New Jersey Resources Releases Q4 and Year-End Fiscal 2024 Results

New Jersey Resources Corporation has released its fiscal 2024 financial and operational results, showcasing significant growth and progress across its business segments. Highlights include:

Fiscal 2024 Financial Performance

Net Income: $289.8 million ($2.94 per share), up from $264.7 million ($2.73 per share) in fiscal 2023.
Net Financial Earnings (NFE): $290.8 million ($2.95 per share), a rise from $261.8 million ($2.70 per share) in fiscal 2023.
NJR achieved the high end of its updated NFE per share (NFEPS) guidance range of $2.85 to $3.00.

For the fiscal fourth quarter:

Net Income: $91.1 million ($0.92 per share), up from $37.0 million ($0.38 per share) in the same quarter of 2023.
NFE: $88.7 million ($0.89 per share), a significant increase from $29.6 million ($0.30 per share) in Q4 2023.
Growth was driven by higher revenues at Energy Services, supported by strategic Asset Management Agreements (AMAs).

Operational Highlights

Rate Case Approval: New Jersey Natural Gas (NJNG) received authorization for a $157 million base rate increase from the New Jersey Board of Public Utilities (BPU).
SAVEGREEN® Energy Efficiency Program: A new $385.6 million initiative launching in January 2025.
Solar Asset Sale: Clean Energy Ventures (CEV) sold a 91 MW residential solar portfolio for $132.5 million.
Adelphia Gateway Rate Filing: Expected to take effect in 2025, pending Federal Energy Regulatory Commission (FERC) approval.

Customer and Business Growth

NJNG added over 8,000 new customers in 2024, bringing its total to approximately 583,000 across several New Jersey counties.
New customers are projected to contribute $6.8 million annually in incremental gross margin.

Fiscal 2025 Outlook

NFEPS Guidance: $3.05 to $3.20, reflecting the one-time gain from the residential solar portfolio sale.
Dividend Increase: Fiscal 2025 dividends have been raised by 7.1% to $1.80 per share.
NJR reaffirmed its long-term annual NFEPS growth target of 7-9%, rebasing from $2.83 per share for fiscal 2025.

Management Commentary

Steve Westhoven, President and CEO of NJR, highlighted the company’s achievements:
“Fiscal 2024 was a landmark year, delivering robust financial performance and surpassing our long-term NFEPS growth target for the fourth consecutive year. Our strategic initiatives, including the base rate settlement and energy efficiency program, position us for sustainable growth.”