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Mar 31, 2024
NJR Q2 2024 Earnings Report
NJR's financial performance increased due to solid progress on organic growth initiatives and Energy Services capitalizing on natural gas price volatility.
Key Takeaways
New Jersey Resources reported a strong second quarter with consolidated net income of $120.8 million and net financial earnings of $138.6 million, or $1.41 per share. The company re-affirmed its fiscal 2024 net financial earnings per share guidance range of $2.85 to $3.00.
Consolidated net income reached $120.8 million, up from $110.2 million in Q2 2023.
Net financial earnings (NFE) were $138.6 million, or $1.41 per share, compared to $112.3 million, or $1.16 per share, in Q2 2023.
Fiscal 2024 NFEPS guidance range re-affirmed at $2.85 to $3.00, following a $0.15 increase in February 2024.
NJNG filed a rate case seeking a $222.6 million increase in delivery rates.
NJR
NJR
NJR Revenue by Segment
Revenue by Segment
Natural Gas Distribution Revenue
CapyFin.comClean Energy Ventures Revenue
CapyFin.comEnergy Services Revenue
CapyFin.comStorage and Transportation Revenue
CapyFin.comHome Services and Other Revenue
CapyFin.com Forward Guidance
NJR re-affirmed its fiscal 2024 NFEPS guidance range of $2.85 to $3.00, which was increased by $0.15 in February 2024.
Positive Outlook
- Energy Services will represent a higher percentage of NFEPS than in prior years due to contributions from the Asset Management Agreements signed in 2020.
- New Jersey Natural Gas is expected to contribute 40 to 45 percent of fiscal 2024 Net Financial Earnings.
- Clean Energy Ventures is expected to contribute 12 to 17 percent of fiscal 2024 Net Financial Earnings.
- Storage and Transportation is expected to contribute 3 to 7 percent of fiscal 2024 Net Financial Earnings.
- Home Services and Other is expected to contribute 0 to 1 percent of fiscal 2024 Net Financial Earnings.
Challenges Ahead
- Differences between reported GAAP earnings and NFE due to matters such as the positions of energy-related derivatives.
- Inability to reasonably estimate the aggregate impact or significance of these items on reported earnings.
- Volatility associated with the change in value of financial instruments and physical commodity reported on the income statement.
- Estimates of future market conditions.
- Behavior of other market participants.
Revenue & Expenses
Visualization of income flow from segment revenue to net income