 million, compared with $6.26 million in the previous year period.
"New Jersey Resources delivered solid results in fiscal 2016. We continued to make infrastructure investments at New Jersey Natural Gas to provide customers with safe, reliable and resilient service. Our solar and onshore wind portfolio performed well and NJR Energy Services exceeded our expectations. We believe our fundamentals remain strong and position us to deliver consistent results for our shareowners in fiscal 2017," said Laurence M. Downes, chairman and chief executive officer of New Jersey Resources. "On behalf of our board of directors, I would like to thank the more than 1,000 women and men of New Jersey Resources for our continued success."
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $1.65 to $1.75.
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