New Jersey Resources Corporation ( (NJR) ) has released its Q4 earnings. Here is a breakdown of the information New Jersey Resources Corporation presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
New Jersey Resources Corporation, a Fortune 1000 company, provides natural gas and clean energy services through its subsidiaries, including New Jersey Natural Gas and Clean Energy Ventures.
In its fiscal 2024 report, New Jersey Resources Corporation announced a consolidated net income of $289.8 million, or $2.94 per share, showing a notable increase from the previous year. The company also reported consolidated net financial earnings of $290.8 million, achieving the higher end of its guidance range.
Key highlights from the report include a significant boost in fourth-quarter net income, reaching $91.1 million due to increased operating revenue from Energy Services. Regulatory approvals for a $157 million base rate increase and a new energy efficiency program, as well as the sale of a solar portfolio for $132.5 million, were pivotal strategic moves.
Looking ahead, New Jersey Resources maintains a 7 to 9 percent growth target for net financial earnings per share, with fiscal 2025 guidance set between $3.05 and $3.20 per share. The company has also increased its dividend by 7.1 percent, reflecting confidence in continued financial performance.
Overall, New Jersey Resources Corporation remains committed to advancing its strategic objectives, enhancing its infrastructure, and expanding its clean energy initiatives, aiming for sustained long-term growth.
