New Jersey Resources Corp. (NYSE:NJR) Q2 2018 Earnings Conference Call - Final Transcript
May 04, 2018 • 10:00 am ET
Good morning, everyone and welcome to the New Jersey Resources First Quarter Fiscal 2018 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Dennis Puma, Director of Investor Relations. Please go ahead.
Thank you, Stephen, and good morning, everybody. Welcome to New Jersey Resources first quarter fiscal 2018 conference call and webcast. I'm joined here today by Larry Downes, our Chairman and CEO; Steve Westhoven, our Chief Operating Officer; and Pat Migliaccio, our Chief Financial Officer as well as other members of our senior management team. As you know certain statements in today's call contain estimates and other forward-looking statements within the meaning of the securities laws. We wish to caution listeners of this call that the current expectations, assumptions and beliefs forming the basis for our forward-looking statements include many factors that are beyond our ability to control or estimate precisely, which could cause results to materially differ from our expectations as found on Slide 1. These items can also be found in the forward-looking statements section of today news release furnished on Form 8-K and in our most recent Forms 10-K and Qs as filed with the SEC. We do not by including this statement assume any obligation to revise -- review or revise any particular forward-looking statements referenced herein in light of future events.
Turning to Slide 2, we will be referring to certain non-GAAP measures such as NFE or net financial earnings. We believe that NFE provides a more complete understanding of our financial performance. However, it is not intended to be a substitute for GAAP. Our non-GAAP measures are discussed more fully in Item 7 of our 10-K. We'd also like to point out that there are slides accompanying today's discussion which are available on our website and were also furnished on our 8-K filed this morning.
With that said, I'd like to turn the call over to Larry Downes, our Chairman and CEO. Larry?
Thanks Dennis, and good morning, everyone. I think as you know from our news release, we have good news to share with you this morning. So I'll start with Slide 3, we reported net financial earnings or NFE for the quarter of $1.56 per share and that compared with $0.47 per share during the first quarter last year. As you can also see, tax reform is very positive for both our business and for our customers. Energy Services is having an excellent year and made a significant NFE contribution this quarter of $20.3 million. Our team at NJRES worked very hard with customers day and night to meet the increased demand for natural gas that was caused by extremely cold weather. As you know, we have a diverse portfolio of assets and many of the states where energy services operates recorded the lowest temperatures that they have seen in the past two decades.
I want to turn to tax reform, which as you saw from the release has