Q3 2024 New Jersey Resources Corp Earnings Call Transcript
Key Points
- New Jersey Resources Corp (NJR) remains on track to achieve its fiscal 2024 NFEPS guidance of $2.85 to $3 per share.
- Clean Energy Ventures reported solid year-over-year revenue growth and continues to expand its project pipeline.
- The SAVEGREEN program reached a milestone, serving its 100,000th customer since inception in 2009, significantly reducing energy bills and carbon emissions.
- Energy Services outperformed expectations, leading to an increase in NFEPS guidance by $0.15 per share.
- NJR expects a significant year-over-year increase in NFE for the upcoming fourth quarter due to substantial revenue recognition from asset management agreements.
- NJR reported a net financial loss of $8.9 million for the fiscal 2024 third quarter, compared to a net financial earnings of $9.7 million in the same period last year.
- Clean Energy Ventures reported a net financial loss of $6.7 million for the period due to the resolution of an income tax valuation allowance last year that did not reoccur.
- Increased depreciation and interest expenses offset higher revenues at Clean Energy Ventures and S&T.
- The rate case resolution is still pending, with an expected resolution by the end of 2024.
- NJR's adjusted FFO to adjusted debt ratio is projected to be between 17% and 18%, indicating a need for careful financial management.
Hello. My name is Ali, and I will be your operator for today. I would like to welcome everyone to New Jersey Resources fiscal 2024 third-quarter conference call. (Operator Instructions)
I'd now like to hand over to Adam Prior, Head of Investor Relations. You may now begin.
Thank you. Welcome to New Jersey Resources fiscal 2024 third-quarter conference call and webcast. I'm joined here today by Steve Westhoven, our President and CEO; Roberto Bell, our Senior Vice President and Chief Financial Officer; as well as other members of our senior management team.
Certain statements in today's call contain estimates and other forward-looking statements within the meaning of the securities laws. We wish to caution listeners of this call that the current expectations, assumptions and beliefs forming the basis of our forward-looking statements include many factors that are beyond our ability to control or estimate precisely. This could cause results to materially differ from our
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