New Jersey Resources Reports Fiscal 2024 Third-Quarter Results
New Jersey Resources (NYSE: NJR) reported a consolidated net loss of $(11.6) million for Q3 fiscal 2024, compared to net income of $1.5 million in Q3 fiscal 2023. The company's net financial loss was $(8.9) million, or $(0.09) per share, compared to net financial earnings of $9.7 million, or $0.10 per share, in the same quarter last year.
Despite the quarterly loss, NJR re-affirmed its fiscal 2024 net financial earnings per share (NFEPS) guidance range of $2.85 to $3.00, which was increased by $0.15 in February 2024 due to strong performance from Energy Services. The company also maintained its long-term projected NFEPS growth rate of 7 to 9 percent.
New Jersey Natural Gas filed a rate case seeking a $219.6 million increase in base rates. Year-to-date net income for fiscal 2024 totaled $198.6 million, or $2.02 per share, compared to $227.7 million, or $2.35 per share, for the same period in fiscal 2023.
New Jersey Resources (NYSE: NJR) ha riportato una perdita netta consolidata di $(11,6) milioni per il terzo trimestre dell'anno fiscale 2024, rispetto a un utile netto di $1,5 milioni nel terzo trimestre dell'anno fiscale 2023. La perdita finanziaria netta dell'azienda è stata di $(8,9) milioni, ovvero $(0,09) per azione, rispetto agli utili finanziari netti di $9,7 milioni, ovvero $0,10 per azione, nello stesso trimestre dell'anno scorso.
Nonostante la perdita trimestrale, NJR ha ri-confermato la sua previsione di utile finanziario netto per azione (NFEPS) per l'anno fiscale 2024, con un intervallo di $2,85 a $3,00, incrementato di $0,15 a febbraio 2024 grazie a una forte performance dei Servizi Energetici. L'azienda ha anche mantenuto il suo tasso di crescita previsto a lungo termine per il NFEPS tra il 7 e il 9 percento.
New Jersey Natural Gas ha presentato un caso tariffario per richiedere un aumento di $219,6 milioni nelle tariffe di base. L'utile netto da inizio anno per l'anno fiscale 2024 è stato di $198,6 milioni, o $2,02 per azione, rispetto a $227,7 milioni, o $2,35 per azione, per lo stesso periodo nell'anno fiscale 2023.
New Jersey Resources (NYSE: NJR) reportó una pérdida neta consolidada de $(11,6) millones para el tercer trimestre del año fiscal 2024, en comparación con una ganancia neta de $1,5 millones en el tercer trimestre del año fiscal 2023. La pérdida financiera neta de la empresa fue de $(8,9) millones, o $(0,09) por acción, en comparación con ganancias financieras netas de $9,7 millones, o $0,10 por acción, en el mismo trimestre del año pasado.
A pesar de la pérdida trimestral, NJR reafirmó su guía de ganancias financieras netas por acción (NFEPS) para el año fiscal 2024, que oscila entre $2,85 y $3,00, que se aumentó en $0,15 en febrero de 2024 debido al sólido desempeño de los Servicios Energéticos. La compañía también mantuvo su tasa de crecimiento proyectada del NFEPS a largo plazo entre el 7 y el 9 por ciento.
New Jersey Natural Gas presentó un caso tarifario buscando un aumento de $219,6 millones en las tarifas base. La ganancia neta acumulada hasta la fecha para el año fiscal 2024 totalizó $198,6 millones, o $2,02 por acción, en comparación con $227,7 millones, o $2,35 por acción, para el mismo período del año fiscal 2023.
뉴저지 리소스(New Jersey Resources, NYSE: NJR)는 2024 회계연도 3분기에 11.6백만 달러의 연결 순손실을 보고했으며, 이는 2023 회계연도 3분기에 1.5백만 달러의 순이익과 비교된다. 회사의 순재무손실은 8.9백만 달러, 즉 주당 0.09달러로, 작년 같은 분기에 9.7백만 달러의 순재무이익, 즉 주당 0.10달러에 비해 감소했다.
분기 손실에도 불구하고 NJR은 2024 회계연도 주당 순재무이익(NFEPS) 지침 범위를 $2.85에서 $3.00로 재확인했으며, 이는 에너지 서비스의 강력한 성과로 인해 2024년 2월에 $0.15 증가했다. 회사는 또한 장기적으로 NFEPS 성장률 7~9%를 유지했다.
뉴저지 내추럴 가스는 기준요금 인상을 위한 요금 청구를 제출하여 2억 1,960만 달러의 인상을 요구했다. 2024 회계연도 연초까지의 순이익은 1억 9,860만 달러, 즉 주당 2.02달러로, 2023 회계연도 같은 기간의 2억 2,770만 달러, 즉 주당 2.35달러와 비교된다.
New Jersey Resources (NYSE: NJR) a rapporté une perte nette consolidée de $(11,6) millions pour le troisième trimestre de l'exercice 2024, comparativement à un revenu net de 1,5 million de dollars au troisième trimestre de l'exercice 2023. La perte financière nette de l'entreprise s'élevait à $(8,9) millions, soit $(0,09) par action, par rapport à des bénéfices financiers nets de 9,7 millions de dollars, soit 0,10 dollar par action, au même trimestre de l'année précédente.
Malgré la perte trimestrielle, NJR a réaffirmé son orientation de bénéfices financiers nets par action (NFEPS) pour l'exercice 2024, avec une fourchette de 2,85 à 3,00 dollars, qui a été augmentée de 0,15 dollar en février 2024 grâce à de solides performances des Services Énergétiques. L'entreprise a également maintenu son taux de croissance projeté NFEPS à long terme de 7 à 9 pour cent.
New Jersey Natural Gas a déposé un dossier tarifaire demandant une augmentation de 219,6 millions de dollars des tarifs de base. Le revenu net à ce jour pour l'exercice 2024 s'élevait à 198,6 millions de dollars, soit 2,02 dollars par action, contre 227,7 millions de dollars, soit 2,35 dollars par action, pour la même période de l'exercice 2023.
New Jersey Resources (NYSE: NJR) berichtete von einem konsolidierten Nettoverlust von $(11,6) Millionen für das dritte Quartal des Geschäftsjahres 2024, verglichen mit einem Nettogewinn von 1,5 Millionen Dollar im dritten Quartal des Geschäftsjahres 2023. Der Nettofinanzverlust des Unternehmens betrug $(8,9) Millionen, oder $(0,09) pro Aktie, verglichen mit den Nettofinanzgewinnen von 9,7 Millionen Dollar, oder 0,10 Dollar pro Aktie, im selben Quartal des Vorjahres.
Trotz des Quartalsverlustes hat NJR seine Prognose für die finanziellen Nettoerträge pro Aktie (NFEPS) für das Geschäftsjahr 2024 im Bereich von 2,85 bis 3,00 Dollar bekräftigt, welche im Februar 2024 um 0,15 Dollar aufgrund der starken Performance der Energie-Dienstleistungen angehoben wurde. Das Unternehmen hat auch seine langfristige Wachstumsrate des NFEPS von 7 bis 9 Prozent beibehalten.
New Jersey Natural Gas hat einen Antrag auf Erhöhung der Grundtarife in Höhe von 219,6 Millionen Dollar gestellt. Der Nettogewinn bis dato für das Geschäftsjahr 2024 betrug 198,6 Millionen Dollar, oder 2,02 Dollar pro Aktie, im Vergleich zu 227,7 Millionen Dollar, oder 2,35 Dollar pro Aktie, im gleichen Zeitraum des Geschäftsjahres 2023.
- Re-affirmed fiscal 2024 NFEPS guidance range of $2.85 to $3.00, increased by $0.15 in February 2024
- Maintained long-term projected NFEPS growth rate of 7 to 9 percent
- Year-to-date net income of $198.6 million, or $2.02 per share
- Q3 fiscal 2024 consolidated net loss of $(11.6) million, compared to net income of $1.5 million in Q3 fiscal 2023
- Q3 fiscal 2024 net financial loss of $(8.9) million, or $(0.09) per share
- Year-to-date net income decreased compared to the same period in fiscal 2023
Insights
New Jersey Resources' Q3 FY2024 results present a mixed financial picture. The company reported a consolidated net loss of
Key points to consider:
- The net financial loss of
$8.9 million (-$0.09 per share) compared to NFE of$9.7 million ($0.10 per share) last year suggests short-term challenges. - Year-to-date performance remains strong with net income of
$198.6 million , although slightly lower than the previous year. - The company's maintained long-term NFEPS growth rate of
7% to9% indicates optimism for future performance.
The re-affirmation of the increased NFEPS guidance range (
The rate case filing by New Jersey Natural Gas (NJNG) is a critical development for investors to monitor. The updated request for a
The performance variation across NJR's business units is noteworthy:
- NJNG and Clean Energy Ventures reported losses, indicating potential challenges in core operations.
- Storage and Transportation and Home Services segments showed positive results, demonstrating portfolio diversification benefits.
- Energy Services' strong performance, which led to the guidance increase in February, highlights the volatility and opportunity in energy markets.
This mixed performance across segments underscores the importance of NJR's diversified business model in managing overall company performance amidst sector-specific challenges.
-
Consolidated net loss of
$(11.6) million $1.5 million -
Consolidated net financial loss, a non-GAAP financial measure, of
$(8.9) million $(0.09) $9.7 million $0.10 -
Re-affirmed fiscal 2024 net financial earnings per share (NFEPS) guidance range of
$2.85 $3.00 $0.15 - Maintained long-term projected NFEPS growth rate of 7 to 9 percent(1)
-
On January 31, 2024, New Jersey Natural Gas (NJNG) filed a rate case with the
New Jersey Board of Public Utilities (BPU), and in May 2024, updated the filing seeking a$219.6 million $222.6 million
Third-quarter fiscal 2024 net loss totaled
Third-quarter fiscal 2024 net financial loss totaled
Management Commentary
Steve Westhoven, President and CEO of New Jersey Resources, stated, "We are on track to achieve NFEPS within our fiscal 2024 guidance range for the year, which was raised by
Key Performance Metrics
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
($ in Thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income |
$ |
(11,574 |
) |
|
$ |
1,532 |
|
|
$ |
198,649 |
|
|
$ |
227,700 |
|
Basic EPS |
$ |
(0.12 |
) |
|
$ |
0.02 |
|
|
$ |
2.02 |
|
|
$ |
2.35 |
|
Net financial (loss) earnings |
$ |
(8,899 |
) |
|
$ |
9,670 |
|
|
$ |
202,121 |
|
|
$ |
232,264 |
|
Basic net financial (loss) earnings per share |
$ |
(0.09 |
) |
|
$ |
0.10 |
|
|
$ |
2.05 |
|
|
$ |
2.40 |
|
(1) NFEPS long-term annual growth projections are based on the midpoint of the |
|||||||||||||||
A reconciliation of net income to NFE for the three and nine months ended June 30, 2024 and 2023, is provided below.
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
(Thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net (loss) income |
$ |
(11,574 |
) |
|
$ |
1,532 |
|
|
$ |
198,649 |
|
|
$ |
227,700 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
3,803 |
|
|
|
(12,970 |
) |
|
|
23,860 |
|
|
|
(30,502 |
) |
Tax effect |
|
(903 |
) |
|
|
3,083 |
|
|
|
(5,670 |
) |
|
|
7,250 |
|
Effects of economic hedging related to natural gas inventory |
|
(385 |
) |
|
|
24,116 |
|
|
|
(19,458 |
) |
|
|
36,885 |
|
Tax effect |
|
91 |
|
|
|
(5,731 |
) |
|
|
4,624 |
|
|
|
(8,766 |
) |
Gain on equity method investment |
|
— |
|
|
|
(100 |
) |
|
|
— |
|
|
|
(300 |
) |
Tax effect |
|
— |
|
|
|
24 |
|
|
|
— |
|
|
|
74 |
|
NFE tax adjustment |
|
69 |
|
|
|
(284 |
) |
|
|
116 |
|
|
|
(77 |
) |
Net financial (loss) earnings |
$ |
(8,899 |
) |
|
$ |
9,670 |
|
|
$ |
202,121 |
|
|
$ |
232,264 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
98,983 |
|
|
|
97,168 |
|
|
|
98,409 |
|
|
|
96,849 |
|
Diluted |
|
98,983 |
|
|
|
97,886 |
|
|
|
99,213 |
|
|
|
97,538 |
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
(0.12 |
) |
|
$ |
0.02 |
|
|
$ |
2.02 |
|
|
$ |
2.35 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
0.04 |
|
|
|
(0.14 |
) |
|
|
0.24 |
|
|
|
(0.31 |
) |
Tax effect |
|
(0.01 |
) |
|
|
0.03 |
|
|
|
(0.06 |
) |
|
|
0.07 |
|
Effects of economic hedging related to natural gas inventory |
|
— |
|
|
|
0.25 |
|
|
|
(0.20 |
) |
|
|
0.38 |
|
Tax effect |
|
— |
|
|
|
(0.06 |
) |
|
|
0.05 |
|
|
|
(0.09 |
) |
Basic net financial (loss) earnings per share |
$ |
(0.09 |
) |
|
$ |
0.10 |
|
|
$ |
2.05 |
|
|
$ |
2.40 |
|
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 for the three and nine months ended June 30, 2024 and 2023, is provided below.
Net financial (loss) earnings by business unit
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
(Thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
New Jersey Natural Gas |
$ |
(6,139 |
) |
|
$ |
891 |
|
|
$ |
152,400 |
|
|
$ |
156,252 |
|
Clean Energy Ventures |
|
(6,714 |
) |
|
|
7,267 |
|
|
|
(1,808 |
) |
|
|
(5,694 |
) |
Storage and Transportation |
|
4,140 |
|
|
|
2,358 |
|
|
|
9,761 |
|
|
|
11,051 |
|
Energy Services |
|
(2,244 |
) |
|
|
(1,604 |
) |
|
|
43,231 |
|
|
|
72,054 |
|
Home Services and Other |
|
881 |
|
|
|
523 |
|
|
|
665 |
|
|
|
1,307 |
|
Subtotal |
|
(10,076 |
) |
|
|
9,435 |
|
|
|
204,249 |
|
|
|
234,970 |
|
Eliminations |
|
1,177 |
|
|
|
235 |
|
|
|
(2,128 |
) |
|
|
(2,706 |
) |
Total |
$ |
(8,899 |
) |
|
$ |
9,670 |
|
|
$ |
202,121 |
|
|
$ |
232,264 |
|
Fiscal 2024 NFE Guidance:
NJR re-affirmed its fiscal 2024 NFEPS guidance range of
In fiscal 2024, NJR expects Energy Services will represent a higher percentage of NFEPS than in prior years due to contributions from the Asset Management Agreements signed in 2020*. The following chart represents NJR’s current expected contributions from its business segments for fiscal 2024:
Company |
Expected Fiscal 2024
|
New Jersey Natural Gas |
43 to 46 percent |
Clean Energy Ventures |
11 to 14 percent |
Storage and Transportation |
3 to 5 percent |
Energy Services |
40 to 43 percent* |
Home Services and Other |
0 to 1 percent |
* NJR expects to recognize the majority of the fiscal 2024 AMA revenues in the fiscal 2024 fourth quarter |
|
In providing fiscal 2024 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 a third-quarter fiscal 2024 net financial loss of
Customer Growth:
-
NJNG added 5,939 new customers during the first nine months of fiscal 2024, compared with 5,892 during the same period of fiscal 2023. NJNG expects these new customers to contribute approximately
$5.1 million
Base Rate Filing:
-
On January 31, 2024, NJNG filed a base rate case with the BPU, seeking a
$222.6 million $219.6 million
Infrastructure Update:
-
NJNG's Infrastructure Investment Program (IIP) is a five-year,
$150 million $22.6 million
On March 28, 2024, NJNG submitted its annual IIP filing to the BPU requesting a rate increase for capital expenditures with actual information through February 29, 2024, and forecasted information through June 30, 2024. On July 26, 2024, the Company filed an update with actual information through June 30, 2024 requesting a rate increase for capital expenditures of$43.5 million $5.3 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
Clean Energy Ventures (CEV)
CEV reported a third-quarter fiscal 2024 net financial loss of
Fiscal 2024 year-to-date net financial loss was
Solar Investment Update:
-
As of June 30, 2024, CEV had approximately 477MW of solar capacity in service in
New Jersey ,New York ,Connecticut ,Rhode Island ,Indiana , andMichigan .
Storage and Transportation
Storage and Transportation reported third-quarter fiscal 2024 NFE of
Energy Services
Energy Services reported third-quarter fiscal 2024 net financial loss of
Home Services and Other Operations
Home Services and Other Operations reported third-quarter fiscal 2024 NFE of
Capital Expenditures and Cash Flows:
NJR is committed to maintaining a strong financial profile:
-
During the first nine months of fiscal 2024, capital expenditures were
$396.5 million $370.0 million -
During the first nine months of fiscal 2024, cash flows from operations were
$362.9 million $387.9 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, certain statements regarding NJR’s NFEPS guidance for fiscal 2024, projected NFEPS growth rates and our guidance range, forecasted contribution of business segments to NJR’s NFE for fiscal 2024, customer growth at NJNG and their expected contributions, expected contributions from Asset Management Agreements, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs, including BGSS, the outcome or timing of our Base Rate Case with the BPU, the outcome or timing of our IIP filing to the BPU, and other legal and regulatory expectations.
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 web site, 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 future events.
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 approximately 582,000 customers in New Jersey’s
Monmouth ,Ocean ,Morris ,Middlesex ,Sussex andBurlington counties. - Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of approximately 477 megawatts, providing residential and commercial 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 The SAVEGREEN Project® and The Sunlight Advantage®.
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 |
|
Nine Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
(Thousands, except per share data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
||||||||
Utility |
|
$ |
157,773 |
|
|
$ |
144,971 |
|
|
$ |
913,729 |
|
|
$ |
902,880 |
|
Nonutility |
|
|
117,863 |
|
|
|
119,104 |
|
|
|
487,030 |
|
|
|
728,789 |
|
Total operating revenues |
|
|
275,636 |
|
|
|
264,075 |
|
|
|
1,400,759 |
|
|
|
1,631,669 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
||||||||
Gas purchases |
|
|
|
|
|
|
|
|
||||||||
Utility |
|
|
53,372 |
|
|
|
42,344 |
|
|
|
373,839 |
|
|
|
381,160 |
|
Nonutility |
|
|
60,971 |
|
|
|
75,917 |
|
|
|
225,466 |
|
|
|
468,351 |
|
Related parties |
|
|
1,729 |
|
|
|
1,870 |
|
|
|
5,407 |
|
|
|
5,467 |
|
Operation and maintenance |
|
|
104,378 |
|
|
|
94,213 |
|
|
|
306,040 |
|
|
|
272,809 |
|
Regulatory rider expenses |
|
|
8,343 |
|
|
|
6,120 |
|
|
|
56,761 |
|
|
|
47,525 |
|
Depreciation and amortization |
|
|
40,907 |
|
|
|
38,877 |
|
|
|
121,269 |
|
|
|
113,650 |
|
Total operating expenses |
|
|
269,700 |
|
|
|
259,341 |
|
|
|
1,088,782 |
|
|
|
1,288,962 |
|
OPERATING INCOME |
|
|
5,936 |
|
|
|
4,734 |
|
|
|
311,977 |
|
|
|
342,707 |
|
Other income, net |
|
|
9,555 |
|
|
|
5,711 |
|
|
|
31,316 |
|
|
|
15,145 |
|
Interest expense, net of capitalized interest |
|
|
31,169 |
|
|
|
30,119 |
|
|
|
94,263 |
|
|
|
89,871 |
|
(LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES |
|
|
(15,678 |
) |
|
|
(19,674 |
) |
|
|
249,030 |
|
|
|
267,981 |
|
Income tax (benefit) provision |
|
|
(2,764 |
) |
|
|
(20,505 |
) |
|
|
54,119 |
|
|
|
43,059 |
|
Equity in earnings of affiliates |
|
|
1,340 |
|
|
|
701 |
|
|
|
3,738 |
|
|
|
2,778 |
|
NET (LOSS) INCOME |
|
$ |
(11,574 |
) |
|
$ |
1,532 |
|
|
$ |
198,649 |
|
|
$ |
227,700 |
|
|
|
|
|
|
|
|
|
|
||||||||
(LOSS) EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.12 |
) |
|
$ |
0.02 |
|
|
$ |
2.02 |
|
|
$ |
2.35 |
|
Diluted |
|
$ |
(0.12 |
) |
|
$ |
0.02 |
|
|
$ |
2.00 |
|
|
$ |
2.33 |
|
|
|
|
|
|
|
|
|
|
||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
98,983 |
|
|
|
97,168 |
|
|
|
98,409 |
|
|
|
96,849 |
|
Diluted |
|
|
98,983 |
|
|
|
97,886 |
|
|
|
99,213 |
|
|
|
97,538 |
|
|
|
|
|
|
|
|
|
|
||||||||
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
June 30, |
|
June 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 (loss) income |
|
$ |
(11,574 |
) |
|
$ |
1,532 |
|
|
$ |
198,649 |
|
|
$ |
227,700 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
3,803 |
|
|
|
(12,970 |
) |
|
|
23,860 |
|
|
|
(30,502 |
) |
Tax effect |
|
|
(903 |
) |
|
|
3,083 |
|
|
|
(5,670 |
) |
|
|
7,250 |
|
Effects of economic hedging related to natural gas inventory |
|
|
(385 |
) |
|
|
24,116 |
|
|
|
(19,458 |
) |
|
|
36,885 |
|
Tax effect |
|
|
91 |
|
|
|
(5,731 |
) |
|
|
4,624 |
|
|
|
(8,766 |
) |
Gain on equity method investment |
|
|
— |
|
|
|
(100 |
) |
|
|
— |
|
|
|
(300 |
) |
Tax effect |
|
|
— |
|
|
|
24 |
|
|
|
— |
|
|
|
74 |
|
NFE tax adjustment |
|
|
69 |
|
|
|
(284 |
) |
|
|
116 |
|
|
|
(77 |
) |
Net financial (loss) earnings |
|
$ |
(8,899 |
) |
|
$ |
9,670 |
|
|
$ |
202,121 |
|
|
$ |
232,264 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
98,983 |
|
|
|
97,168 |
|
|
|
98,409 |
|
|
|
96,849 |
|
Diluted |
|
|
98,983 |
|
|
|
97,886 |
|
|
|
99,213 |
|
|
|
97,538 |
|
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Basic (loss) earnings per share |
|
$ |
(0.12 |
) |
|
$ |
0.02 |
|
|
$ |
2.02 |
|
|
$ |
2.35 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
$ |
0.04 |
|
|
$ |
(0.14 |
) |
|
$ |
0.24 |
|
|
$ |
(0.31 |
) |
Tax effect |
|
$ |
(0.01 |
) |
|
$ |
0.03 |
|
|
$ |
(0.06 |
) |
|
$ |
0.07 |
|
Effects of economic hedging related to natural gas inventory |
|
$ |
— |
|
|
$ |
0.25 |
|
|
$ |
(0.20 |
) |
|
$ |
0.38 |
|
Tax effect |
|
$ |
— |
|
|
$ |
(0.06 |
) |
|
$ |
0.05 |
|
|
$ |
(0.09 |
) |
Basic net financial (loss) earnings per share |
|
$ |
(0.09 |
) |
|
$ |
0.10 |
|
|
$ |
2.05 |
|
|
$ |
2.40 |
|
|
|
|
|
|
|
|
|
|
||||||||
NATURAL GAS DISTRIBUTION |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
158,110 |
|
|
$ |
145,308 |
|
|
$ |
914,741 |
|
|
$ |
903,892 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases |
|
|
55,699 |
|
|
|
44,669 |
|
|
|
380,818 |
|
|
|
388,134 |
|
Operating and maintenance (1) |
|
|
35,709 |
|
|
|
31,436 |
|
|
|
91,050 |
|
|
|
88,441 |
|
Regulatory rider expense |
|
|
8,343 |
|
|
|
6,120 |
|
|
|
56,761 |
|
|
|
47,525 |
|
Depreciation and amortization |
|
|
28,491 |
|
|
|
25,825 |
|
|
|
82,872 |
|
|
|
76,034 |
|
Gross margin |
|
|
29,868 |
|
|
|
37,258 |
|
|
|
303,240 |
|
|
|
303,758 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operating and maintenance (1) |
|
|
35,709 |
|
|
|
31,436 |
|
|
|
91,050 |
|
|
|
88,441 |
|
Depreciation and amortization |
|
|
28,491 |
|
|
|
25,825 |
|
|
|
82,872 |
|
|
|
76,034 |
|
Utility gross margin |
|
$ |
94,068 |
|
|
$ |
94,519 |
|
|
$ |
477,162 |
|
|
$ |
468,233 |
|
(1) Excludes selling, general and administrative expenses of |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
June 30, |
|
June 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 |
|
$ |
62,441 |
|
|
$ |
70,172 |
|
|
$ |
306,971 |
|
|
$ |
588,684 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural Gas purchases |
|
|
61,041 |
|
|
|
76,599 |
|
|
|
226,841 |
|
|
|
471,000 |
|
Operation and maintenance (1) |
|
|
3,814 |
|
|
|
3,244 |
|
|
|
21,605 |
|
|
|
14,366 |
|
Depreciation and amortization |
|
|
45 |
|
|
|
51 |
|
|
|
158 |
|
|
|
170 |
|
Gross margin |
|
|
(2,459 |
) |
|
|
(9,722 |
) |
|
|
58,367 |
|
|
|
103,148 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operation and maintenance (1) |
|
|
3,814 |
|
|
|
3,244 |
|
|
|
21,605 |
|
|
|
14,366 |
|
Depreciation and amortization |
|
|
45 |
|
|
|
51 |
|
|
|
158 |
|
|
|
170 |
|
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
3,804 |
|
|
|
(13,601 |
) |
|
|
28,736 |
|
|
|
(39,692 |
) |
Effects of economic hedging related to natural gas inventory |
|
|
(385 |
) |
|
|
24,116 |
|
|
|
(19,458 |
) |
|
|
36,885 |
|
Financial margin |
|
$ |
4,819 |
|
|
$ |
4,088 |
|
|
$ |
89,408 |
|
|
$ |
114,877 |
|
(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 (loss) income |
|
$ |
(4,919 |
) |
|
$ |
(9,336 |
) |
|
$ |
36,042 |
|
|
$ |
74,271 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
3,804 |
|
|
|
(13,601 |
) |
|
|
28,736 |
|
|
|
(39,692 |
) |
Tax effect |
|
|
(904 |
) |
|
|
3,232 |
|
|
|
(6,829 |
) |
|
|
9,433 |
|
Effects of economic hedging related to natural gas |
|
|
(385 |
) |
|
|
24,116 |
|
|
|
(19,458 |
) |
|
|
36,885 |
|
Tax effect |
|
|
91 |
|
|
|
(5,731 |
) |
|
|
4,624 |
|
|
|
(8,766 |
) |
NFE tax adjustment |
|
|
69 |
|
|
|
(284 |
) |
|
|
116 |
|
|
|
(77 |
) |
Net financial (loss) earnings |
|
$ |
(2,244 |
) |
|
$ |
(1,604 |
) |
|
$ |
43,231 |
|
|
$ |
72,054 |
|
|
|
|
|
|
|
|
|
|
||||||||
FINANCIAL STATISTICS BY BUSINESS UNIT |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
(Thousands, except per share data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
NEW JERSEY RESOURCES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
158,110 |
|
|
$ |
145,308 |
|
|
$ |
914,741 |
|
|
$ |
903,892 |
|
Clean Energy Ventures |
|
|
14,648 |
|
|
|
13,178 |
|
|
|
59,268 |
|
|
|
40,376 |
|
Energy Services |
|
|
62,441 |
|
|
|
70,172 |
|
|
|
306,971 |
|
|
|
588,684 |
|
Storage and Transportation |
|
|
24,475 |
|
|
|
22,201 |
|
|
|
71,379 |
|
|
|
69,926 |
|
Home Services and Other |
|
|
16,356 |
|
|
|
14,955 |
|
|
|
46,095 |
|
|
|
42,669 |
|
Sub-total |
|
|
276,030 |
|
|
|
265,814 |
|
|
|
1,398,454 |
|
|
|
1,645,547 |
|
Eliminations |
|
|
(394 |
) |
|
|
(1,739 |
) |
|
|
2,305 |
|
|
|
(13,878 |
) |
Total |
|
$ |
275,636 |
|
|
$ |
264,075 |
|
|
$ |
1,400,759 |
|
|
$ |
1,631,669 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (Loss) |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
1,063 |
|
|
$ |
10,391 |
|
|
$ |
215,517 |
|
|
$ |
225,700 |
|
Clean Energy Ventures |
|
|
(3,629 |
) |
|
|
(3,344 |
) |
|
|
7,015 |
|
|
|
(8,667 |
) |
Energy Services |
|
|
(2,832 |
) |
|
|
(10,177 |
) |
|
|
57,038 |
|
|
|
104,370 |
|
Storage and Transportation |
|
|
7,937 |
|
|
|
7,207 |
|
|
|
21,171 |
|
|
|
26,524 |
|
Home Services and Other |
|
|
1,388 |
|
|
|
712 |
|
|
|
1,958 |
|
|
|
1,900 |
|
Sub-total |
|
|
3,927 |
|
|
|
4,789 |
|
|
|
302,699 |
|
|
|
349,827 |
|
Eliminations |
|
|
2,009 |
|
|
|
(55 |
) |
|
|
9,278 |
|
|
|
(7,120 |
) |
Total |
|
$ |
5,936 |
|
|
$ |
4,734 |
|
|
$ |
311,977 |
|
|
$ |
342,707 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Equity in Earnings of Affiliates |
|
|
|
|
|
|
|
|
||||||||
Storage and Transportation |
|
$ |
782 |
|
|
$ |
377 |
|
|
$ |
1,860 |
|
|
$ |
2,263 |
|
Eliminations |
|
|
558 |
|
|
|
324 |
|
|
|
1,878 |
|
|
|
515 |
|
Total |
|
$ |
1,340 |
|
|
$ |
701 |
|
|
$ |
3,738 |
|
|
$ |
2,778 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
(6,139 |
) |
|
$ |
891 |
|
|
$ |
152,400 |
|
|
$ |
156,252 |
|
Clean Energy Ventures |
|
|
(6,714 |
) |
|
|
7,267 |
|
|
|
(1,808 |
) |
|
|
(5,694 |
) |
Energy Services |
|
|
(4,919 |
) |
|
|
(9,336 |
) |
|
|
36,042 |
|
|
|
74,271 |
|
Storage and Transportation |
|
|
4,140 |
|
|
|
2,434 |
|
|
|
9,761 |
|
|
|
11,277 |
|
Home Services and Other |
|
|
881 |
|
|
|
523 |
|
|
|
665 |
|
|
|
1,307 |
|
Sub-total |
|
|
(12,751 |
) |
|
|
1,779 |
|
|
|
197,060 |
|
|
|
237,413 |
|
Eliminations |
|
|
1,177 |
|
|
|
(247 |
) |
|
|
1,589 |
|
|
|
(9,713 |
) |
Total |
|
$ |
(11,574 |
) |
|
$ |
1,532 |
|
|
$ |
198,649 |
|
|
$ |
227,700 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net Financial (Loss) Earnings |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
(6,139 |
) |
|
$ |
891 |
|
|
$ |
152,400 |
|
|
$ |
156,252 |
|
Clean Energy Ventures |
|
|
(6,714 |
) |
|
|
7,267 |
|
|
|
(1,808 |
) |
|
|
(5,694 |
) |
Energy Services |
|
|
(2,244 |
) |
|
|
(1,604 |
) |
|
|
43,231 |
|
|
|
72,054 |
|
Storage and Transportation |
|
|
4,140 |
|
|
|
2,358 |
|
|
|
9,761 |
|
|
|
11,051 |
|
Home Services and Other |
|
|
881 |
|
|
|
523 |
|
|
|
665 |
|
|
|
1,307 |
|
Sub-total |
|
|
(10,076 |
) |
|
|
9,435 |
|
|
|
204,249 |
|
|
|
234,970 |
|
Eliminations |
|
|
1,177 |
|
|
|
235 |
|
|
|
(2,128 |
) |
|
|
(2,706 |
) |
Total |
|
$ |
(8,899 |
) |
|
$ |
9,670 |
|
|
$ |
202,121 |
|
|
$ |
232,264 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Throughput (Bcf) |
|
|
|
|
|
|
|
|
||||||||
NJNG, Core Customers |
|
|
19.1 |
|
|
|
19.5 |
|
|
|
75.4 |
|
|
|
75.3 |
|
NJNG, Off System/Capacity Management |
|
|
12.3 |
|
|
|
13.8 |
|
|
|
76.6 |
|
|
|
52.4 |
|
Energy Services Fuel Mgmt. and Wholesale Sales |
|
|
23.6 |
|
|
|
24.0 |
|
|
|
92.0 |
|
|
|
109.0 |
|
Total |
|
|
55.0 |
|
|
|
57.3 |
|
|
|
244.0 |
|
|
|
236.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Common Stock Data |
|
|
|
|
|
|
|
|
||||||||
Yield at June 30, |
|
|
3.9 |
% |
|
|
3.3 |
% |
|
|
3.9 |
% |
|
|
3.3 |
% |
Market Price at June 30, |
|
$ |
42.74 |
|
|
$ |
47.20 |
|
|
$ |
42.74 |
|
|
$ |
47.20 |
|
Shares Out. at June 30, |
|
|
99,092 |
|
|
|
97,496 |
|
|
|
99,092 |
|
|
|
97,496 |
|
Market Cap. at June 30, |
|
$ |
4,235,174 |
|
|
$ |
4,601,825 |
|
|
$ |
4,235,174 |
|
|
$ |
4,601,825 |
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
(Unaudited) |
|
June 30, |
|
June 30, |
||||||||||||
(Thousands, except customer and weather data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
NATURAL GAS DISTRIBUTION |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Utility Gross Margin |
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
158,110 |
|
|
$ |
145,308 |
|
|
$ |
914,741 |
|
|
$ |
903,892 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases |
|
|
55,699 |
|
|
|
44,669 |
|
|
|
380,818 |
|
|
|
388,134 |
|
Operating and maintenance (1) |
|
|
35,709 |
|
|
|
31,436 |
|
|
|
91,050 |
|
|
|
88,441 |
|
Regulatory rider expense |
|
|
8,343 |
|
|
|
6,120 |
|
|
|
56,761 |
|
|
|
47,525 |
|
Depreciation and amortization |
|
|
28,491 |
|
|
|
25,825 |
|
|
|
82,872 |
|
|
|
76,034 |
|
Gross margin |
|
|
29,868 |
|
|
|
37,258 |
|
|
|
303,240 |
|
|
|
303,758 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operating and maintenance (1) |
|
|
35,709 |
|
|
|
31,436 |
|
|
|
91,050 |
|
|
|
88,441 |
|
Depreciation and amortization |
|
|
28,491 |
|
|
|
25,825 |
|
|
|
82,872 |
|
|
|
76,034 |
|
Total Utility Gross Margin |
|
$ |
94,068 |
|
|
$ |
94,519 |
|
|
$ |
477,162 |
|
|
$ |
468,233 |
|
(1) Excludes selling, general and administrative expenses of |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Utility Gross Margin, Operating Income and Net Income |
|
|
|
|
|
|
|
|
||||||||
Residential |
|
$ |
59,036 |
|
|
$ |
59,723 |
|
|
$ |
330,568 |
|
|
$ |
321,017 |
|
Commercial, Industrial & Other |
|
|
15,468 |
|
|
|
14,897 |
|
|
|
64,975 |
|
|
|
65,742 |
|
Firm Transportation |
|
|
15,499 |
|
|
|
15,815 |
|
|
|
62,753 |
|
|
|
61,503 |
|
Total Firm Margin |
|
|
90,003 |
|
|
|
90,435 |
|
|
|
458,296 |
|
|
|
448,262 |
|
Interruptible |
|
|
1,146 |
|
|
|
1,149 |
|
|
|
2,680 |
|
|
|
2,572 |
|
Total System Margin |
|
|
91,149 |
|
|
|
91,584 |
|
|
|
460,976 |
|
|
|
450,834 |
|
Basic Gas Supply Service Incentive |
|
|
2,919 |
|
|
|
2,935 |
|
|
|
16,186 |
|
|
|
17,399 |
|
Total Utility Gross Margin |
|
|
94,068 |
|
|
|
94,519 |
|
|
|
477,162 |
|
|
|
468,233 |
|
Operation and maintenance expense |
|
|
64,514 |
|
|
|
58,303 |
|
|
|
178,773 |
|
|
|
166,499 |
|
Depreciation and amortization |
|
|
28,491 |
|
|
|
25,825 |
|
|
|
82,872 |
|
|
|
76,034 |
|
Operating Income |
|
$ |
1,063 |
|
|
$ |
10,391 |
|
|
$ |
215,517 |
|
|
$ |
225,700 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
$ |
(6,139 |
) |
|
$ |
891 |
|
|
$ |
152,400 |
|
|
$ |
156,252 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Financial (Loss) Earnings |
|
$ |
(6,139 |
) |
|
$ |
891 |
|
|
$ |
152,400 |
|
|
$ |
156,252 |
|
|
|
|
|
|
|
|
|
|
||||||||
Throughput (Bcf) |
|
|
|
|
|
|
|
|
||||||||
Residential |
|
|
6.2 |
|
|
|
5.7 |
|
|
|
41.1 |
|
|
|
39.9 |
|
Commercial, Industrial & Other |
|
|
1.2 |
|
|
|
1.2 |
|
|
|
7.7 |
|
|
|
7.7 |
|
Firm Transportation |
|
|
2.0 |
|
|
|
2.2 |
|
|
|
10.3 |
|
|
|
10.7 |
|
Total Firm Throughput |
|
|
9.4 |
|
|
|
9.1 |
|
|
|
59.1 |
|
|
|
58.3 |
|
Interruptible |
|
|
9.7 |
|
|
|
10.4 |
|
|
|
16.3 |
|
|
|
17.0 |
|
Total System Throughput |
|
|
19.1 |
|
|
|
19.5 |
|
|
|
75.4 |
|
|
|
75.3 |
|
Off System/Capacity Management |
|
|
12.3 |
|
|
|
13.8 |
|
|
|
76.6 |
|
|
|
52.4 |
|
Total Throughput |
|
|
31.4 |
|
|
|
33.3 |
|
|
|
152.0 |
|
|
|
127.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
Customers |
|
|
|
|
|
|
|
|
||||||||
Residential |
|
|
527,110 |
|
|
|
518,359 |
|
|
|
527,110 |
|
|
|
518,359 |
|
Commercial, Industrial & Other |
|
|
32,318 |
|
|
|
32,084 |
|
|
|
32,318 |
|
|
|
32,084 |
|
Firm Transportation |
|
|
22,569 |
|
|
|
24,360 |
|
|
|
22,569 |
|
|
|
24,360 |
|
Total Firm Customers |
|
|
581,997 |
|
|
|
574,803 |
|
|
|
581,997 |
|
|
|
574,803 |
|
Interruptible |
|
|
83 |
|
|
|
83 |
|
|
|
83 |
|
|
|
83 |
|
Total System Customers |
|
|
582,080 |
|
|
|
574,886 |
|
|
|
582,080 |
|
|
|
574,886 |
|
Off System/Capacity Management* |
|
|
20 |
|
|
|
14 |
|
|
|
20 |
|
|
|
14 |
|
Total Customers |
|
|
582,100 |
|
|
|
574,900 |
|
|
|
582,100 |
|
|
|
574,900 |
|
*The number of customers represents those active during the last month of the period. |
|
|
|
|
||||||||||||
Degree Days |
|
|
|
|
|
|
|
|
||||||||
Actual |
|
|
409 |
|
|
|
389 |
|
|
|
3,952 |
|
|
|
3,869 |
|
Normal |
|
|
468 |
|
|
|
470 |
|
|
|
4,438 |
|
|
|
4,474 |
|
Percent of Normal |
|
|
87.4 |
% |
|
|
82.8 |
% |
|
|
89.0 |
% |
|
|
86.5 |
% |
|
|
|
|
|
|
|
|
|||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
(Unaudited) |
|
June 30, |
|
June 30, |
||||||||||||
(Thousands, except customer, RECs and megawatt) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
CLEAN ENERGY VENTURES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
|
|
|
|
||||||||
SREC sales |
|
$ |
201 |
|
|
$ |
184 |
|
|
$ |
26,232 |
|
|
$ |
10,307 |
|
TREC sales |
|
|
4,440 |
|
|
|
4,720 |
|
|
|
9,100 |
|
|
|
8,007 |
|
SREC II sales (1) |
|
|
432 |
|
|
|
271 |
|
|
|
1,094 |
|
|
|
553 |
|
Solar electricity sales |
|
|
6,572 |
|
|
|
4,972 |
|
|
|
13,922 |
|
|
|
12,621 |
|
Sunlight Advantage |
|
|
3,003 |
|
|
|
3,031 |
|
|
|
8,920 |
|
|
|
8,888 |
|
Total Operating Revenues |
|
$ |
14,648 |
|
|
$ |
13,178 |
|
|
$ |
59,268 |
|
|
$ |
40,376 |
|
Depreciation and Amortization |
|
$ |
6,981 |
|
|
$ |
6,672 |
|
|
$ |
20,834 |
|
|
$ |
18,713 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating (Loss) Income |
|
$ |
(3,629 |
) |
|
$ |
(3,344 |
) |
|
$ |
7,015 |
|
|
$ |
(8,667 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Income Tax Benefit |
|
$ |
(2,008 |
) |
|
$ |
(18,237 |
) |
|
$ |
(471 |
) |
|
$ |
(23,079 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
$ |
(6,714 |
) |
|
$ |
7,267 |
|
|
$ |
(1,808 |
) |
|
$ |
(5,694 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net Financial (Loss) Earnings |
|
$ |
(6,714 |
) |
|
$ |
7,267 |
|
|
$ |
(1,808 |
) |
|
$ |
(5,694 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Solar Renewable Energy Certificates Generated |
|
|
115,950 |
|
|
|
130,978 |
|
|
|
267,155 |
|
|
|
292,753 |
|
|
|
|
|
|
|
|
|
|
||||||||
Solar Renewable Energy Certificates Sold |
|
|
1,170 |
|
|
|
1,314 |
|
|
|
124,323 |
|
|
|
48,871 |
|
|
|
|
|
|
|
|
|
|
||||||||
Transition Renewable Energy Certificates Generated |
|
|
31,246 |
|
|
|
31,144 |
|
|
|
63,799 |
|
|
|
52,013 |
|
|
|
|
|
|
|
|
|
|
||||||||
Solar Renewable Energy Certificates II Generated |
|
|
4,794 |
|
|
|
2,973 |
|
|
|
12,259 |
|
|
|
5,803 |
|
|
|
|
|
|
|
|
|
|
||||||||
Solar Megawatts Under Construction |
|
|
34.2 |
|
|
|
13.8 |
|
|
|
34.2 |
|
|
|
13.8 |
|
(1) Prior year SREC II revenue was previously included in Solar electricity sales and other |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
ENERGY SERVICES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Income |
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
62,441 |
|
|
$ |
70,172 |
|
|
$ |
306,971 |
|
|
$ |
588,684 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Gas purchases |
|
|
61,041 |
|
|
|
76,599 |
|
|
|
226,841 |
|
|
|
471,000 |
|
Operation and maintenance expense |
|
|
4,187 |
|
|
|
3,699 |
|
|
|
22,934 |
|
|
|
13,144 |
|
Depreciation and amortization |
|
|
45 |
|
|
|
51 |
|
|
|
158 |
|
|
|
170 |
|
Operating (Loss) Income |
|
$ |
(2,832 |
) |
|
$ |
(10,177 |
) |
|
$ |
57,038 |
|
|
$ |
104,370 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
$ |
(4,919 |
) |
|
$ |
(9,336 |
) |
|
$ |
36,042 |
|
|
$ |
74,271 |
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Margin |
|
$ |
4,819 |
|
|
$ |
4,088 |
|
|
$ |
89,408 |
|
|
$ |
114,877 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Financial (Loss) Earnings |
|
$ |
(2,244 |
) |
|
$ |
(1,604 |
) |
|
$ |
43,231 |
|
|
$ |
72,054 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gas Sold and Managed (Bcf) |
|
|
23.6 |
|
|
|
24.0 |
|
|
|
92.0 |
|
|
|
109.0 |
|
|
|
|
|
|
|
|
|
|
||||||||
STORAGE AND TRANSPORTATION |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
$ |
24,475 |
|
|
$ |
22,201 |
|
|
$ |
71,379 |
|
|
$ |
69,926 |
|
|
|
|
|
|
|
|
|
|
||||||||
Equity in Earnings of Affiliates |
|
$ |
782 |
|
|
$ |
377 |
|
|
$ |
1,860 |
|
|
$ |
2,263 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operation and Maintenance Expense |
|
$ |
10,079 |
|
|
$ |
8,687 |
|
|
$ |
30,742 |
|
|
$ |
23,951 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other Income, Net |
|
$ |
2,539 |
|
|
$ |
1,815 |
|
|
$ |
7,300 |
|
|
$ |
4,829 |
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Expense |
|
$ |
5,773 |
|
|
$ |
6,430 |
|
|
$ |
17,574 |
|
|
$ |
19,265 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income Tax Provision |
|
$ |
1,345 |
|
|
$ |
535 |
|
|
$ |
2,996 |
|
|
$ |
3,074 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income |
|
$ |
4,140 |
|
|
$ |
2,434 |
|
|
$ |
9,761 |
|
|
$ |
11,277 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Financial Earnings |
|
$ |
4,140 |
|
|
$ |
2,358 |
|
|
$ |
9,761 |
|
|
$ |
11,051 |
|
|
|
|
|
|
|
|
|
|
||||||||
HOME SERVICES AND OTHER |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
$ |
16,356 |
|
|
$ |
14,955 |
|
|
$ |
46,095 |
|
|
$ |
42,669 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income |
|
$ |
1,388 |
|
|
$ |
712 |
|
|
$ |
1,958 |
|
|
$ |
1,900 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income |
|
$ |
881 |
|
|
$ |
523 |
|
|
$ |
665 |
|
|
$ |
1,307 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Financial Earnings |
|
$ |
881 |
|
|
$ |
523 |
|
|
$ |
665 |
|
|
$ |
1,307 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total Service Contract Customers at June 30 |
|
|
99,999 |
|
|
|
101,748 |
|
|
|
99,999 |
|
|
|
101,748 |
|
|
|
|
|
|
|
|
|
|
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805489390/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 loss for Q3 fiscal 2024?
Did NJR change its fiscal 2024 earnings guidance?
What rate increase did New Jersey Natural Gas request in its recent filing?
How does NJR's year-to-date net income for fiscal 2024 compare to the previous year?
