New Jersey Resources Corporation (NYSE: NJR) today reported
financial and operating results for its fiscal 2025 first quarter
ended December 31, 2024.
Regulatory and Operating Highlights
- During the first quarter of fiscal 2025, 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 annual increase to its base rates,
with rates effective on November 21, 2024
- On October 30, 2024, NJNG received approval from the BPU for
the next generation of SAVEGREEN®, a new $385.6 million energy
efficiency program that began on January 1, 2025 and continues
through June 30, 2027
- On November 25, 2024, Clean Energy Ventures (CEV) completed the
sale of its 91 megawatt (MW) residential solar portfolio for a
total purchase price of $132.5 million
Financial Highlights
- Fiscal 2025 first-quarter consolidated net income of $131.3
million, or $1.32 per share, compared with net income of $89.4
million, or $0.91 per share, in the first quarter of fiscal
2024
- Consolidated net financial earnings (NFE), a non-GAAP financial
measure, of $128.9 million, or $1.29 per share, in the
first-quarter of fiscal 2025, compared to NFE of $72.4 million, or
$0.74 per share, in the first quarter of fiscal 2024. The increase
was largely due to favorable NFE contributions from all of NJR's
business segments, highlighted by new base rates in place at NJNG
and a gain on sale of assets from CEV's residential solar
portfolio
Fiscal 2025 Outlook
- Maintains 7 to 9 percent long-term net financial earnings per
share (NFEPS) growth target, based off of a target of $2.83 per
share for fiscal 2025
- Maintains fiscal 2025 NFEPS guidance range of $3.05 to $3.20,
which is higher than the range implied by our long-term NFEPS
growth target as a result of the one-time gain from the sale of
CEV's residential solar portfolio
Management Commentary
Steve Westhoven, President and CEO of New Jersey Resources,
stated, "NJR is off to a good start in fiscal 2025 with new base
rates at NJNG and solid financial performance across all business
segments. Overall, these results reflect the strength of our
complementary portfolio of businesses and the value of our physical
infrastructure. We remain well-positioned to deliver on our fiscal
2025 net financial earnings guidance.”
Performance Metrics
Three Months Ended
December 31,
($ in Thousands)
2024
2023
Net income
$
131,319
$
89,411
Basic EPS
$
1.32
$
0.91
Net financial earnings*
$
128,894
$
72,444
Basic net financial earnings per
share*
$
1.29
$
0.74
*A reconciliation of net income to NFE for
the three months ended December 31, 2024 and 2023 is provided in
the financial statements below.
Net financial earnings (loss) by
business segment
Three Months Ended
December 31,
(Thousands)
2024
2023
New Jersey Natural Gas
$
66,908
$
51,444
Clean Energy Ventures
48,130
10,522
Storage and Transportation
5,664
3,640
Energy Services
7,833
7,831
Home Services and Other
615
(600
)
Subtotal
129,150
72,837
Eliminations
(256
)
(393
)
Total
$
128,894
$
72,444
Fiscal 2025 NFE Guidance:
NJR maintained its fiscal 2025 NFEPS guidance range of $3.05 to
$3.20, subject to the risks and uncertainties identified below
under "Forward-Looking Statements." Fiscal 2025 NFEPS guidance is
higher than the range implied by our 7 to 9 percent long-term NFEPS
growth target as a result of the one-time gain from the sale of
NJR's residential solar portfolio.
The following chart represents NJR’s current expected NFE
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
net financial
earnings
contribution
New Jersey Natural Gas
67 to 73 percent
Clean Energy Ventures
20 to 25 percent
Storage and Transportation
3 to 7 percent
Energy Services
4 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 net income 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 first-quarter fiscal 2025 NFE of $66.9 million,
compared to NFE of $51.4 million during fiscal 2024. The increase
in NFE for the period was due primarily to higher utility gross
margin due to the base rate increase resulting from NJNG's recent
base rate case settlement, partially offset by higher depreciation
expense.
Customers:
- At December 31, 2024, NJNG serviced approximately 586,000
customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex,
Sussex and Burlington counties, compared to approximately 583,000
at September 30, 2024. NJNG expects new customers added during the
first-quarter of fiscal 2025 to contribute approximately $2.0
million of incremental utility gross margin on an annualized
basis.
Base Rate Case Settlement:
- On November 21, 2024, the BPU issued an order adopting a
stipulation of settlement approving a $157.0 million annual
increase to base rates, effective November 21, 2024. The increase
includes an overall rate of return on rate base of 7.08 percent,
return on common equity of 9.60 percent, a common equity ratio of
54.0 percent and a depreciation rate of 3.21 percent.
Infrastructure Update:
- NJNG's Infrastructure Investment Program (IIP) is a five-year,
$150 million accelerated recovery program that began in fiscal
2021. IIP consists of a series of infrastructure projects designed
to enhance the safety and reliability of NJNG's natural gas
distribution system. In the first-quarter of fiscal 2025, NJNG
spent $10.4 million under the program on various distribution
system reinforcement projects.
Basic Gas Supply Service (BGSS) Incentive Programs:
BGSS incentive programs contributed $3.2 million to utility
gross margin in the fiscal 2025 first quarter, compared with $5.4
million in the fiscal 2024 first quarter. This decline was largely
due to decreased margins from storage incentives along with lower
off-system sales margin due to less market volatility and lower
capacity release volumes.
For more information on utility gross margin, please see
"Non-GAAP Financial Information" below.
Energy-Efficiency Programs:
SAVEGREEN® invested $18.6 million in the first quarter of fiscal
2025 in energy-efficiency upgrades for customers' homes and
businesses. NJNG recovered $4.9 million of its outstanding
investments during the first quarter of fiscal 2025 through its
energy efficiency rate.
- On October 30, 2024, NJNG received approval from the BPU for a
new $385.6 million SAVEGREEN® program, the largest in NJNG's
history. The program is effective January 1, 2025 through June 30,
2027.
Clean Energy Ventures (CEV)
CEV reported first-quarter fiscal 2025 NFE of $48.1 million,
compared with NFE of $10.5 million during the same period in fiscal
2024. The increase in NFE for the fiscal 2025 first quarter was
largely due to the gain on sale of assets from CEV's sale of its
residential solar portfolio, partially offset by the timing of SREC
(Solar Renewable Energy Certificates) sales for the period.
Solar Investment Update:
- During the first-quarter of fiscal 2025, CEV placed 2
commercial projects into service, adding 10.5MW to total installed
capacity.
- As of December 31, 2024, CEV had approximately 396MW of
commercial solar capacity in service in New Jersey, New York,
Connecticut, Rhode Island, Indiana, and Michigan.
- In November 2024, CEV announced the sale of its 91MW
residential solar portfolio for a total of $132.5 million. The
transaction generated a pre-tax gain of approximately $54.9M, which
is recognized as gain on sale of assets on the Unaudited Condensed
Consolidated Statements of Operations.
Storage and Transportation
Storage and Transportation reported first-quarter fiscal 2025
NFE of $5.7 million, compared with NFE of $3.6 million during the
same period in fiscal 2024. NFE increased during the period due to
higher operating revenues as well as lower operating and
maintenance expense.
- 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 new rates into effect during the second half of 2025, subject
to refund and the outcome of a hearing to be established by
FERC.
Energy Services
Energy Services reported first-quarter fiscal 2025 NFE of $7.8
million, unchanged compared with NFE for the same period in fiscal
2024.
Home Services and Other Operations
Home Services and Other Operations reported first-quarter fiscal
2025 NFE of $0.6 million, compared to NFE of $(0.6) million for the
same period in fiscal 2024, largely due to higher operating
revenues.
Capital Expenditures and Cash Flows:
NJR is committed to maintaining a strong financial profile:
- During the first quarter of fiscal 2025, capital expenditures
were $149.6 million, including accruals, compared with $118.1
million during the same period of fiscal 2024. The increase in
capital expenditures was primarily due to higher expenditures at
NJNG.
- During the first quarter of fiscal 2025, cash flows used in
operations were $9.0 million, compared to cash flows from
operations of $46.4 million during the same period of fiscal 2024.
The decrease was largely due to changes in the mix of working
capital components.
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, customer growth at
NJNG and their expected contributions, impact of the sale of NJR’s
residential solar portfolio, 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 and Burlington 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
December 31,
(Thousands, except per share data)
2024
2023
OPERATING REVENUES
Utility
$
333,427
$
293,093
Nonutility
154,934
174,117
Total operating revenues
488,361
467,210
OPERATING EXPENSES
Gas purchases
Utility
127,680
116,120
Nonutility
67,808
59,477
Related parties
1,718
1,879
Operation and maintenance
88,632
94,439
Regulatory rider expenses
22,476
19,189
Depreciation and amortization
45,329
40,287
Gain on sale of assets
(54,859
)
—
Total operating expenses
298,784
331,391
OPERATING INCOME
189,577
135,819
Other income, net
11,617
6,341
Interest expense, net of capitalized
interest
33,891
31,473
INCOME BEFORE INCOME TAXES AND EQUITY
IN EARNINGS OF AFFILIATES
167,303
110,687
Income tax provision
37,384
22,936
Equity in earnings of affiliates
1,400
1,660
NET INCOME
$
131,319
$
89,411
EARNINGS PER COMMON SHARE
Basic
$
1.32
$
0.91
Diluted
$
1.31
$
0.91
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic
99,855
97,869
Diluted
100,478
98,563
RECONCILIATION OF NON-GAAP
PERFORMANCE MEASURES
(Unaudited)
Three Months Ended
December 31,
(Thousands)
2024
2023
NEW JERSEY RESOURCES
A reconciliation of net income, the
closest GAAP financial measure, to net financial earnings is as
follows:
Net income
$
131,319
$
89,411
Add:
Unrealized loss (gain) on derivative
instruments and related transactions
6,368
(5,400
)
Tax effect
(1,513
)
1,282
Effects of economic hedging related to
natural gas inventory
(9,527
)
(16,228
)
Tax effect
2,264
3,857
NFE tax adjustment
(17
)
(478
)
Net financial earnings
$
128,894
$
72,444
Weighted Average Shares
Outstanding
Basic
99,855
97,869
Diluted
100,478
98,563
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
$
1.32
$
0.91
Add:
Unrealized loss (gain) on derivative
instruments and related transactions
$
0.06
$
(0.05
)
Tax effect
$
(0.01
)
$
0.01
Effects of economic hedging related to
natural gas inventory
$
(0.10
)
$
(0.17
)
Tax effect
$
0.02
$
0.04
Basic net financial earnings per
share
$
1.29
$
0.74
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, 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.
RECONCILIATION OF NON-GAAP
PERFORMANCE MEASURES (continued)
(Unaudited)
Three Months Ended
December 31,
(Thousands)
2024
2023
NATURAL GAS DISTRIBUTION
A reconciliation of gross margin, the
closest GAAP financial measure, to utility gross margin is as
follows:
Operating revenues
$
333,765
$
293,430
Less:
Natural gas purchases
130,005
118,444
Operating and maintenance (1)
26,009
26,401
Regulatory rider expense
22,476
19,189
Depreciation and amortization
32,084
26,917
Gross margin
123,191
102,479
Add:
Operating and maintenance (1)
26,009
26,401
Depreciation and amortization
32,084
26,917
Utility gross margin
$
181,284
$
155,797
(1) Excludes selling, general and
administrative expenses of $26.1 million and $28.3 million for the
three months ended December 31, 2024 and 2023, respectively.
ENERGY SERVICES
A reconciliation of gross margin, the
closest GAAP financial measure, to Energy Services' financial
margin is as follows:
Operating revenues
$
86,308
$
99,668
Less:
Natural Gas purchases
67,868
60,166
Operation and maintenance (1)
1,597
4,689
Depreciation and amortization
47
57
Gross margin
16,796
34,756
Add:
Operation and maintenance (1)
1,597
4,689
Depreciation and amortization
47
57
Unrealized loss (gain) on derivative
instruments and related transactions
6,368
(4,266
)
Effects of economic hedging related to
natural gas inventory
(9,527
)
(16,228
)
Financial margin
$
15,281
$
19,008
(1) Excludes selling, general and
administrative expenses of $0.3 million and $0.4 million for the
three months ended December 31, 2024 and 2023, respectively.
A reconciliation of net income, the
closest GAAP financial measure, to net financial earnings is as
follows:
Net income
$
10,258
$
23,933
Add:
Unrealized loss (gain) on derivative
instruments and related transactions
6,368
(4,266
)
Tax effect
(1,513
)
1,013
Effects of economic hedging related to
natural gas
(9,527
)
(16,228
)
Tax effect
2,264
3,857
NFE tax adjustment
(17
)
(478
)
Net financial earnings
$
7,833
$
7,831
FINANCIAL STATISTICS BY
BUSINESS UNIT
(Unaudited)
Three Months Ended
December 31,
(Thousands, except per share data)
2024
2023
NEW JERSEY RESOURCES
Operating Revenues
Natural Gas Distribution
$
333,765
$
293,430
Clean Energy Ventures
26,406
35,295
Energy Services
86,308
99,668
Storage and Transportation
26,628
23,862
Home Services and Other
15,794
14,834
Sub-total
488,901
467,089
Eliminations
(540
)
121
Total
$
488,361
$
467,210
Operating Income (Loss)
Natural Gas Distribution
$
97,106
$
74,175
Clean Energy Ventures
64,274
18,323
Energy Services
16,528
34,337
Storage and Transportation
9,769
7,324
Home Services and Other
995
(208
)
Sub-total
188,672
133,951
Eliminations
905
1,868
Total
$
189,577
$
135,819
Equity in Earnings of
Affiliates
Storage and Transportation
$
961
$
993
Eliminations
439
667
Total
$
1,400
$
1,660
Net Income (Loss)
Natural Gas Distribution
$
66,908
$
51,444
Clean Energy Ventures
48,130
10,522
Energy Services
10,258
23,933
Storage and Transportation
5,664
3,640
Home Services and Other
615
(600
)
Sub-total
131,575
88,939
Eliminations
(256
)
472
Total
$
131,319
$
89,411
Net Financial Earnings (Loss)
Natural Gas Distribution
$
66,908
$
51,444
Clean Energy Ventures
48,130
10,522
Energy Services
7,833
7,831
Storage and Transportation
5,664
3,640
Home Services and Other
615
(600
)
Sub-total
129,150
72,837
Eliminations
(256
)
(393
)
Total
$
128,894
$
72,444
Throughput (Bcf)
NJNG, Core Customers
27.2
23.4
NJNG, Off System/Capacity Management
14.4
27.2
Energy Services Fuel Mgmt. and Wholesale
Sales
28.3
30.1
Total
69.9
80.7
Common Stock Data
Yield at December 31,
3.9
%
3.8
%
Market Price at December 31,
$
46.65
$
44.58
Shares Out. at December 31,
100,191
98,202
Market Cap. at December 31,
$
4,673,918
$
4,377,857
Three Months Ended
(Unaudited)
December 31,
(Thousands, except customer and weather
data)
2024
2023
NATURAL GAS DISTRIBUTION
Utility Gross Margin
Operating revenues
$
333,765
$
293,430
Less:
Natural gas purchases
130,005
118,444
Operating and maintenance (1)
26,009
26,401
Regulatory rider expense
22,476
19,189
Depreciation and amortization
32,084
26,917
Gross margin
123,191
102,479
Add:
Operating and maintenance (1)
26,009
26,401
Depreciation and amortization
32,084
26,917
Total Utility Gross Margin
$
181,284
$
155,797
(1) Excludes selling, general and
administrative expenses of $26.1 million and $28.3 million for the
three months ended December 31, 2024 and 2023, respectively.
Utility Gross Margin, Operating Income
and Net Income
Residential
$
130,018
$
108,037
Commercial, Industrial & Other
23,869
20,831
Firm Transportation
23,176
20,764
Total Firm Margin
177,063
149,632
Interruptible
974
784
Total System Margin
178,037
150,416
Basic Gas Supply Service Incentive
3,247
5,381
Total Utility Gross Margin
181,284
155,797
Operation and maintenance expense
52,094
54,705
Depreciation and amortization
32,084
26,917
Operating Income
$
97,106
$
74,175
Net Income
$
66,908
$
51,444
Net Financial Earnings
$
66,908
$
51,444
Throughput (Bcf)
Residential
14.1
13.9
Commercial, Industrial & Other
2.6
2.6
Firm Transportation
3.4
3.6
Total Firm Throughput
20.1
20.1
Interruptible
7.1
3.3
Total System Throughput
27.2
23.4
Off System/Capacity Management
14.4
27.2
Total Throughput
41.6
50.6
Customers
Residential
530,760
523,623
Commercial, Industrial & Other
33,149
32,872
Firm Transportation
22,068
22,989
Total Firm Customers
585,977
579,484
Interruptible
88
83
Total System Customers
586,065
579,567
Off System/Capacity Management*
27
33
Total Customers
586,092
579,600
*The number of customers
represents those active during the last month of the period.
Degree Days
Actual
1,399
1,408
Normal
1,523
1,534
Percent of Normal
91.9
%
91.8
%
Three Months Ended
(Unaudited)
December 31,
(Thousands, except customer, RECs and
megawatt)
2024
2023
CLEAN ENERGY VENTURES
Operating Revenues
SREC sales
$
17,684
$
25,931
TREC sales
2,505
2,403
SREC II sales
391
247
Solar electricity sales
3,955
3,654
Sunlight Advantage
1,871
3,060
Total Operating Revenues
$
26,406
$
35,295
Depreciation and Amortization
$
6,425
$
6,922
Operating Income
$
64,274
$
18,323
Income Tax Provision
$
14,141
$
3,131
Net Income
$
48,130
$
10,522
Net Financial Earnings
$
48,130
$
10,522
Solar Renewable Energy Certificates
Generated
88,707
93,570
Solar Renewable Energy Certificates
Sold
85,693
122,439
Transition Renewable Energy
Certificates Generated
17,444
16,705
Solar Renewable Energy Certificates II
Generated
4,404
2,773
Commercial Solar Megawatts Under
Construction
56.9
33.9
ENERGY SERVICES
Operating Income
Operating revenues
$
86,308
$
99,668
Less:
Gas purchases
67,868
60,166
Operation and maintenance expense
1,865
5,108
Depreciation and amortization
47
57
Operating Income
$
16,528
$
34,337
Net Income
$
10,258
$
23,933
Financial Margin
$
15,281
$
19,008
Net Financial Earnings
$
7,833
$
7,831
Gas Sold and Managed (Bcf)
28.3
30.1
STORAGE AND TRANSPORTATION
Operating Revenues
$
26,628
$
23,862
Equity in Earnings of
Affiliates
$
961
$
993
Operation and Maintenance
Expense
$
10,083
$
10,100
Other Income, Net
$
2,392
$
2,288
Interest Expense
$
5,969
$
5,933
Income Tax Provision
$
1,489
$
1,032
Net Income
$
5,664
$
3,640
Net Financial Earnings
$
5,664
$
3,640
HOME SERVICES AND OTHER
Operating Revenues
$
15,794
$
14,834
Operating Income (Loss)
$
995
$
(208
)
Net Income (Loss)
$
615
$
(600
)
Net Financial Earnings (Loss)
$
615
$
(600
)
Total Service Contract Customers at
December 31
99,604
100,840
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250202864539/en/
Media: Mike Kinney 732-938-1031
mkinney@njresources.com
Investors: Adam Prior 732-938-1145
aprior@njresources.com
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