New Jersey Resources First Quarter 2024 Earnings: EPS Beats Expectations, Revenues Lag
New Jersey Resources (NYSE:NJR) First Quarter 2024 Results
Key Financial Results
Revenue: US$467.2m (down 35% from 1Q 2023).
Net income: US$89.4m (down 23% from 1Q 2023).
Profit margin: 19% (up from 16% in 1Q 2023). The increase in margin was driven by lower expenses.
EPS: US$0.91 (down from US$1.20 in 1Q 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
New Jersey Resources EPS Beats Expectations, Revenues Fall Short
Revenue missed analyst estimates by 42%. Earnings per share (EPS) exceeded analyst estimates by 39%.
Looking ahead, revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Gas Utilities industry in the US.
Performance of the American Gas Utilities industry.
The company's share price is broadly unchanged from a week ago.
Risk Analysis
It is worth noting though that we have found 2 warning signs for New Jersey Resources (1 shouldn't be ignored!) that you need to take into consideration.
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