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March 12, 2014
08:29 EDTNJRNew Jersey Resources raises FY14 EPS view to $3.90-$4.10 from $2.75-$2.95
Consensus is $2.87. The increase in guidance is due to significantly better-than-anticipated results at NJR Energy Services, a provider of producer and physical natural gas services. This winter, demand for natural gas increased considerably in regions affected by the sustained extreme cold weather across the United States, especially in the Midwest. During this period of high demand and volatility, NJRES effectively utilized its strategically located portfolio of natural gas storage and transportation contracts to meet the needs of its customers in these regions. NJR has raised its average annual long-term NFE-per-share growth rate goal to a range of 5 to 9 percent from the previous range of 4%-7%. In addition, the company has increased its annual dividend growth rate forecast to a range of 6%-8%, up from 5%. NJR’s long-term payout ratio goal remains unchanged at a range of 60%-65%. NJR continues to expect that between 65%-80% of its long-term earnings will be generated by its regulated businesses. Comments taken from an 8K filing.
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