New Jersey Resources Reports Fiscal 2024 Fourth-Quarter and Year-End Results
New Jersey Resources (NYSE: NJR) reported fiscal 2024 results with consolidated net income of $289.8 million, or $2.94 per share, up from $264.7 million in 2023. The company achieved consolidated net financial earnings of $290.8 million, or $2.95 per share, reaching the higher end of its guidance range. Fourth-quarter net income was $91.1 million. Key highlights include BPU approval for a $157.0 million base rate increase and a new $385.6 million energy efficiency program. The company announced the sale of its 91MW residential solar portfolio for $132.5 million and introduced fiscal 2025 NFEPS guidance of $3.05-$3.20.
New Jersey Resources (NYSE: NJR) ha riportato i risultati fiscali del 2024 con un reddito netto consolidato di 289,8 milioni di dollari, o 2,94 dollari per azione, in aumento rispetto ai 264,7 milioni di dollari del 2023. L'azienda ha raggiunto guadagni finanziari netti consolidati di 290,8 milioni di dollari, o 2,95 dollari per azione, raggiungendo la parte alta delle sue previsioni. Il reddito netto del quarto trimestre è stato di 91,1 milioni di dollari. I punti salienti includono l'approvazione BPU per un aumento della tariffa di base di 157,0 milioni di dollari e un nuovo programma di efficienza energetica da 385,6 milioni di dollari. L'azienda ha annunciato la vendita del suo portafoglio solare residenziale da 91MW per 132,5 milioni di dollari e ha introdotto le previsioni di NFEPS per il 2025 di 3,05-3,20 dollari.
New Jersey Resources (NYSE: NJR) reportó resultados fiscales de 2024 con un ingreso neto consolidado de 289.8 millones de dólares, o 2.94 dólares por acción, en comparación con 264.7 millones de dólares en 2023. La compañía logró ganancias financieras netas consolidadas de 290.8 millones de dólares, o 2.95 dólares por acción, alcanzando el extremo superior de su rango de guía. El ingreso neto del cuarto trimestre fue de 91.1 millones de dólares. Los aspectos más destacados incluyen la aprobación de BPU para un aumento de tarifa base de 157.0 millones de dólares y un nuevo programa de eficiencia energética de 385.6 millones de dólares. La compañía anunció la venta de su cartera solar residencial de 91MW por 132.5 millones de dólares y presentó las previsiones de NFEPS para 2025 de 3.05-3.20 dólares.
뉴저지 리소스(NYSE: NJR)는 2024 회계 연도의 실적을 발표했으며, 통합 순이익이 2억 8천9백 8십만 달러, 주당 2.94달러로 2023년의 2억 6천4백 7십만 달러에서 증가했습니다. 회사는 통합 순 재무 이익이 2억 9천8백만 달러, 주당 2.95달러를 달성하여 가이던스의 상한에 도달했습니다. 4분기 순이익은 9천1백 1십만 달러였습니다. 주요 하이라이트로는 1억 5천7십만 달러의 기본 요금 인상에 대한 BPU 승인과 3억 8천5백 6십만 달러의 새로운 에너지 효율성 프로그램이 포함됩니다. 회사는 1억 3천2백 5십만 달러에 91MW 주거용 태양광 포트폴리오를 판매한다고 발표했으며, 2025년 NFEPS 가이던스를 3.05-3.20달러로 도입했습니다.
New Jersey Resources (NYSE: NJR) a annoncé des résultats fiscaux pour 2024 avec un revenu net consolidé de 289,8 millions de dollars, soit 2,94 dollars par action, en hausse par rapport à 264,7 millions de dollars en 2023. La société a atteint des gains financiers nets consolidés de 290,8 millions de dollars, soit 2,95 dollars par action, atteignant ainsi le haut de son intervalle de prévisions. Le revenu net du quatrième trimestre s'élevait à 91,1 millions de dollars. Les points saillants incluent l'approbation de la BPU pour une augmentation de tarif de base de 157,0 millions de dollars et un nouveau programme d'efficacité énergétique de 385,6 millions de dollars. La société a annoncé la vente de son portefeuille solaire résidentiel de 91 MW pour 132,5 millions de dollars et a introduit des prévisions NFEPS pour 2025 de 3,05 à 3,20 dollars.
New Jersey Resources (NYSE: NJR) berichtete über die Ergebnisse für das Geschäftsjahr 2024 mit einem konsolidierten Nettogewinn von 289,8 Millionen Dollar, oder 2,94 Dollar pro Aktie, im Vergleich zu 264,7 Millionen Dollar im Jahr 2023. Das Unternehmen erzielte konsolidierte Nettofinanzgewinne von 290,8 Millionen Dollar, oder 2,95 Dollar pro Aktie, und erreichte damit die obere Grenze seiner Prognose. Der Nettogewinn im vierten Quartal betrug 91,1 Millionen Dollar. Zu den wichtigsten Highlights gehört die Genehmigung der BPU für eine Erhöhung des Basispreises um 157,0 Millionen Dollar und ein neues Programm zur Energieeffizienz im Wert von 385,6 Millionen Dollar. Das Unternehmen gab den Verkauf seines 91 MW großen Wohn-Solaranlagenportfolios für 132,5 Millionen Dollar bekannt und führte die Prognose für den NFEPS für 2025 von 3,05 bis 3,20 Dollar ein.
- Net income increased to $289.8 million from $264.7 million YoY
- Achieved higher end of fiscal 2024 NFEPS guidance
- Secured $157.0 million base rate increase approval
- Obtained approval for $385.6 million energy efficiency program
- Sale of residential solar portfolio for $132.5 million
- Increased fiscal 2025 dividend by 7.1% to $1.80 per share
- None.
Insights
Strong Q4 and fiscal 2024 results demonstrate robust financial performance. Net income increased to
Key developments include a significant
The regulatory wins are particularly noteworthy for NJR's long-term stability. The base rate case settlement and SAVEGREEN program approval demonstrate strong regulatory relationships and support for clean energy initiatives. The Adelphia Gateway rate case filing could provide additional revenue streams when rates take effect in late 2025.
The company's diversified business model is proving effective, with solid performance across segments. Energy Services showed remarkable improvement in Q4, while the core utility business remains stable. The strategic pivot in solar through portfolio monetization while maintaining clean energy focus positions NJR well in the evolving utility landscape.
-
Fiscal 2024 consolidated net income of
$289.8 million $2.94 $264.7 million $2.73 -
Consolidated net financial earnings (NFE), a non-GAAP financial measure, of
$290.8 million $2.95 $261.8 million $2.70 -
Achieved higher end of fiscal 2024 net financial earnings per share (NFEPS) guidance range of
$2.85 $3.00 -
Fiscal 2024 fourth-quarter net income totaled
$91.1 million $0.92 $37.0 million $0.38 -
Fiscal 2024 fourth-quarter NFE totaled
$88.7 million $0.89 $29.6 million $0.30
Regulatory and Operating Highlights
-
New Jersey Natural Gas (NJNG) received approval from the
New Jersey Board of Public Utilities (BPU) on the settlement of its base rate case, authorizing a$157.0 million -
NJNG received approval from the BPU for the next generation of SAVEGREEN®, a new
$385.6 million -
In November 2024, Clean Energy Ventures (CEV) announced the sale of its 91 megawatt (MW) residential solar portfolio for a total of
$132.5 million -
On September 30, 2024, Adelphia Gateway, LLC (
Adelphia ) filed a general Section 4 rate case with the Federal Energy Regulatory Commission (FERC).Adelphia anticipates that FERC will allow it to place the rates into effect during the second half of 2025, subject to refund and the outcome of a hearing to be established by FERC
Fiscal 2025 Outlook
-
Maintains 7 to 9 percent long-term NFEPS growth target, and after multiple years of outperformance is rebasing this target off
$2.83 -
Introduces fiscal 2025 NFEPS guidance range of
$3.05 $3.20 -
Increased fiscal 2025 dividend by 7.1 percent to
$1.80
Management Commentary
Steve Westhoven, President and CEO of New Jersey Resources, stated, "Fiscal 2024 was an excellent year for NJR, with solid financial performance across all business segments. We achieved NFEPS at the higher end of our guidance, which was raised in February. This marks the fourth consecutive year of exceeding our 7 to 9 percent stated NFEPS growth rate. We advanced our strategic objectives by settling our base rate case and the largest energy efficiency program in NJNG's history, while making key investments to position us for continued long-term success."
1. |
The starting point for our previously communicated long-term growth guidance was the midpoint of our FY 2022 initial NFEPS guidance of |
Performance Metrics
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
September 30, |
|
September 30, |
||||||||
($ in Thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Net income |
$ |
91,126 |
|
$ |
37,024 |
|
$ |
289,775 |
|
$ |
264,724 |
Basic EPS |
$ |
0.92 |
|
$ |
0.38 |
|
$ |
2.94 |
|
$ |
2.73 |
Net financial earnings |
$ |
88,707 |
|
$ |
29,563 |
|
$ |
290,828 |
|
$ |
261,827 |
Basic net financial earnings per share |
$ |
0.89 |
|
$ |
0.30 |
|
$ |
2.95 |
|
$ |
2.70 |
A reconciliation of net income to NFE for the three and twelve months ended September 30, 2024 and 2023, is provided below.
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
(Thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income |
$ |
91,126 |
|
|
$ |
37,024 |
|
|
$ |
289,775 |
|
|
$ |
264,724 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Unrealized (gain) loss on derivative instruments and related transactions |
|
(4,286 |
) |
|
|
(7,579 |
) |
|
|
19,574 |
|
|
|
(38,081 |
) |
Tax effect |
|
1,018 |
|
|
|
1,800 |
|
|
|
(4,652 |
) |
|
|
9,050 |
|
Effects of economic hedging related to natural gas inventory |
|
1,266 |
|
|
|
(2,186 |
) |
|
|
(18,192 |
) |
|
|
34,699 |
|
Tax effect |
|
(301 |
) |
|
|
520 |
|
|
|
4,323 |
|
|
|
(8,246 |
) |
Gain on equity method investment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(300 |
) |
Tax effect |
|
— |
|
|
|
(93 |
) |
|
|
— |
|
|
|
(19 |
) |
NFE tax adjustment |
|
(116 |
) |
|
|
77 |
|
|
|
— |
|
|
|
— |
|
Net financial earnings |
$ |
88,707 |
|
|
$ |
29,563 |
|
|
$ |
290,828 |
|
|
$ |
261,827 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
99,308 |
|
|
|
97,568 |
|
|
|
98,634 |
|
|
|
97,028 |
|
Diluted |
|
99,964 |
|
|
|
98,192 |
|
|
|
99,289 |
|
|
|
97,627 |
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
0.92 |
|
|
$ |
0.38 |
|
|
$ |
2.94 |
|
|
$ |
2.73 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Unrealized (gain) loss on derivative instruments and related transactions |
|
(0.04 |
) |
|
|
(0.08 |
) |
|
|
0.20 |
|
|
|
(0.39 |
) |
Tax effect |
|
— |
|
|
|
0.02 |
|
|
|
(0.05 |
) |
|
|
0.09 |
|
Effects of economic hedging related to natural gas inventory |
|
0.01 |
|
|
|
(0.02 |
) |
|
|
(0.18 |
) |
|
|
0.36 |
|
Tax effect |
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
(0.09 |
) |
Basic net financial earnings per share |
$ |
0.89 |
|
|
$ |
0.30 |
|
|
$ |
2.95 |
|
|
$ |
2.70 |
|
NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.
A table detailing NFE by business segment for the three and twelve months ended September 30, 2024 and 2023, is provided below.
Net financial (loss) earnings by business segment
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
(Thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
New Jersey Natural Gas |
$ |
(19,000 |
) |
|
$ |
(24,838 |
) |
|
$ |
133,400 |
|
|
$ |
131,414 |
|
Clean Energy Ventures |
|
35,470 |
|
|
|
50,152 |
|
|
|
33,662 |
|
|
|
44,458 |
|
Storage and Transportation |
|
2,468 |
|
|
|
1,784 |
|
|
|
12,229 |
|
|
|
12,835 |
|
Energy Services |
|
68,284 |
|
|
|
(3,537 |
) |
|
|
111,515 |
|
|
|
68,517 |
|
Home Services and Other |
|
(639 |
) |
|
|
3,451 |
|
|
|
26 |
|
|
|
4,758 |
|
Subtotal |
|
86,583 |
|
|
|
27,012 |
|
|
|
290,832 |
|
|
|
261,982 |
|
Eliminations |
|
2,124 |
|
|
|
2,551 |
|
|
|
(4 |
) |
|
|
(155 |
) |
Total |
$ |
88,707 |
|
|
$ |
29,563 |
|
|
$ |
290,828 |
|
|
$ |
261,827 |
|
Fiscal 2025 NFE Guidance:
NJR is introducing its fiscal 2025 NFEPS guidance range of
The following chart represents NJR’s current expected contributions from its business segments for fiscal 2025 (which takes into account the impact of the one-time gain from the sale of NJR's residential solar portfolio):
Segment |
Expected fiscal 2025
|
New Jersey Natural Gas |
65 to 75 percent |
Clean Energy Ventures |
20 to 25 percent |
Storage and Transportation |
3 to 7 percent |
Energy Services |
3 to 7 percent |
Home Services and Other |
0 to 1 percent |
In providing fiscal 2025 NFE guidance, management is aware there could be differences between reported GAAP earnings and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.
New Jersey Natural Gas (NJNG)
NJNG reported fiscal 2024 NFE of
Customer Growth:
-
NJNG added 8,079 new customers during the year, finishing fiscal 2024 with a total of approximately 583,000 customers in New Jersey’s
Monmouth ,Ocean ,Morris ,Middlesex ,Sussex andBurlington counties. NJNG expects new customers added during fiscal 2024 to contribute approximately$6.8 million
Base Rate Case Settlement:
-
On November 21, 2024, the BPU issued an order adopting a stipulation of settlement approving a
$157.0M
Infrastructure Update:
-
NJNG's Infrastructure Investment Program (IIP) is a five-year,
$150 million $42.2 million $4.7 million
Basic Gas Supply Service (BGSS) Incentive Programs:
BGSS incentive programs contributed
For more information on utility gross margin, please see "Non-GAAP Financial Information" below.
Energy-Efficiency Programs:
SAVEGREEN® invested
-
On October 30, 2024, NJNG received approval from the BPU for a new
$385.6 million
Clean Energy Ventures (CEV)
CEV reported fiscal 2024 NFE of
Solar Investment Update:
-
As of September 30, 2024, CEV had approximately 386MW of commercial solar capacity in service in
New Jersey ,New York ,Connecticut ,Rhode Island ,Indiana , andMichigan . -
In November 2024, CEV announced the sale of its 91MW residential solar portfolio for a total of
$132.5 million
Storage and Transportation
Storage and Transportation reported fiscal 2024 NFE of
Energy Services
Energy Services reported fiscal 2024 NFE of
Home Services and Other Operations
Home Services and Other Operations reported fiscal 2024 NFE of
Capital Expenditures and Cash Flows:
NJR is committed to maintaining a strong financial profile:
-
During fiscal 2024, capital expenditures were
$575.1 million $537.3 million
-
During fiscal 2024, cash flows from operations were
$427.4 million $479.0 million
Forward-Looking Statements:
This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, statements regarding NJR’s NFEPS guidance for fiscal 2025, projected NFEPS growth rates and our guidance range, forecasted contributions of business segments to NJR’s NFE for fiscal 2025, forecasted increase in the fiscal 2025 dividend, customer growth at NJNG and their expected contributions, expected impact of the sale of NJR’s residential solar portfolio and expected use of proceeds from the sale, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs, including BGSS, the financial impact of the outcome of base rate cases with the BPU, the outcome or timing of Adelphia’s rate case with FERC, and other legal and regulatory expectations, and statements that include other projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.
Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s website, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Information:
This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.
NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company.
NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.
Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Report on Form 10-K, Item 7.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
-
New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s
Monmouth ,Ocean ,Morris ,Middlesex ,Sussex andBurlington counties.
-
Clean Energy Ventures invests in, owns and operates solar projects, providing customers with low-carbon solutions.
-
Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across
North America .
-
Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline, as well as our
50% equity ownership in the Steckman Ridge natural gas storage facility.
-
Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout
New Jersey .
NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as SAVEGREEN®.
For more information about NJR:
www.njresources.com.
Follow us on X.com (Twitter) @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
NEW JERSEY RESOURCES |
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
|
September 30, |
|
September 30, |
||||||||
(Thousands, except per share data) |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
OPERATING REVENUES |
|
|
|
|
|
|
|
|
||||
Utility |
|
$ |
104,753 |
|
$ |
108,404 |
|
$ |
1,018,482 |
|
$ |
1,011,284 |
Nonutility |
|
|
291,027 |
|
|
222,921 |
|
|
778,057 |
|
|
951,710 |
Total operating revenues |
|
|
395,780 |
|
|
331,325 |
|
|
1,796,539 |
|
|
1,962,994 |
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
||||
Gas purchases |
|
|
|
|
|
|
|
|
||||
Utility |
|
|
31,493 |
|
|
34,998 |
|
|
405,332 |
|
|
416,158 |
Nonutility |
|
|
78,960 |
|
|
87,228 |
|
|
304,426 |
|
|
555,579 |
Related parties |
|
|
1,740 |
|
|
1,739 |
|
|
7,147 |
|
|
7,206 |
Operation and maintenance |
|
|
88,596 |
|
|
100,759 |
|
|
394,636 |
|
|
373,568 |
Regulatory rider expenses |
|
|
3,566 |
|
|
3,017 |
|
|
60,327 |
|
|
50,542 |
Depreciation and amortization |
|
|
45,298 |
|
|
39,291 |
|
|
166,567 |
|
|
152,941 |
Total operating expenses |
|
|
249,653 |
|
|
267,032 |
|
|
1,338,435 |
|
|
1,555,994 |
OPERATING INCOME |
|
|
146,127 |
|
|
64,293 |
|
|
458,104 |
|
|
407,000 |
Other income, net |
|
|
10,237 |
|
|
10,938 |
|
|
41,553 |
|
|
26,083 |
Interest expense, net of capitalized interest |
|
|
36,012 |
|
|
33,143 |
|
|
130,275 |
|
|
123,014 |
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES |
|
|
120,352 |
|
|
42,088 |
|
|
369,382 |
|
|
310,069 |
Income tax provision |
|
|
30,787 |
|
|
6,216 |
|
|
84,906 |
|
|
49,275 |
Equity in earnings of affiliates |
|
|
1,561 |
|
|
1,152 |
|
|
5,299 |
|
|
3,930 |
NET INCOME |
|
$ |
91,126 |
|
$ |
37,024 |
|
$ |
289,775 |
|
$ |
264,724 |
|
|
|
|
|
|
|
|
|
||||
EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.92 |
|
$ |
0.38 |
|
$ |
2.94 |
|
$ |
2.73 |
Diluted |
|
$ |
0.91 |
|
$ |
0.38 |
|
$ |
2.92 |
|
$ |
2.71 |
|
|
|
|
|
|
|
|
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
||||
Basic |
|
|
99,308 |
|
|
97,568 |
|
|
98,634 |
|
|
97,028 |
Diluted |
|
|
99,964 |
|
|
98,192 |
|
|
99,289 |
|
|
97,627 |
|
|
|
|
|
|
|
|
|
||||
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
(Thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
NEW JERSEY RESOURCES |
|
|
|
|
||||||||||||
|
||||||||||||||||
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
91,126 |
|
|
$ |
37,024 |
|
|
$ |
289,775 |
|
|
$ |
264,724 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized (gain) loss on derivative instruments and related transactions |
|
|
(4,286 |
) |
|
|
(7,579 |
) |
|
|
19,574 |
|
|
|
(38,081 |
) |
Tax effect |
|
|
1,018 |
|
|
|
1,800 |
|
|
|
(4,652 |
) |
|
|
9,050 |
|
Effects of economic hedging related to natural gas inventory |
|
|
1,266 |
|
|
|
(2,186 |
) |
|
|
(18,192 |
) |
|
|
34,699 |
|
Tax effect |
|
|
(301 |
) |
|
|
520 |
|
|
|
4,323 |
|
|
|
(8,246 |
) |
Gain on equity method investment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(300 |
) |
Tax effect |
|
|
— |
|
|
|
(93 |
) |
|
|
— |
|
|
|
(19 |
) |
NFE tax adjustment |
|
|
(116 |
) |
|
|
77 |
|
|
|
— |
|
|
|
— |
|
Net financial earnings |
|
$ |
88,707 |
|
|
$ |
29,563 |
|
|
$ |
290,828 |
|
|
$ |
261,827 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
99,308 |
|
|
|
97,568 |
|
|
|
98,634 |
|
|
|
97,028 |
|
Diluted |
|
|
99,964 |
|
|
|
98,192 |
|
|
|
99,289 |
|
|
|
97,627 |
|
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
|
$ |
0.92 |
|
|
$ |
0.38 |
|
|
$ |
2.94 |
|
|
$ |
2.73 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized (gain) loss on derivative instruments and related transactions |
|
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
$ |
0.20 |
|
|
$ |
(0.39 |
) |
Tax effect |
|
$ |
— |
|
|
$ |
0.02 |
|
|
$ |
(0.05 |
) |
|
$ |
0.09 |
|
Effects of economic hedging related to natural gas inventory |
|
$ |
0.01 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.18 |
) |
|
$ |
0.36 |
|
Tax effect |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.04 |
|
|
$ |
(0.09 |
) |
Basic net financial earnings per share |
|
$ |
0.89 |
|
|
$ |
0.30 |
|
|
$ |
2.95 |
|
|
$ |
2.70 |
|
|
|
|
|
|
|
|
|
|
||||||||
NATURAL GAS DISTRIBUTION |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
105,091 |
|
|
$ |
108,741 |
|
|
$ |
1,019,832 |
|
|
$ |
1,012,633 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases |
|
|
33,817 |
|
|
|
37,323 |
|
|
|
414,635 |
|
|
|
425,457 |
|
Operating and maintenance (1) |
|
|
22,935 |
|
|
|
31,605 |
|
|
|
113,984 |
|
|
|
115,292 |
|
Regulatory rider expense |
|
|
3,566 |
|
|
|
3,017 |
|
|
|
60,327 |
|
|
|
50,542 |
|
Depreciation and amortization |
|
|
29,620 |
|
|
|
26,292 |
|
|
|
112,492 |
|
|
|
102,326 |
|
Gross margin |
|
|
15,153 |
|
|
|
10,504 |
|
|
|
318,394 |
|
|
|
319,016 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operating and maintenance (1) |
|
|
22,935 |
|
|
|
31,605 |
|
|
|
113,984 |
|
|
|
115,292 |
|
Depreciation and amortization |
|
|
29,620 |
|
|
|
26,292 |
|
|
|
112,492 |
|
|
|
102,326 |
|
Utility gross margin |
|
$ |
67,708 |
|
|
$ |
68,401 |
|
|
$ |
544,870 |
|
|
$ |
536,634 |
|
(1) Excludes selling, general and administrative expenses of |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
(Thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
ENERGY SERVICES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
178,420 |
|
|
$ |
102,932 |
|
|
$ |
485,391 |
|
|
$ |
691,616 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural Gas purchases |
|
|
79,097 |
|
|
|
87,932 |
|
|
|
305,938 |
|
|
|
558,932 |
|
Operation and maintenance (1) |
|
|
1,583 |
|
|
|
5,833 |
|
|
|
23,189 |
|
|
|
20,199 |
|
Depreciation and amortization |
|
|
47 |
|
|
|
51 |
|
|
|
205 |
|
|
|
221 |
|
Gross margin |
|
|
97,693 |
|
|
|
9,116 |
|
|
|
156,059 |
|
|
|
112,264 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operation and maintenance (1) |
|
|
1,583 |
|
|
|
5,833 |
|
|
|
23,189 |
|
|
|
20,199 |
|
Depreciation and amortization |
|
|
47 |
|
|
|
51 |
|
|
|
205 |
|
|
|
221 |
|
Unrealized (gain) loss on derivative instruments and related transactions |
|
|
(4,287 |
) |
|
|
(8,559 |
) |
|
|
24,449 |
|
|
|
(48,251 |
) |
Effects of economic hedging related to natural gas inventory |
|
|
1,266 |
|
|
|
(2,186 |
) |
|
|
(18,192 |
) |
|
|
34,699 |
|
Financial margin |
|
$ |
96,302 |
|
|
$ |
4,255 |
|
|
$ |
185,710 |
|
|
$ |
119,132 |
|
(1) Excludes selling, general and administrative expenses of |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: |
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
70,703 |
|
|
$ |
4,577 |
|
|
$ |
106,745 |
|
|
$ |
78,848 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized (gain) loss on derivative instruments and related transactions |
|
|
(4,287 |
) |
|
|
(8,559 |
) |
|
|
24,449 |
|
|
|
(48,251 |
) |
Tax effect |
|
|
1,019 |
|
|
|
2,034 |
|
|
|
(5,810 |
) |
|
|
11,467 |
|
Effects of economic hedging related to natural gas |
|
|
1,266 |
|
|
|
(2,186 |
) |
|
|
(18,192 |
) |
|
|
34,699 |
|
Tax effect |
|
|
(301 |
) |
|
|
520 |
|
|
|
4,323 |
|
|
|
(8,246 |
) |
NFE tax adjustment |
|
|
(116 |
) |
|
|
77 |
|
|
|
— |
|
|
|
— |
|
Net financial earnings (loss) |
|
$ |
68,284 |
|
|
$ |
(3,537 |
) |
|
$ |
111,515 |
|
|
$ |
68,517 |
|
|
|
|
|
|
|
|
|
|
||||||||
FINANCIAL STATISTICS BY BUSINESS UNIT |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
(Thousands, except per share data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
NEW JERSEY RESOURCES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
105,091 |
|
|
$ |
108,741 |
|
|
$ |
1,019,832 |
|
|
$ |
1,012,633 |
|
Clean Energy Ventures |
|
|
71,295 |
|
|
|
83,755 |
|
|
|
130,563 |
|
|
|
124,131 |
|
Energy Services |
|
|
178,420 |
|
|
|
102,932 |
|
|
|
485,391 |
|
|
|
691,616 |
|
Storage and Transportation |
|
|
24,830 |
|
|
|
22,933 |
|
|
|
96,209 |
|
|
|
92,859 |
|
Home Services and Other |
|
|
16,540 |
|
|
|
14,969 |
|
|
|
62,635 |
|
|
|
57,638 |
|
Sub-total |
|
|
396,176 |
|
|
|
333,330 |
|
|
|
1,794,630 |
|
|
|
1,978,877 |
|
Eliminations |
|
|
(396 |
) |
|
|
(2,005 |
) |
|
|
1,909 |
|
|
|
(15,883 |
) |
Total |
|
$ |
395,780 |
|
|
$ |
331,325 |
|
|
$ |
1,796,539 |
|
|
$ |
1,962,994 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating (Loss) Income |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
(8,399 |
) |
|
$ |
(18,172 |
) |
|
$ |
207,118 |
|
|
$ |
207,528 |
|
Clean Energy Ventures |
|
|
51,637 |
|
|
|
67,389 |
|
|
|
58,652 |
|
|
|
58,722 |
|
Energy Services |
|
|
97,241 |
|
|
|
8,742 |
|
|
|
154,279 |
|
|
|
113,112 |
|
Storage and Transportation |
|
|
6,027 |
|
|
|
5,901 |
|
|
|
27,198 |
|
|
|
32,425 |
|
Home Services and Other |
|
|
684 |
|
|
|
595 |
|
|
|
2,642 |
|
|
|
2,495 |
|
Sub-total |
|
|
147,190 |
|
|
|
64,455 |
|
|
|
449,889 |
|
|
|
414,282 |
|
Eliminations |
|
|
(1,063 |
) |
|
|
(162 |
) |
|
|
8,215 |
|
|
|
(7,282 |
) |
Total |
|
$ |
146,127 |
|
|
$ |
64,293 |
|
|
$ |
458,104 |
|
|
$ |
407,000 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Equity in Earnings of Affiliates |
|
|
|
|
|
|
|
|
||||||||
Storage and Transportation |
|
$ |
956 |
|
|
$ |
863 |
|
|
$ |
2,816 |
|
|
$ |
3,126 |
|
Eliminations |
|
|
605 |
|
|
|
289 |
|
|
|
2,483 |
|
|
|
804 |
|
Total |
|
$ |
1,561 |
|
|
$ |
1,152 |
|
|
$ |
5,299 |
|
|
$ |
3,930 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
(19,000 |
) |
|
$ |
(24,838 |
) |
|
$ |
133,400 |
|
|
$ |
131,414 |
|
Clean Energy Ventures |
|
|
35,470 |
|
|
|
50,152 |
|
|
|
33,662 |
|
|
|
44,458 |
|
Energy Services |
|
|
70,703 |
|
|
|
4,577 |
|
|
|
106,745 |
|
|
|
78,848 |
|
Storage and Transportation |
|
|
2,468 |
|
|
|
1,877 |
|
|
|
12,229 |
|
|
|
13,154 |
|
Home Services and Other |
|
|
(639 |
) |
|
|
3,451 |
|
|
|
26 |
|
|
|
4,758 |
|
Sub-total |
|
|
89,002 |
|
|
|
35,219 |
|
|
|
286,062 |
|
|
|
272,632 |
|
Eliminations |
|
|
2,124 |
|
|
|
1,805 |
|
|
|
3,713 |
|
|
|
(7,908 |
) |
Total |
|
$ |
91,126 |
|
|
$ |
37,024 |
|
|
$ |
289,775 |
|
|
$ |
264,724 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net Financial (Loss) Earnings |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
(19,000 |
) |
|
$ |
(24,838 |
) |
|
$ |
133,400 |
|
|
$ |
131,414 |
|
Clean Energy Ventures |
|
|
35,470 |
|
|
|
50,152 |
|
|
|
33,662 |
|
|
|
44,458 |
|
Energy Services |
|
|
68,284 |
|
|
|
(3,537 |
) |
|
|
111,515 |
|
|
|
68,517 |
|
Storage and Transportation |
|
|
2,468 |
|
|
|
1,784 |
|
|
|
12,229 |
|
|
|
12,835 |
|
Home Services and Other |
|
|
(639 |
) |
|
|
3,451 |
|
|
|
26 |
|
|
|
4,758 |
|
Sub-total |
|
|
86,583 |
|
|
|
27,012 |
|
|
|
290,832 |
|
|
|
261,982 |
|
Eliminations |
|
|
2,124 |
|
|
|
2,551 |
|
|
|
(4 |
) |
|
|
(155 |
) |
Total |
|
$ |
88,707 |
|
|
$ |
29,563 |
|
|
$ |
290,828 |
|
|
$ |
261,827 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Throughput (Bcf) |
|
|
|
|
|
|
|
|
||||||||
NJNG, Core Customers |
|
|
15.1 |
|
|
|
17.4 |
|
|
|
90.5 |
|
|
|
93.4 |
|
NJNG, Off System/Capacity Management |
|
|
8.4 |
|
|
|
20.6 |
|
|
|
85.0 |
|
|
|
72.6 |
|
Energy Services Fuel Mgmt. and Wholesale Sales |
|
|
33.3 |
|
|
|
41.4 |
|
|
|
125.3 |
|
|
|
150.4 |
|
Total |
|
|
56.8 |
|
|
|
79.4 |
|
|
|
300.8 |
|
|
|
316.4 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Common Stock Data |
|
|
|
|
|
|
|
|
||||||||
Yield at September 30, |
|
|
3.8 |
% |
|
|
4.1 |
% |
|
|
3.8 |
% |
|
|
4.1 |
% |
Market Price at September 30, |
|
$ |
47.20 |
|
|
$ |
40.63 |
|
|
$ |
47.20 |
|
|
$ |
40.63 |
|
Shares Out. at September 30, |
|
|
99,461 |
|
|
|
97,584 |
|
|
|
99,461 |
|
|
|
97,584 |
|
Market Cap. at September 30, |
|
$ |
4,694,580 |
|
|
$ |
3,964,856 |
|
|
$ |
4,694,580 |
|
|
$ |
3,964,856 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(Unaudited) |
|
September 30, |
|
September 30, |
||||||||||||
(Thousands, except customer and weather data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
NATURAL GAS DISTRIBUTION |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Utility Gross Margin |
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
105,091 |
|
|
$ |
108,741 |
|
|
$ |
1,019,832 |
|
|
$ |
1,012,633 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases |
|
|
33,817 |
|
|
|
37,323 |
|
|
|
414,635 |
|
|
|
425,457 |
|
Operating and maintenance (1) |
|
|
22,935 |
|
|
|
31,605 |
|
|
|
113,984 |
|
|
|
115,292 |
|
Regulatory rider expense |
|
|
3,566 |
|
|
|
3,017 |
|
|
|
60,327 |
|
|
|
50,542 |
|
Depreciation and amortization |
|
|
29,620 |
|
|
|
26,292 |
|
|
|
112,492 |
|
|
|
102,326 |
|
Gross margin |
|
|
15,153 |
|
|
|
10,504 |
|
|
|
318,394 |
|
|
|
319,016 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operating and maintenance (1) |
|
|
22,935 |
|
|
|
31,605 |
|
|
|
113,984 |
|
|
|
115,292 |
|
Depreciation and amortization |
|
|
29,620 |
|
|
|
26,292 |
|
|
|
112,492 |
|
|
|
102,326 |
|
Total Utility Gross Margin |
|
$ |
67,708 |
|
|
$ |
68,401 |
|
|
$ |
544,870 |
|
|
$ |
536,634 |
|
(1) Excludes selling, general and administrative expenses of |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Utility Gross Margin, Operating Income and Net Income |
|
|
|
|
|
|
|
|
||||||||
Residential |
|
$ |
38,954 |
|
|
$ |
39,121 |
|
|
$ |
369,522 |
|
|
$ |
360,138 |
|
Commercial, Industrial & Other |
|
|
13,058 |
|
|
|
10,808 |
|
|
|
78,033 |
|
|
|
76,550 |
|
Firm Transportation |
|
|
12,888 |
|
|
|
14,611 |
|
|
|
75,641 |
|
|
|
76,114 |
|
Total Firm Margin |
|
|
64,900 |
|
|
|
64,540 |
|
|
|
523,196 |
|
|
|
512,802 |
|
Interruptible |
|
|
1,118 |
|
|
|
1,240 |
|
|
|
3,798 |
|
|
|
3,812 |
|
Total System Margin |
|
|
66,018 |
|
|
|
65,780 |
|
|
|
526,994 |
|
|
|
516,614 |
|
Basic Gas Supply Service Incentive |
|
|
1,690 |
|
|
|
2,621 |
|
|
|
17,876 |
|
|
|
20,020 |
|
Total Utility Gross Margin |
|
|
67,708 |
|
|
|
68,401 |
|
|
|
544,870 |
|
|
|
536,634 |
|
Operation and maintenance expense |
|
|
46,487 |
|
|
|
60,281 |
|
|
|
225,260 |
|
|
|
226,780 |
|
Depreciation and amortization |
|
|
29,620 |
|
|
|
26,292 |
|
|
|
112,492 |
|
|
|
102,326 |
|
Operating (Loss) Income |
|
$ |
(8,399 |
) |
|
$ |
(18,172 |
) |
|
$ |
207,118 |
|
|
$ |
207,528 |
|
Net (Loss) Income |
|
$ |
(19,000 |
) |
|
$ |
(24,838 |
) |
|
$ |
133,400 |
|
|
$ |
131,414 |
|
Net Financial (Loss) Earnings |
|
$ |
(19,000 |
) |
|
$ |
(24,838 |
) |
|
$ |
133,400 |
|
|
$ |
131,414 |
|
|
|
|
|
|
|
|
|
|
||||||||
Throughput (Bcf) |
|
|
|
|
|
|
|
|
||||||||
Residential |
|
|
3.4 |
|
|
|
3.4 |
|
|
|
44.5 |
|
|
|
43.4 |
|
Commercial, Industrial & Other |
|
|
0.8 |
|
|
|
0.4 |
|
|
|
8.5 |
|
|
|
8.4 |
|
Firm Transportation |
|
|
1.4 |
|
|
|
1.1 |
|
|
|
11.7 |
|
|
|
12.1 |
|
Total Firm Throughput |
|
|
5.6 |
|
|
|
4.9 |
|
|
|
64.7 |
|
|
|
63.9 |
|
Interruptible |
|
|
9.5 |
|
|
|
12.5 |
|
|
|
25.8 |
|
|
|
29.5 |
|
Total System Throughput |
|
|
15.1 |
|
|
|
17.4 |
|
|
|
90.5 |
|
|
|
93.4 |
|
Off System/Capacity Management |
|
|
8.4 |
|
|
|
20.6 |
|
|
|
85.0 |
|
|
|
72.6 |
|
Total Throughput |
|
|
23.5 |
|
|
|
38.0 |
|
|
|
175.5 |
|
|
|
166.0 |
|
|
|
|
|
|
|
|
|
|
||||||||
Customers |
|
|
|
|
|
|
|
|
||||||||
Residential |
|
|
528,502 |
|
|
|
520,682 |
|
|
|
528,502 |
|
|
|
520,682 |
|
Commercial, Industrial & Other |
|
|
31,927 |
|
|
|
31,725 |
|
|
|
31,927 |
|
|
|
31,725 |
|
Firm Transportation |
|
|
22,442 |
|
|
|
23,490 |
|
|
|
22,442 |
|
|
|
23,490 |
|
Total Firm Customers |
|
|
582,871 |
|
|
|
575,897 |
|
|
|
582,871 |
|
|
|
575,897 |
|
Interruptible |
|
|
31 |
|
|
|
83 |
|
|
|
31 |
|
|
|
83 |
|
Total System Customers |
|
|
582,902 |
|
|
|
575,980 |
|
|
|
582,902 |
|
|
|
575,980 |
|
Off System/Capacity Management* |
|
|
14 |
|
|
|
20 |
|
|
|
14 |
|
|
|
20 |
|
Total Customers |
|
|
582,916 |
|
|
|
576,000 |
|
|
|
582,916 |
|
|
|
576,000 |
|
*The number of customers represents those active during the last month of the period. |
|
|
|
|
||||||||||||
Degree Days |
|
|
|
|
|
|
|
|
||||||||
Actual |
|
|
8 |
|
|
|
28 |
|
|
|
3,960 |
|
|
|
3,897 |
|
Normal |
|
|
25 |
|
|
|
24 |
|
|
|
4,463 |
|
|
|
4,498 |
|
Percent of Normal |
|
|
32.0 |
% |
|
|
116.7 |
% |
|
|
88.7 |
% |
|
|
86.6 |
% |
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||
(Unaudited) |
|
September 30, |
|
September 30, |
|||||||||||
(Thousands, except customer, RECs and megawatt) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
CLEAN ENERGY VENTURES |
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Operating Revenues |
|
|
|
|
|
|
|
|
|||||||
SREC sales |
|
$ |
56,307 |
|
|
$ |
69,455 |
|
|
$ |
82,539 |
|
$ |
79,762 |
|
TREC sales |
|
|
4,296 |
|
|
|
4,629 |
|
|
|
13,396 |
|
|
12,636 |
|
SREC II sales (1) |
|
|
621 |
|
|
|
398 |
|
|
|
1,715 |
|
|
951 |
|
Solar electricity sales |
|
|
7,012 |
|
|
|
6,210 |
|
|
|
20,934 |
|
|
18,831 |
|
Sunlight Advantage |
|
|
3,059 |
|
|
|
3,063 |
|
|
|
11,979 |
|
|
11,951 |
|
Total Operating Revenues |
|
$ |
71,295 |
|
|
$ |
83,755 |
|
|
$ |
130,563 |
|
$ |
124,131 |
|
Depreciation and Amortization |
|
$ |
7,035 |
|
|
$ |
6,607 |
|
|
$ |
27,869 |
|
$ |
25,320 |
|
Operating Income |
|
$ |
51,637 |
|
|
$ |
67,389 |
|
|
$ |
58,652 |
|
$ |
58,722 |
|
Income Tax (Benefit) Provision |
|
$ |
11,877 |
|
|
$ |
15,396 |
|
|
$ |
11,406 |
|
$ |
(7,683 |
) |
Net Income |
|
$ |
35,470 |
|
|
$ |
50,152 |
|
|
$ |
33,662 |
|
$ |
44,458 |
|
Net Financial Earnings |
|
$ |
35,470 |
|
|
$ |
50,152 |
|
|
$ |
33,662 |
|
$ |
44,458 |
|
Solar Renewable Energy Certificates Generated |
|
|
134,901 |
|
|
|
129,286 |
|
|
|
402,056 |
|
|
422,039 |
|
Solar Renewable Energy Certificates Sold |
|
|
294,943 |
|
|
|
345,035 |
|
|
|
419,266 |
|
|
393,906 |
|
Transition Renewable Energy Certificates Generated |
|
|
30,114 |
|
|
|
28,507 |
|
|
|
93,913 |
|
|
80,520 |
|
Solar Renewable Energy Certificates II Generated |
|
|
6,828 |
|
|
|
4,457 |
|
|
|
19,087 |
|
|
10,260 |
|
Solar Megawatts Under Construction |
|
|
63.8 |
|
|
|
5.6 |
|
|
|
63.8 |
|
|
5.6 |
|
(1) Prior year SREC II revenue was previously included in Solar electricity sales and other |
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
ENERGY SERVICES |
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Operating Income |
|
|
|
|
|
|
|
|
|||||||
Operating revenues |
|
$ |
178,420 |
|
|
$ |
102,932 |
|
|
$ |
485,391 |
|
$ |
691,616 |
|
Less: |
|
|
|
|
|
|
|
|
|||||||
Gas purchases |
|
|
79,097 |
|
|
|
87,932 |
|
|
|
305,938 |
|
|
558,932 |
|
Operation and maintenance expense |
|
|
2,035 |
|
|
|
6,207 |
|
|
|
24,969 |
|
|
19,351 |
|
Depreciation and amortization |
|
|
47 |
|
|
|
51 |
|
|
|
205 |
|
|
221 |
|
Operating Income |
|
$ |
97,241 |
|
|
$ |
8,742 |
|
|
$ |
154,279 |
|
$ |
113,112 |
|
|
|
|
|
|
|
|
|
|
|||||||
Net Income |
|
$ |
70,703 |
|
|
$ |
4,577 |
|
|
$ |
106,745 |
|
$ |
78,848 |
|
Financial Margin |
|
$ |
96,302 |
|
|
$ |
4,255 |
|
|
$ |
185,710 |
|
$ |
119,132 |
|
Net Financial Earnings (Loss) |
|
$ |
68,284 |
|
|
$ |
(3,537 |
) |
|
$ |
111,515 |
|
$ |
68,517 |
|
Gas Sold and Managed (Bcf) |
|
|
33.3 |
|
|
|
41.4 |
|
|
|
125.3 |
|
|
150.4 |
|
STORAGE AND TRANSPORTATION |
|
|
|
|
|
|
|
|
|||||||
Operating Revenues |
|
$ |
24,830 |
|
|
$ |
22,933 |
|
|
$ |
96,209 |
|
$ |
92,859 |
|
Equity in Earnings of Affiliates |
|
$ |
956 |
|
|
$ |
863 |
|
|
$ |
2,816 |
|
$ |
3,126 |
|
Operation and Maintenance Expense |
|
$ |
12,341 |
|
|
$ |
10,697 |
|
|
$ |
43,083 |
|
$ |
34,648 |
|
Other Income, Net |
|
$ |
2,907 |
|
|
$ |
2,021 |
|
|
$ |
10,207 |
|
$ |
6,850 |
|
Interest Expense |
|
$ |
5,867 |
|
|
$ |
6,538 |
|
|
$ |
23,441 |
|
$ |
25,803 |
|
Income Tax Provision |
|
$ |
1,555 |
|
|
$ |
370 |
|
|
$ |
4,551 |
|
$ |
3,444 |
|
Net Income |
|
$ |
2,468 |
|
|
$ |
1,877 |
|
|
$ |
12,229 |
|
$ |
13,154 |
|
Net Financial Earnings |
|
$ |
2,468 |
|
|
$ |
1,784 |
|
|
$ |
12,229 |
|
$ |
12,835 |
|
HOME SERVICES AND OTHER |
|
|
|
|
|
|
|
|
|||||||
Operating Revenues |
|
$ |
16,540 |
|
|
$ |
14,969 |
|
|
$ |
62,635 |
|
$ |
57,638 |
|
Operating Income |
|
$ |
684 |
|
|
$ |
595 |
|
|
$ |
2,642 |
|
$ |
2,495 |
|
Net (Loss) Income |
|
$ |
(639 |
) |
|
$ |
3,451 |
|
|
$ |
26 |
|
$ |
4,758 |
|
Net Financial (Loss) Earnings |
|
$ |
(639 |
) |
|
$ |
3,451 |
|
|
$ |
26 |
|
$ |
4,758 |
|
Total Service Contract Customers at September 30 |
|
|
99,753 |
|
|
|
101,499 |
|
|
|
99,753 |
|
|
101,499 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241124831683/en/
Media:
Mike Kinney
732-938-1031
mkinney@njresources.com
Investors:
Adam Prior
732-938-1145
aprior@njresources.com
Source: New Jersey Resources Corporation
FAQ
What was New Jersey Resources' (NJR) net income for fiscal 2024?
What is NJR's fiscal 2025 earnings guidance?
How much did NJR sell its residential solar portfolio for in 2024?
What was the approved base rate increase for New Jersey Natural Gas in 2024?
