New Jersey Resources (NJR) Misses Q1 EPS by 3c, Revenues Miss; Raises FY22 EPS Guidance Above Consensus, Confirms FY21 EPS Mid-Point Views Below Consensus

New Jersey Resources (NYSE: NJR) reported Q1 EPS of $0.46, $0.03 worse than the analyst estimate of $0.49. Revenue for the quarter came in at $454.31 million versus the consensus estimate of $611 million.

Highlights include:

• Consolidated net income of $81.0 million, compared with $75.8 million in the first-quarter of fiscal 2020
• Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $44.7 million, or $0.46 per share, compared with $34.9 million, or $0.38 per share, in the first quarter of fiscal 2020
• Reaffirmed NFE per share (NFEPS) guidance of $1.55 to $1.65 for fiscal 2021
• Increased NFEPS guidance for fiscal 2022 by $0.15 to a range of $2.20 to $2.30
• Entered into Asset Management Agreements (AMAs) to release certain natural gas transportation contracts of NJR Energy Services for aggregate cash proceeds of approximately $500 million payable over 10 years
• New Jersey Natural Gas (NJNG) received approval from the New Jersey Board of Public Utilities (BPU) for the five-year, $150 million Infrastructure Investment Program (IIP)
• NJNG filed for SAVEGREEN 2020, a three-year, $264 million energy efficiency program

First-quarter fiscal 2021 net income totaled $81.0 million, or $0.84 per share, compared with $75.8 million, or $0.82 per share, during the same period in fiscal 2020. First-quarter fiscal 2021 NFE totaled $44.7 million, or $0.46 per share, compared with $34.9 million, or $0.38 per share, during the same period in fiscal 2020.

"Our strong results for the first-quarter were consistent with our expectations and put us on track to meet our guidance for the fiscal year," said Steve Westhoven, President and CEO of New Jersey Resources. "By entering into the AMAs at Energy Services, we are delivering on our commitment to generate more stable fee-based revenue. Our outlook for the fiscal year is supported by our core utility business, New Jersey Natural Gas, and our growing portfolio of clean energy assets at Clean Energy Ventures."

GUIDANCE:

New Jersey Resources sees FY2021 EPS of $1.55-$1.65, versus the consensus of $1.61.

New Jersey Resources sees FY2022 EPS of $2.20-$2.30, versus the consensus of $2.13.

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

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