New Jersey Resources Achieves Strong Financial Performance, Sets Stage for Future Growth
The company reported a strong fiscal year 2024, driven by solid financial performance across all business segments. Key highlights from the quarter include the successful resolution of New Jersey Natural Gas' base rate case and energy efficiency programs, which provides greater certainty as the company enters fiscal 2025.
NJR exceeded the high end of its net financial earnings per share (NFEPS) guidance range for the fourth consecutive year, demonstrating the strength of its diversified business model. The company's actual performance consistently exceeds its long-term growth rate target of 7-9% and is well-positioned for future growth.
At New Jersey Natural Gas, the company grew its customer base and reported a record level of energy efficiency investments through its SAVEGREEN program. Clean Energy Ventures commissioned its first community solar project, built on a capped landfill in New Jersey, which will provide clean energy to low- and moderate-income customers.
The company's S&T division drove organic growth with Leaf River completing a booster compression project and initiating a new capacity recovery project. These projects are expected to contribute to higher revenues over time through enhanced storage services and operational efficiency.
Energy Services benefited from an outsized contribution from the asset management agreements announced in 2020, while delivering significant value from its long option strategy during the January weather event. The company's Home Services division completed approximately 80,000 service calls with a near-5-star Google rating and was recognized as a Ruud Top 20 Pro Partner for the eighth consecutive year.
The New Jersey Board of Public Utilities approved a settlement to New Jersey Natural Gas' base rate case last week, securing recovery for investments that ensure safe and reliable service for its roughly 583,000 customers. The company reached a fair and equitable resolution with all parties and is pleased with the outcome.
As NJR looks ahead to fiscal 2025, it is well-positioned for future growth, driven by strategic investments throughout its businesses and a strong financial performance across all segments.
