New Jersey Resources Corporation Reports Third Quarter Fiscal 2024 Results
Intellectia.AI2024-08-06
New Jersey Resources Corporation Reports Third Quarter Fiscal 2024 Results
New Jersey Resources Corporation (NYSE:NJR) has disclosed its financial results for the third quarter of fiscal year 2024.
Key Financial Metrics
| Financial Metric | Q3 FY2024 | Q3 FY2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | Not provided | Not provided | Not provided | $284M |
| Net Income | $(11.6)M | $1.5M | -$13.1M | |
| EPS | $(0.12) | $0.02 | -$0.14 | |
| Net Financial (Loss) Earnings (NFE) | $(8.9)M | $9.7M | -$18.6M | |
| NFE per Share (NFEPS) | $(0.09) | $0.10 | -$0.19 | -$0.02 |
Interpretation: The YoY performance indicates a significant downturn in NJR’s financial health during Q3 FY2024. Both net income and NFE have plummeted, translating into losses per share. This trend suggests challenges in maintaining profitability under current market conditions, despite reaffirming the NFEPS guidance for FY2024.
Revenue Performance by Segment
| Segment | Q3 FY2024 NFE | Q3 FY2023 NFE | YoY Change | Guidance Comparison |
|---|---|---|---|---|
| New Jersey Natural Gas | $(6.1)M | $0.9M | $(7.0)M | |
| Clean Energy Ventures | $(6.7)M | $7.3M | $(14.0)M | |
| Storage and Transportation | $4.1M | $2.4M | $1.7M | |
| Energy Services | $(2.2)M | $(1.6)M | $(0.6)M | |
| Home Services & Other Ops | $0.9M | $0.5M | $0.4M |
Interpretation: Among NJR's business segments, Storage and Transportation showed the most substantial improvement, reflecting higher operating revenues. Conversely, Clean Energy Ventures and New Jersey Natural Gas faced significant declines primarily due to non-recurrent gains and increased expenses.
Operational Data
| Key Operational Data | Q3 FY2024 | Q3 FY2023 |
|---|---|---|
| New Customers Added (NJNG) | 5,939 | 5,892 |
| Solar Capacity (CEV) | 477MW | Not comparable (new data) |
Management Commentary
Steve Westhoven, President and CEO, emphasized the alignment of their business with expectations and focused on strong performance by re-asserting, "We are on track to achieve NFEPS within our fiscal 2024 guidance range."
Dividends and Share Repurchase Programs
There were no announced dividends or share repurchase programs disclosed in the report.
Forward Guidance
NJR reaffirmed its fiscal 2024 net financial earnings per share (NFEPS) guidance range of $2.85 to $3.00.
Stock Price Movement
Following the earnings release, NJR’s stock experienced a decrease of -3.85%.
Summary
New Jersey Resources Corporation showcased a challenging third quarter for fiscal 2024, highlighted by considerable financial losses and downturns across several business segments. Despite these setbacks, the company remains optimistic about meeting its long-term financial targets, bolstered by strong performance in its Storage and Transportation segment and proactive management guidance.
For more information: NJR Official Website
Follow NJR on X.com (Twitter) @NJNaturalGas and Facebook @NewJerseyNaturalGas.
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Note: All data listed are directly provided from the earnings report shared. Sections omitting data were skipped as instructed.
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