New Jersey Resources (NYSE: NJR) today reported net financial earnings for the first quarter of fiscal 2013 and reaffirmed earnings guidance for fiscal 2013.
A reconciliation of net income to net financial earnings for the first quarter of fiscal years 2013 and 2012 is provided below.
|Three Months Ended|
|Unrealized (gain) on derivative instruments and relatedtransactions, net of taxes||(11,594||)||(17,372||)|
|Effects of economic hedging related to natural gas inventory, net of taxes||(13,119||)||5,323|
|Net financial earnings||$||35,493||$||45,308|
|Weighted Average Shares Outstanding|
|Basic earnings per share||$||1.44||$||1.38|
|Basic net financial earnings per share||$||.85||$||1.09|
Net financial earnings is a financial measure not calculated in accordance with generally accepted accounting principles (GAAP) of the United States as it excludes all unrealized, and certain realized, gains and losses associated with derivative instruments. For further discussion of this financial measure, as well as reconciliation to the most comparable GAAP measure, please see the explanation below under “Additional Non-GAAP Financial Information.”
- NJR Reports Net Financial Earnings
First-quarter net financial earnings for fiscal 2013 at NJR were $35.5 million, or $.85 per share, compared with $45.3 million, or $1.09 per share, during the same period last year. This decrease, which was expected, is due primarily to lower earnings at NJR Clean Energy Ventures and NJR Energy Services.