New Jersey Resources Corp. (NYSE:NJR) Q3 2020 Earnings Conference Call - Final Transcript

Aug 07, 2020 • 10:00 am ET


New Jersey Resources Corp. (NYSE:NJR) Q3 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the New Jersey Resources Third Quarter Fiscal 2020 Earnings Teleconference. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Dennis Puma. Please go ahead.

Dennis Puma

Thank you, Brendan, and good morning, everyone everybody. Welcome to New Jersey Resources Third Quarter Fiscal 2020 Conference Call and Webcast. I'm joined here today by Steve Westhoven, our President and CEO; 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. This could cause to results to materially differ from our expectations, as found on slide one.

These items can be found in the forward-looking statements in today's section of our earnings release furnished on Form 8-K and in our most recent Form 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 financial measures, such as net financial earnings or NFE. We believe that NFE, net financial loss and utility gross margin provide a more complete understanding of our financial performance. However, they are not intended to be a substitute for GAAP. Our non-GAAP financial measures are discussed more fully in Item seven of our Form 10-K. Turning to slide two, we have our agenda for today. Steve will begin today's call with highlights from the quarter, followed by Pat, who will give a financial give our financial results. We'll then open the call up to your questions. The slides accompanying today's presentation are available on our website and were furnished on our Form 8-K filed this morning.

With that said, I'd like to turn the call over to our President and CEO, Steve Westhoven. Steve?

Stephen D. Westhoven

Thanks, Dennis, and good morning, everyone, and thank you for joining us today. Before we review the third quarter results, I want to provide a status update on COVID-19 impacts on NJR. In June, New Jersey Natural Gas resumed in-home inspection work for SAVEGREEN, our energy efficiency program. And over the last month, we started to resume other services that had been scaled back at the peak of the pandemic. We are now performing nonemergency service-related utility work at customers' requests. Our team has done a terrific job of navigating pandemic-related restrictions. Despite a COVID-related delay in certain home construction activities during the quarter, the utility continued to add customers. We've added nearly 5,900 new customers so far this fiscal year. We have over 2,500 pending installations as of today. We are likely to lag our original goal of adding 9,800