UPDATE 2-New Jersey Resources Q2 earnings miss analysts' view

(Recasts, adds details, analyst comments, share movement)

By Shradhha Sharma

BANGALORE, April 30 (Reuters) - Energy services company New Jersey Resources Corp (NJR.N: Quote, Profile, Research) posted quarterly earnings below analysts' expectations as weakness in its wholesale energy services unit weighed, and reaffirmed its 2008 earnings outlook.

For the second quarter, the company reported net income of $12.6 million, or 30 cents per share, compared with $7.9 million, or 19 cents per share, a year earlier.

Net financial earnings for the quarter were $78 million, or $1.86 a share, compared with $80.5 million, or $1.92 a share, a year ago.

Net financial earnings exclude unrealized, and certain realized, gains and losses associated with derivative instruments.

"It's like taking a big bagful of water, once the gas price changes. The non-realized earnings just slosh around and spill over the financial statements and make a mess of everything," Argus Research analyst David Rewcastle said.

The provider of retail and wholesale energy services to customers in the United States and Canada said operating revenue rose about 14 percent to $1.18 billion.

Analysts expected earnings of $1.90 a share, before special items, on revenue of $1.06 billion, according to Reuters Estimates.