New Jersey Resources (NJR) has reported 56.37 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $114.70 million, or $1.32 a share in the quarter, compared with $73.35 million, or $0.84 a share for the same period last year. Revenue during the quarter grew 27.75 percent to $733.55 million from $574.19 million in the previous year period. Gross margin for the quarter contracted 74 basis points over the previous year period to 31.66 percent. Total expenses were 80.96 percent of quarterly revenues, down from 83.64 percent for the same period last year. This has led to an improvement of 268 basis points in operating margin to 19.04 percent.
Operating income for the quarter was $139.65 million, compared with $93.93 million in the previous year period.
“We delivered strong second-quarter results driven by higher utility base rates, overall customer growth and solid contributions from our clean energy and midstream assets,” said Laurence M. Downes, chairman and Chief executive officer of New Jersey Resources. “Based on our year-to-date performance, we expect to meet our net financial earnings guidance of $1.65 to $1.75 per share for the year.”
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