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New Jersey Resources reports dip in net income, raises dividend
Editor
Published Nov 21, 2023 07:55AM ET
© Reuters.
New Jersey Resources Corporation (NYSE:NJR) has reported its fiscal 2023 financial results, revealing a slight decrease in consolidated net income to $264.7 million from the previous year's $274.9 million. Despite this dip, the company saw an increase in Net Financial Earnings (NFE), reaching $261 million or $2 per share, advancing from the prior year's $240 million or $0.50 per share.
In the fourth quarter, however, NJR experienced a downturn with net income at $37 million or $0.38 per share, which is a decline from the same period last year's $54.5 million or $0.57 per share. The NFE for the quarter also decreased to $30 million or $0.30 per share, compared to the previous fiscal year's fourth quarter at $39.9 million or $0.50 per share.
Despite these mixed results, NJR has declared an increased dividend for fiscal 2024 at $1.68 per share, marking a 7.7% rise from the previous dividend payout. The company has also set forth an optimistic guidance for NFEPS in the range of $2.70 to $2.85 for the upcoming period.
President and CEO Steve Westhoven highlighted NJR's robust annual performance and attributed it to diversified business contributions and strategic responses such as those during Winter Storm Elliott. He also noted that the raised dividend reflects confidence in NJR's financial strength and commitment to shareholder returns.
The report also shed light on significant customer growth within its subsidiary New Jersey Natural Gas (NJNG), with approximately 8,800 new customers added, contributing to increased utility gross margin projections. Moreover, NJR pointed out the completion of the southern portion of the Adelphia Gateway project in September and an increased NFE contribution from Energy Services due to high natural gas price volatility.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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