New Jersey Resources (NJR) - Get New Jersey Resources Corporation Report, an energy services holding company, reported that fiscal-fourth-quarter net income more than doubled from a year earlier on a 16% revenue decline.
For the quarter ended Sept. 30, the Wall, N.J., company reported 45 cents a share of earnings compared with 20 cents a share in the year-earlier quarter.
The latest adjusted earnings per share were 57 cents.
Shares outstanding rose 7.4% to 96.3 million.
Revenue declined to $400 million in the latest quarter from $479.1 million a year earlier.
A survey of analysts by FactSet produced a consensus estimate for the fourth quarter of 57 cents a share of profit.
The company also said that it expected adjusted EPS ranging $1.55 to $1.65 in fiscal 2021. The FactSet survey is looking for $2.31 a share for fiscal 2021.
The company said that beginning in 2021, it is "[changing] the accounting policy for investment tax credits and the expected use of tax equity financing for its solar projects. There will be no impact to [Clean Energy Ventures'] cash flows as a result of this accounting change."
New Jersey Resources operates a regulated utility, New Jersey Natural Gas, which provides service to more than 500,000 customers in five of the state's counties.
The company's Clean Energy Ventures division owns and operates solar energy projects, providing power to residential and commercial customers.
NJR transports and stores natural gas and owns and operates pipelines. And the company provides heating, air conditioning, water-heating and other residential equipment and services.
Shares of New Jersey Resources closed the regular trading session Monday down 9.5% at $33.03. It's trading halfway between its 52-week low above $21, set in mid-March, and its 52-week high approaching $46, set last December.