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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