New Jersey Resources Boosts FY24 NFE Outlook; Q1 Profit Declines

(RTTNews) - While reporting financial results for the first quarter on Tuesday, New Jersey Resources Corp. (NJR) raised its net financial earnings or NFE guidance for the full-year 2024, due to a strong performance from Energy Services in January 2024 as it benefited from natural gas price volatility.

For fiscal 2024, the company now projects NFE in a range of $2.85 to $3.00 per share, up from the previously announced range of $2.70 to $2.85 per share.

On average, six analysts polled by Thomson Reuters expect the company to report earnings of $2.78 per share for the year. Analysts' estimates typically exclude special items.

The company maintained its long-term projected NFE per share growth rate of 7 to 9 percent.

For the first quarter, net income declined to $89.41 million or $0.91 per share from $115.92 million or $1.19 per share last year.

Net financial earnings or NFE for the quarter were $72.44 million or $0.74 per share, compared to $110.28 million or $1.14 per share in the previous year.

The Street was looking for earnings of $0.75 per share for the quarter.

Total operating revenues for the quarter decreased to $467.21 million from $723.57 million in the prior-year quarter.

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