The following is a summary of the New Jersey Resources Corporation (NJR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• NJR expects to achieve fiscal 2024 NFEPS guidance of $2.85 to $3.00 per share.

• Reported a net financial loss of $8.9 million or $0.09 per share in Q3 2024, compared with last year's same-quarter NFE of $9.7 million or $0.10 per share.

• Projects an NFE increase in Q4 due to significant recognition of revenue from asset management agreements.

Business Progress:

• Complementary portfolio of businesses performed as expected, continuing the trajectory to meet NFEPS guidance.

• New Jersey Natural Gas proceeded with a rate case, anticipating a resolution before the end of 2024.

• Achieved significant energy savings and emissions reduction through the SAVEGREEN program, reaching 100,000 customers.

• Expanding solar capacity in Clean Energy Ventures with more than 870 megawatts of potential and 51 megawatts under construction.

Opportunities:

• High electricity demands supports NJR's strategic positioning, particularly in Energy Services and infrastructural investments.

• SAVEGREEN program reached 100,000th milestone, showing effective market penetration and utility in energy conservation initiatives.

Risks:

• NJR's performance is heavily influenced by regulatory approvals such as those pending for the rate case, which pose a potential risk if not resolved favorably.

• Market fluctuations, particularly in power prices, may influence the financial results of Clean Energy Ventures substantially.

More details: New Jersey Resources IR

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