Core Points - FanDuel Group is sponsoring a day of free tolls and rides in New Jersey and Pennsylvania on December 18, 2024, in collaboration with local transportation authorities [2][4][5] - The initiative aims to enhance customer engagement and promote the FanDuel Casino brand [5] Group 1: Free Tolls and Rides - Free tolls will be available at the South Jersey Transportation Authority's Atlantic City Expressway Pleasantville Toll Plaza from 12 am to 11:59 pm ET [4] - PATH rides will be free systemwide from 8:00 pm to 11:00 pm ET [4] - In Pennsylvania, the SEPTA Broad Street Line will offer free rides from 6:00 pm to 12:00 am ET [4] Group 2: Company Overview - FanDuel Group is a leading mobile gaming company in the United States, with a diverse portfolio including sports betting, iGaming, and daily fantasy sports [6] - The company operates in all 50 states, serving approximately 17 million customers and maintaining 25 retail locations [6] - FanDuel Group is a subsidiary of Flutter Entertainment, which is the largest sports betting and gaming operator globally [6]

New Jersey Resources Corporation (NYSE:NJR) Q4 2024 Earnings Call Transcript November 26, 2024 10:00 AM ET Company Participants Adam Prior - Director of IR Steve Westhoven - President and CEO Roberto Bel - SVP and CFO Pat Migliaccio - SVP and COO Conference Call Participants Robert Mosca - Mizuho Securities Chris Ellinghaus - Seibert Williams Shank Travis Miller - Morningstar Operator Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would ...

Natural Gas Supply and Management - NJNG purchased natural gas from approximately 56 suppliers in fiscal 2024, with over 10% sourced from two suppliers[51]. - NJNG maintains firm transportation and storage capacity agreements totaling 914,163 Dths per day with various pipeline companies[53]. - NJNG has additional storage contracts providing 102,941 Dths of maximum daily deliverability from storage fields[54]. - NJNG's LNG facilities have a combined deliverability of approximately 170,000 Dths/day, representing about 17% of its estimated peak day sendout[57]. - In fiscal 2024, the company managed and sold 125.3 Bcf of natural gas, compared to 150.4 Bcf in fiscal 2023[82]. - As of September 30, 2024, the company had 13.1 Bcf of natural gas in storage, down from 14.6 Bcf as of September 30, 2023[82]. - The company has an average of approximately 16.5 Bcf of firm storage and 0.6 Bcf of firm transportation capacity[84]. - ES purchased more than 10% of its natural gas from one supplier in fiscal 2024, with no material adverse impact expected from the loss of this supplier[79]. - NJNG expects to renegotiate and restructure its contract portfolio to meet changing natural gas supply needs[61]. - The ability to deliver natural gas relies on third-party pipelines and storage facilities, and disruptions could materially impact financial condition and operations[119]. - The inability to develop additional interstate pipeline infrastructure could impact the supply and price of natural gas, affecting financial results[146]. Customer Base and Growth - As of September 30, 2024, NJNG had 14,470 residential and 7,972 commercial and industrial customers utilizing transportation service[66]. - Customer growth is dependent on the housing market and conversion from other fuel sources, with potential adverse impacts during economic downturns[150]. Environmental and Regulatory Considerations - The estimated future expenditures for environmental remediation of former MGP sites range from approximately $130.9 million to $194.6 million[93]. - NJNG recorded an MGP remediation liability of $161.7 million on the Consolidated Balance Sheets as of September 30, 2024[94]. - The company is subject to substantial regulatory oversight, which may result in increased costs and impact earnings[136]. - Changes in regulations, particularly related to climate change and greenhouse gas emissions, could affect operational costs and growth opportunities[142]. - The company aims to reduce operational emissions by 60% from 2006 levels by 2030 and achieve net-zero carbon emissions by 2050, which may require significant investments[142]. - Current state regulatory incentives and federal tax credits are critical for the economic viability of solar projects, and any adverse changes could negatively impact returns[114]. Financial Performance and Risks - The company’s earnings and cash flows are dependent on optimizing its portfolio of natural gas storage and pipeline assets, which may be affected by pricing dynamics and supply changes[118]. - The company actively hedges against natural gas price fluctuations, but failures in third-party performance could materially impact financial condition[147]. - The company is exposed to market risk in its wholesale business, particularly in its transportation and storage portfolios, which could negatively impact cash flows if contracts are renewed at less favorable terms[153]. - Credit rating downgrades could increase financing costs and limit access to financial markets, negatively affecting the company's ability to execute operating strategies[162]. - Significant regulatory assets recorded by the company could be disallowed for recovery from customers, impacting financial condition and cash flows[177]. - Changes in tax laws or adverse outcomes from tax authority examinations may negatively affect the company's financial results and cash flows[174]. Workforce and Operational Challenges - As of September 30, 2024, the company employed 1,372 employees, an increase from 1,350 employees as of September 30, 2023[96]. - Attracting and retaining a qualified workforce is essential for implementing business strategy, and failure to do so could adversely affect operations[120]. - The company has implemented a 401(k) Plan with an employer match of 85% of the first 6% of base compensation contributed by employees[104]. - The company is committed to fostering a culture of safety and has invested in employee training and development programs[99]. Market and Economic Influences - Weather patterns significantly impact demand for natural gas, with milder winters or cooler summers potentially leading to reduced revenues[124]. - Extreme weather events can disrupt energy generation and distribution, increasing costs and affecting the ability to serve customers reliably[126]. - Climate change poses risks that could increase costs and impact demand for natural gas, affecting the economic health of the regions in which the company operates[127]. - The company faces risks from natural disasters, pandemics, and geopolitical events, which could disrupt operations and financial results[128]. - Inflation and increased natural gas costs may adversely affect customer collections, potentially increasing the company's level of indebtedness[154]. - Rapid increases in the price of purchased gas could lead to a significant rise in short-term debt, as the company must pay suppliers upfront, impacting cash flow and accounts receivable[155]. Solar Energy Investments - Clean Energy Ventures (CEV) operates approximately 477 MW of solar capacity across six states as of September 30, 2024[68]. - CEV completed the sale of its 91 MW residential solar asset portfolio on November 25, 2024[70]. - The company is facing substantial risks and uncertainties related to its investments in solar energy projects, including potential delays in construction and regulatory approvals[113]. - The company’s energy investments require timely governmental approvals and financing, and delays could impair financial condition and results[123]. - Supply chain disruptions and reliance on third-party vendors could adversely affect the company's operations and financial performance[148].

Financial Performance - Fiscal 2024 consolidated net income was $289.8 million, or $2.94 per share, compared to $264.7 million, or $2.73 per share, in fiscal 2023, representing a 9.8% increase in net income [2]. - Fiscal 2024 fourth-quarter net income totaled $91.1 million, or $0.92 per share, compared to $37.0 million, or $0.38 per share, for the same period in fiscal 2023, marking a 146.8% increase [2]. - Fiscal 2024 consolidated net financial earnings (NFE) were $290.8 million, or $2.95 per share, compared to $261.8 million, or $2.70 per share, in fiscal 2023, reflecting a 11.1% increase [2]. - The company achieved the higher end of its fiscal 2024 NFEPS guidance range of $2.85 to $3.00, which was raised in February 2024 [2]. - The total net financial earnings for the three months ended September 30, 2024, were $88,707 thousand, compared to $29,563 thousand for the same period in 2023, reflecting a substantial increase of 199.5% [40]. - Net income for the three months ended September 30, 2024, was $91,126 thousand, representing a significant increase of 146.1% from $37,024 thousand in the prior year [38]. - Basic earnings per share for the three months ended September 30, 2024, were $0.92, up from $0.38 for the same period in 2023, reflecting a growth of 142.1% [38]. - The company reported a financial margin of $96,302,000 for Q4 2024, compared to $4,255,000 in Q4 2023, reflecting a significant growth [41]. Customer Growth and Utility Operations - New Jersey Natural Gas (NJNG) added 8,079 new customers during fiscal 2024, bringing the total to approximately 583,000 customers, expected to contribute $6.8 million in incremental utility gross margin annually [14]. - NJNG received approval for a $157.0 million increase to its base rates, effective November 21, 2024, with an overall rate of return on rate base of 7.08% [15]. - NJNG reported fiscal 2024 NFE of $133.4 million, compared to $131.4 million in fiscal 2023, with a fourth-quarter net financial loss of $(19.0) million, an improvement from $(24.8) million in the same period last year [13]. - Total Utility Gross Margin for the year ended September 30, 2024, was $544,870,000, up 1.5% from $536,634,000 in the previous year [44]. - Operating revenues for Natural Gas Distribution were $105,091,000 in Q4 2024, a decrease of 2.4% from $108,741,000 in Q4 2023 [44]. Segment Performance - Energy Services reported fiscal 2024 NFE of $111.5 million, significantly up from $68.5 million in fiscal 2023, with fourth-quarter NFE at $68.3 million compared to a net financial loss of $(3.5) million in the same period last year [23]. - Clean Energy Ventures (CEV) reported fiscal 2024 NFE of $33.7 million, down from $44.5 million in fiscal 2023, with fourth-quarter NFE at $35.5 million compared to $50.2 million in the same period last year [20]. - Storage and Transportation reported fiscal 2024 NFE of $12.2 million, slightly down from $12.8 million in fiscal 2023, with fourth-quarter NFE at $2.5 million compared to $1.8 million last year [22]. - Operating revenues for the Energy Services segment reached $178,420,000 in Q4 2024, compared to $102,932,000 in Q4 2023, representing a 73% increase [41]. - The Clean Energy Ventures segment generated operating revenues of $71,295,000 in Q4 2024, down from $83,755,000 in Q4 2023, a decrease of 15% [42]. Capital Expenditures and Investments - Capital expenditures for fiscal 2024 were $575.1 million, up from $537.3 million in fiscal 2023, primarily due to higher expenditures at NJNG [25]. - A new $385.6 million energy efficiency program, SAVEGREEN®, was approved to begin on January 1, 2025, continuing through June 30, 2027 [3]. - SAVEGREEN® invested $71.3 million in fiscal 2024, recovering $28.6 million through its energy efficiency rate, and a new $385.6 million SAVEGREEN® program was approved for January 1, 2025 [19]. - NJNG's Infrastructure Investment Program (IIP) is a five-year, $150 million program, with $42.2 million spent in fiscal 2024, resulting in a $4.7 million revenue increase approved by the BPU effective October 1, 2024 [16]. Revenue and Expense Trends - Total operating revenues for the three months ended September 30, 2024, were $395,780 thousand, an increase of 19.4% compared to $331,325 thousand for the same period in 2023 [38]. - Total operating expenses decreased to $249,653 thousand for the three months ended September 30, 2024, down from $267,032 thousand in the prior year, a reduction of 6.5% [38]. - Nonutility operating revenues increased to $291,027 thousand for the three months ended September 30, 2024, compared to $222,921 thousand in the same period of 2023, a growth of 30.5% [38]. - Operating income for the three months ended September 30, 2024, was $146,127 thousand, compared to $64,293 thousand in the same quarter of 2023, marking an increase of 127.5% [38]. Market Performance - The company’s market price at September 30, 2024, was $47.20, up from $40.63 at the same date in 2023, reflecting a 16% increase [43]. - The company reported other income of $10,237 thousand for the three months ended September 30, 2024, slightly down from $10,938 thousand in the same period of 2023 [38].

Core Viewpoint - The article discusses the concept that the safest dividend is often one that has just been raised, while acknowledging exceptions like W. P. Carey [1] Group 1 - The author has been involved in dividend investing since 2009 and has documented their journey towards financial independence through dividend growth investing since July 2018 [1] - The author contributes to various platforms including Sure Dividend, Dividend Kings, and iREIT+Hoya Capital, indicating a broad engagement with the dividend investing community [1] - The article emphasizes the importance of examining dividend growth stocks and occasionally growth stocks, reflecting a focus on long-term investment strategies [1]

New Jersey Resources (NJR) announced that its board of directors has approved a 7.1% increase in its quarterly dividend rate. The new dividend rate will be 45 cents per share compared with the previous quarter's 42 cents, payable on Oct. 1, 2024, to stockholders of record as of Sept. 23. This increase resulted in an annualized dividend of $1.80 per share compared with the previous level of $1.68. The company has paid quarterly dividends continuously since its inception in 1952 and has raised the dividend ev ...

New Jersey Resources (NJR) continues to benefit from its investments in infrastructure that help serve its expanding customer base more efficiently. Given its earnings growth opportunities and strong return on equity (ROE), NJR makes for a solid investment option in the utility sector. Let's focus on the factors that make this Zacks Rank #2 (Buy) company a strong investment pick at the moment. NJR's Growth Projections The Zacks Consensus Estimate for fiscal 2024 earnings per share (EPS) has moved up 0.3% in ...

Nevis Brands (CSE:NEVI, OTCQB:PSCBF) CEO John Kueber joined Proactive to discuss the company's new licensing agreement with Stash House to produce and distribute Major-branded cannabis beverages in New Jersey. Kueber highlighted the importance of New Jersey's market due to its proximity to major population centers like New York City. He also provided an update on the company's regulatory approval efforts in Michigan, expressing optimism about entering the market before the end of the year. Proactive: You've ...

Financial Performance - Total operating revenues for the three months ended June 30, 2024, were $275.636 million, compared to $264.075 million for the same period in 2023, representing a year-over-year increase of approximately 4.4%[10] - Net loss for the three months ended June 30, 2024, was $11.574 million, compared to a net income of $1.532 million for the same period in 2023, indicating a significant decline in profitability[11] - Operating income for the nine months ended June 30, 2024, was $311.977 million, down from $342.707 million for the same period in 2023, a decrease of approximately 8.9%[10] - Net income for the nine months ended June 30, 2024, was $198,649,000, a decrease of 12.8% compared to $227,700,000 for the same period in 2023[13] - Cash flows from operating activities totaled $362,894,000, down from $387,898,000 in the previous year, reflecting a decrease of 6.4%[13] - The company reported a net loss of $11,574,000 for the three months ended June 30, 2024, compared to a net income of $1,532,000 for the same period in 2023[102] Revenue Breakdown - The utility segment generated revenues of $157.773 million for the three months ended June 30, 2024, up from $144.971 million in the same period last year, reflecting a growth of about 8.8%[10] - Natural gas utility sales for the nine months ended June 30, 2024, reached $767.698 million, compared to $749.618 million in 2023, indicating an increase of about 2.5%[58] - Revenues from contracts with customers for the three months ended June 30, 2024, totaled $209.892 million, up from $199.315 million in 2023, reflecting a growth of approximately 5.3%[56] - The company reported natural gas services revenue of $40.679 million for the three months ended June 30, 2024, compared to $38.222 million in 2023, marking a growth of approximately 6.4%[56] - Operating revenues for NJNG in 2024 from external customers were $157.773 million, compared to $144.971 million in 2023, representing an increase of about 8.9%[131] Expenses and Losses - Total operating expenses for the three months ended June 30, 2024, were $269.700 million, compared to $259.341 million for the same period in 2023, an increase of about 4%[10] - The company faced increased operating expenses due to higher natural gas purchase costs, with utility natural gas purchases amounting to $53.372 million for the three months ended June 30, 2024[10] - The basic loss per share for the three months ended June 30, 2024, was $(0.12), compared to earnings of $0.02 per share for the same period in 2023[10] - Comprehensive loss income for the three months ended June 30, 2024, was $(11.679) million, compared to $1.836 million for the same period in 2023[11] - The company reported a $12.3 million increase in operating and maintenance expenses for the nine months ended June 30, 2024, compared to the same period in 2023[193] Assets and Liabilities - Total assets increased to $6,784,121,000 as of June 30, 2024, compared to $6,537,496,000 as of September 30, 2023, representing a growth of 3.8%[14] - Current liabilities totaled $894,347,000 as of June 30, 2024, an increase from $806,603,000 in 2023, indicating a rise of about 10.86%[16] - Long-term debt stood at $2,793,672,000 as of June 30, 2024, compared to $2,768,017,000 in 2023, reflecting a slight increase of approximately 0.93%[16] - Total noncurrent liabilities decreased to $953,084,000 as of June 30, 2024, down from $972,141,000 in 2023, indicating a reduction of approximately 1.93%[16] - The carrying value of long-term debt as of June 30, 2024, was $2,692,845 thousand, with a fair market value of $2,306,291 thousand[95] Customer and Market Information - NJNG provides natural gas utility service to approximately 582,100 customers across New Jersey, with regulated rates by the BPU[21] - The company added 5,939 new customers during the nine months ended June 30, 2024, contributing an estimated $5.1M in incremental Utility Gross Margin annually[165] - NJNG's operations are focused on providing safe and reliable service, growing its customer base, and promoting clean energy programs[160] Regulatory and Compliance - NJNG filed a petition for BPU approval of its 2024 SAVEGREEN program, which includes a direct investment of $245.1 million aimed at energy efficiency and decarbonization initiatives[70] - NJNG filed a base rate case requesting a natural gas revenue increase of $222.6 million, later updated to $219.6 million[71] - BPU approved a $38.6 million decrease to annual revenues credited to BGSS and a $27.0 million increase to CIP rates effective October 1, 2023[72] Clean Energy Initiatives - The Clean Energy Ventures segment invests in clean energy projects, including solar installations across multiple states[21] - The company is actively pursuing opportunities in renewable energy markets through Clean Energy Ventures, focusing on solar projects[194] - CEV's operating revenues for the three months ended June 30, 2024, were $14.648 million, compared to $13.178 million for the same period in 2023, reflecting an increase of approximately 11.1%[205] Derivative Instruments and Risk Management - The fair value of the Company's derivative assets as of June 30, 2024, was $5.75 million, while liabilities were $19.59 million[81] - The company is exposed to commodity price risk and utilizes various derivative instruments to hedge this risk[74] - Total unrealized and realized gain (loss) from derivatives for the three months ended June 30, 2024, was $(1,645) thousand, compared to $11,592 thousand for the same period in 2023[84]

New Jersey Resources (NJR) came out with a quarterly loss of $0.09 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to earnings of $0.10 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -350%. A quarter ago, it was expected that this energy services holding company would post earnings of $1.32 per share when it actually produced earnings of $1.40, delivering a surprise of 6.06%. Over the last fou ...