Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| Our capital projections are anchored by strong cash flow from operations |
| In addition, we have been able to take advantage of the opportunities in energy markets that have resulted in considerable upside to our growth targets in recent years |
| Finally, we achieved solid new customer growth during the period, adding approximately 2,100 new customers through the combination of new construction and conversions |
| And so we do think that moving into the future, that represents an opportunity for us to continue to drive efficiency gains in natural gas heating appliances |
| Fiscal 2024 is off to a good start, and we delivered strong performance in the first quarter |
| Positive momentum continued in the start of the second quarter as energy services outperformed in January, capitalizing on weather volatility |
| As discussed in prior calls, we expect fiscal 2024 to exceed our stated 7% to 9% long-term growth rate |
| Moving to slide 11, our solar business, Clean Energy Ventures, followed an exceptional 2023 with continued momentum heading into the New Year |
| And finally, reported solid contributions from S&T and Energy Services, in line with expectations |
| Just as important, this year's report also shows how the strong culture of innovation in our organization is having a positive impact on how we execute strategies, engage in dynamic partnerships, and deploy cutting-edge technology in new ways |
| In conclusion, NJR is off to a good start, and we expect fiscal 2024 to be a strong year due to higher NFE contributions from energy services and steady performance from our core businesses |
| And as I mentioned earlier, we benefited from our outperformance in energy services during the January weather event that allowed us to raise our NFEPS 2024 NFEPS guidance by $0.15 to $2.85 to $3 per share |
| And, Leaf River's – Adelphia Gateway is doing well |
| Finally, NJR was recognized by Newsweek as one of America's most responsible companies for the 5th consecutive year |
| But those heat pumps get an equivalent efficiency of north of 130%, and so they represent an improvement over a high efficiency natural gas or furnace today |
| It details our leadership and accomplishments in emissions reduction and renewable energy, as well as our long-term vision for the role of existing pipeline infrastructure in a lower carbon future |
| At this point, it's really where's the jurisdiction that's friendly towards solar, and where can we make the investments, and where does it fit best or the deals that we're able to put together? But we're happy to see that number growing, that project pipeline, and our available investments in that space continue and increase and support our continued investment in solar going forward |
| Our historical rate case has been constructive |
| As a result, we are announcing a $0.15 increase in our NFEPS guidance to $2.85 to $3.00 per share |
| Clean energy ventures continue to innovate, commissioning the largest cap landfill and floating solar arrays in North America |
| The financial team did a nice job of really going through everything in our budgets and impacts from the weather and tried to put that all into our numbers going forward |
| Our focus is on delivering solar investment opportunities that provide high single-digit unlevered returns |
| And thank you, and thank you all for the execution that you deliver again and again |
| So hopefully that helps |
| Looking ahead, we feel comfortable with our long-term growth rate in future years, and we expect to return to a more normalized segment contribution in fiscal 2025 |
| And as always, we appreciate your interest and investment in NJR |
| I know throughput year-on-year is up by a significant percentage, and we're continuing to watch that asset and see where we can pursue organic growth opportunities just like we are across the whole company |
| And because we are decoupled, we are able to offer those energy efficiency programs |
| We've given – we've shared with the financial community our growth rate in the company over the period as well as our segment contributions and we expect those to be intact |
| And as always, I want to thank all of our employees for their hard work |
| Statement |
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| In addition, AMA revenue recognized in the first quarter of fiscal 2024 was less than that recognized in Q1 of last year |
| I know there's been some inflationary pressures |
| Storage and transportation NFE declined versus Q1 of last year as a result of higher operating revenues related to Winter Storm Elliot in the first quarter of fiscal 2023 |
| From here on, between ‘25 and ‘31, we have a little bit of a step down in terms of the earnings per year |
| Could you unpack that a little bit more? I was surprised to see that |
| This could cause results to materially differ from our expectations as found on slide one |
| I'm just wondering if anything happened in changing in the competitive landscape to make that happen this past quarter |
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