New Jersey Resources Corp. (NYSE:NJR) Q4 2019 Earnings Conference Call - Final Transcript
Nov 19, 2019 • 10:00 am ET
Good day and welcome to the New Jersey Resources Year-End Fiscal 2019 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instruction] After today's presentation there will be an opportunity to ask questions. [Operator Instruction] 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 Sharon, and good morning everyone. Welcome to New Jersey Resources year-end fiscal 2019 conference call and webcast. I'm joined here today by Steve Westhoven, our President and CEO, Pat Migliaccio, our Senior Vice President and 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. This could cause results to materially differ from our expectations as found on Slide one.
These items can be found in the forward-looking statement section of today's earnings release furnished on Form 8-K and in our most recent Forms 10-K and Q as filed with the SEC. We do not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events. We will also be referring to certain non-GAAP measures such as net financial earnings or NFE. We believe that NFE provides a more complete understanding of our financial performance. However NFE is not intended to be a substitute for GAAP. Our non-GAAP financial measures are discussed more fully in Item seven of our 10-K.
Turning to Slide two, our agenda, can be found. Steve will begin today's call with highlights from the year and outlook for fiscal 2020 followed by Pat with a review of our financial results. We'll then open the call up to your questions, I'd also like to point out that there are slides accompanying today's presentation, which are available on our website and we're also furnished on Form 8-K filed this morning.
With that said, I'd like to turn the call over to our CEO, Steve Westhoven, Steve?
Stephen D. Westhoven
Thanks, Dennis, and good morning everyone. I'd like to begin on Slide four. We reported net financial earnings of $1.96 per share for fiscal 2019, compared to $274 per share in the prior year. There are two main reasons for the difference. First, the one-time positive effects of tax reform in 2018 and second the contrast between energy services performance in 2019 compared to its outstanding performance in 2018. If we compare our 2019 results against those from 2016 our NFE increased at a compounded annual growth rate of 6.8% meeting our 6.28% [Phonetic] long-term expected growth rate. Highlighting our commitment to shareholders, we increased our dividend for the 24th consecutive year.
Turning to Slide five. I will