The following is a summary of the New Jersey Resources Corporation (NJR) Q4 2024 Earnings Call Transcript:
Financial Performance:
NJR reported year-end NFEPS of $2.95, an increase from the prior year's $2.70, surpassing the upper guidance range.
Approved settlement of NJNG's rate case resulted in an annual revenue increase of $157 million, effective November 21.
Capital expenditures for fiscal 2025 and 2026 are planned between $1.3 billion to $1.6 billion, consistent with the long-term NFEPS growth target of 7% to 9%.
Business Progress:
NJR successfully completed the sale of its Sunlight Advantage residential solar portfolio, which strengthens the balance sheet and focuses on commercial solar growth.
Continued expansion in energy efficiency investments through the SAVEGREEN program.
Initiatives underway at Leaf River and Adelphia Gateway to support storage and transportation, including a 4 Bcf capacity recovery project and a filed rate case with FERC.
Opportunities:
Approval for expanded energy efficiency offerings through SAVEGREEN, positioned to meet evolving customer needs.
Ongoing commercial solar projects pipeline over 1 gigawatt, signifying potential high returns and stable revenues.
Risks:
The regulatory processes and approvals required for system integrity investments and the rate base growth could pose challenges if not favorably resolved.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
