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Dec 31, 2020
NJR Q1 2021 Earnings Report
Reported strong first-quarter results, consistent with expectations and on track to meet fiscal year guidance.
Key Takeaways
New Jersey Resources reported a strong first quarter with net income of $81.0 million, or $0.84 per share, compared to $75.8 million, or $0.82 per share, in the same period of fiscal 2020. NFE totaled $44.7 million, or $0.46 per share, compared to $34.9 million, or $0.38 per share, in the same period of fiscal 2020.
First-quarter fiscal 2021 net income totaled $81.0 million, or $0.84 per share.
First-quarter fiscal 2021 NFE totaled $44.7 million, or $0.46 per share.
NJR reaffirmed fiscal 2021 NFE guidance range of $1.55 to $1.65 per share.
NJR increased its fiscal 2022 NFE guidance to a range of $2.20 to $2.30.
NJR
NJR
NJR Revenue by Segment
Revenue by Segment
Natural Gas Distribution Revenue
CapyFin.comClean Energy Ventures Revenue
CapyFin.com Forward Guidance
NJR reaffirmed fiscal 2021 NFE guidance range of $1.55 to $1.65 per share and increased its fiscal 2022 NFE guidance to a range of $2.20 to $2.30.
Positive Outlook
- NJR reaffirmed fiscal 2021 NFE guidance range of $1.55 to $1.65 per share.
- NJR increased its fiscal 2022 NFE guidance to a range of $2.20 to $2.30.
- The increase to fiscal 2022 NFE guidance is due to the expected impact of the recently announced AMAs at Energy Services.
- NJNG reported first-quarter fiscal 2021 NFE of $49.5 million.
- The higher results in the quarter were due to higher natural gas storage spreads in the first quarter that benefited the storage incentive program compared to the same period last year.
Challenges Ahead
- CEV reported a net financial loss of $10.3 million during the first-quarter of fiscal 2021.
- The decrease was due primarily to higher O&M expenses related to project maintenance costs and additional lease expense associated with new projects placed in service, which was partially offset by a decrease in depreciation expense.
- Home Services and Other Operations reported first-quarter fiscal 2021 net financial loss of $0.1 million.
- The decrease in NFE in the first quarter was primarily due to decreased operating revenue and increased interest expense compared to the prior period.
- Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income