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Sep 30, 2024
NJR Q4 2024 Earnings Report
NJR's Q4 2024 earnings increased due to higher operating revenue at Energy Services, driven by Asset Management Agreements.
Key Takeaways
New Jersey Resources reported a strong fourth quarter with net income of $91.1 million, or $0.92 per share, and NFE of $88.7 million, or $0.89 per share. The increase was largely due to higher operating revenue at Energy Services as a result of the Asset Management Agreements (AMAs) signed in December 2020. The company maintains a 7 to 9 percent long-term NFEPS growth target.
Fiscal 2024 fourth-quarter net income totaled $91.1 million, or $0.92 per share.
Fiscal 2024 fourth-quarter NFE totaled $88.7 million, or $0.89 per share.
NJNG received approval from the BPU for a $157.0 million increase to its base rates.
CEV announced the sale of its 91 MW residential solar portfolio for a total of $132.5 million.
NJR
NJR
NJR Revenue by Segment
Revenue by Segment
Natural Gas Distribution Revenue
CapyFin.comClean Energy Ventures Revenue
CapyFin.com Forward Guidance
NJR introduced its fiscal 2025 NFEPS guidance range of $3.05 to $3.20, which is higher than the range implied by our long-term NFEPS growth target as a result of the one-time gain from the sale of NJR’s residential solar portfolio.
Positive Outlook
- Fiscal 2025 NFEPS guidance range of $3.05 to $3.20.
- Maintains 7 to 9 percent long-term NFEPS growth target.
- Increased fiscal 2025 dividend by 7.1 percent to $1.80 per share
- NJNG received approval from the BPU for a $157.0 million increase to its base rates.
- New $385.6 million SAVEGREEN program approved.
Challenges Ahead
- Guidance is subject to risks and uncertainties.
- Potential differences between reported GAAP earnings and NFE.
- Inability to reasonably estimate the aggregate impact or significance of certain items on reported earnings.
- Sale of 91MW residential solar portfolio considered a one-time gain.
- Adelphia anticipates that FERC will allow it to place the rates into effect during the second half of 2025, subject to refund and the outcome of a hearing to be established by FERC
Revenue & Expenses
Visualization of income flow from segment revenue to net income