Aug 4, 2026 earnings call — Tightened guidance and higher capital plan
Tightened fiscal 2026 NFEPS guidance to $3.52 to $3.62 per share; increased FY26 capital plan to $815 million to $950 million.
Revenue $0.3B (est $0.3B) · EPS $0.11 (est $0.07)
Key quotes
"Taken together, these filings are designed to provide our customers with meaningful bill relief ahead of this upcoming winter, while also supporting the long-term investments necessary to serve our customers safely and reliably."
"We recently received our FERC certificate, a significant regulatory milestone that supports our expected development time line."
"Our project pipeline provides a broad set of investment opportunities with multiple ways to deploy capital, whether through new project development or by enhancing and optimizing existing sites."
Analyst Q&A 3
NJ rates and guidance timing
Q (Elias Jossen · JPMorgan): The analyst asked how to think about the New Jersey rate case given affordability concerns and EO1, and asked about rebasing and when guidance might be updated.
A: Management said they combined their June filing with other filings to protect consumer costs and that the process so far is normal. They also said natural gas remains the cheapest way to heat homes and that guidance for the next year will be provided in November, based on a 7% to 9% growth from a $2.73 2025 starting point.
"So we're going to provide our guidance in November for the next year." — Roberto Bel (CFO)
Rate case, EO1, and gas expansion plans
Q (Constantine Lednev · Wells Fargo): The analyst asked about feedback on bill mitigation proposals and whether this rate case cycle differs from prior ones or has settlement opportunities. He also asked about EO1 impacts and about incremental S&T capacity, capital intensity, recontracting pricing, and whether updates will appear next quarter.
A: Management said this rate case looks like past plain-vanilla rate cases so far and they have not seen major differences. They said EO1 has mainly focused on electric companies and they are watching for opportunities, and they noted strong demand for midstream services with expected continued expansions and capital intensity, though those expansions are not currently in the capital plan; recontracting rates are showing increases. They also said the next November capital plan and next call will provide more detail and they do not expect a material deviation from that view.
"As far as moving forward, I'd expect that expansions would continue and that capital intensity would continue." — Stephen D. Westhoven (CEO)
CEV projects and capacity market interest
Q (Dylan Lipner · Mizuho): The analyst asked how capacity market debates and interconnection reform could affect CEV's project pipeline and returns, whether interest is increasing, and if details might appear on the next-quarter call.
A: Management said they see opportunity for CEV to use existing interconnects and infrastructure to add capacity, which they view as valuable and a way to lower prices for consumers. They said this potential CapEx is not in the current plan, there is interest, and they need the right structure and returns before committing; they could not predict timing for when they would report more.
"This CapEx really isn't in our plan at this point in time." — Stephen D. Westhoven (CEO)