New Jersey Resources (NJR) Misses Q1 EPS by 32c, Revenues Miss

New Jersey Resources (NYSE: NJR) reported Q1 EPS of $0.44, $0.32 worse than the analyst estimate of $0.76. Revenue for the quarter came in at $615.04 million versus the consensus estimate of $853 million.

• Consolidated net income of $89.4 million, compared with $86.2 million in the first quarter of fiscal 2019
• Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $40.4 million, or $0.44 per share, compared with $54.1 million, or $0.61 per share, in the first quarter of fiscal 2019
• Reaffirmed NFE guidance of $2.05 to $2.15 for fiscal 2020
• New Jersey Natural Gas (NJNG) received approval from the Board of Public Utilities (BPU) on its rate case settlement agreement
• The Adelphia Gateway project received its Certificate of Public Convenience and Necessity from the Federal Energy Regulatory Commission (FERC)
• Closed the acquisition of the Leaf River Energy Center (Leaf River)
• Clean Energy Ventures (CEV) placed one commercial solar installation into service that added 2.9 megawatts (MW); total installed capacity of nearly 300 MW
• NJNG achieved 100% renewable offset of its facility and fleet natural gas emissions

"Our energy infrastructure investments provide value to our shareowners and support New Jersey’s clean energy goals. New Jersey Natural Gas continues to strengthen its system, enhance reliability and reduce emissions as we add customers who want clean, affordable natural gas. We recently announced that NJR will voluntarily reduce its operational emissions in New Jersey by 50% by 2030 as we continue to lead the way on sustainability,” said Steve Westhoven, President and CEO of New Jersey Resources. "With the acquisition of the Leaf River Energy Center in October and Adelphia Gateway in January, we expanded our midstream portfolio and became the operator of NJR’s first FERC regulated assets.”

GUIDANCE:

New Jersey Resources sees FY2020 EPS of $2.05-$2.15, versus the consensus of $2.12.

For earnings history and earnings-related data on New Jersey Resources (NJR) click here.

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