New Jersey Resources Reports Fiscal 2024 Third-Quarter Results

WALL, N.J.--()--Today, New Jersey Resources Corporation (NYSE: NJR) reported results for the third quarter of fiscal 2024. Highlights include:

  • Consolidated net loss of $(11.6) million, compared with net income of $1.5 million in the third quarter of fiscal 2023
  • Consolidated net financial loss, a non-GAAP financial measure, of $(8.9) million, or $(0.09) per share, compared to net financial earnings (NFE), a non-GAAP financial measure, of $9.7 million, or $0.10 per share, in the third quarter of fiscal 2023
  • Re-affirmed 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 as a result of strong performance from Energy Services
  • 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 (originally $222.6 million) increase in base rates

Third-quarter fiscal 2024 net loss totaled $(11.6) million, or $(0.12) per share, compared with net income of $1.5 million, or $0.02 per share, for the same period in fiscal 2023. Fiscal 2024 year-to-date net income totaled $198.6 million, or $2.02 per share, compared with $227.7 million, or $2.35 per share, for the same period in fiscal 2023.

Third-quarter fiscal 2024 net financial loss totaled $(8.9) million, or $(0.09) per share, compared with NFE of $9.7 million, or $0.10 per share, for the same period in fiscal 2023. Fiscal 2024 year-to-date NFE totaled $202.1 million, or $2.05 per share, compared with $232.3 million, or $2.40 per share, for the same period in fiscal 2023.

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 $0.15 in February 2024. Our portfolio of businesses performed in line with our expectations. We remain focused on executing our strategy to meet our customers' expectations and deliver strong results for our shareowners."

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 $2.20 - $2.30 initial guidance range for fiscal 2022, provided on February 1, 2021.

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 $2.85 to $3.00, which was increased by $0.15 in February 2024, subject to the risks and uncertainties identified below under "Forward-Looking Statements."

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
Net Financial Earnings
Contribution

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 $(6.1) million, compared to NFE of $0.9 million during the same period in fiscal 2023. Fiscal 2024 year-to-date NFE were $152.4 million, compared to NFE of $156.3 million during the same period in fiscal 2023. The decrease in NFE for the quarter and year-to-date period was due primarily to higher employee related expenses and information technology costs, and increased depreciation expenses as a result of continued capital deployment.

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 of incremental utility gross margin on an annualized basis.

Base Rate Filing:

  • On January 31, 2024, NJNG filed a base rate case with the BPU, seeking a $222.6 million increase to its base rates based on an overall return of 7.57 percent with a return on equity of 10.42 percent. On May 15, 2024, the Company filed an update to its financial schedules in the base rate case filing, which reflects a proposed increase of $219.6 million.

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. During the first nine months of fiscal 2024, NJNG spent $22.6 million under the program on various distribution system reinforcement projects.

    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, which will result in a $5.3 million revenue increase, with a proposed effective date of October 1, 2024.

Basic Gas Supply Service (BGSS) Incentive Programs:

BGSS incentive programs contributed $2.9 million to utility gross margin in the third quarters of both fiscal 2024 and fiscal 2023. During the first nine months of fiscal 2024, these programs contributed $16.2 million to utility gross margin, compared with $17.4 million during the same period in fiscal 2023.

For more information on utility gross margin, please see "Non-GAAP Financial Information" below.

Energy-Efficiency Programs:

SAVEGREEN™ invested $52.4 million year-to-date in fiscal 2024 in energy-efficiency upgrades for customers' homes and businesses. NJNG recovered $22.6 million of its outstanding investments during the first nine months of fiscal 2024 through its energy efficiency rate. On May 31, 2024, NJNG submitted its annual cost recovery filing seeking an increase of $5.6 million.

Clean Energy Ventures (CEV)

CEV reported a third-quarter fiscal 2024 net financial loss of $(6.7) million, compared with NFE of $7.3 million during the same period in fiscal 2023. The decrease in NFE for the third quarter of fiscal 2024 was largely due to a reversal of a valuation allowance on certain deferred tax assets in the prior year period that did not reoccur.

Fiscal 2024 year-to-date net financial loss was $(1.8) million, compared with net financial loss of $(5.7) million during the same period in fiscal 2023. The improvement was due primarily to higher SREC and Transition Renewable Energy Certificate (TREC) revenue for the period, as well as the recognition of Investment Tax Credits associated with solar sale leaseback financing transactions.

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, and Michigan.

Storage and Transportation

Storage and Transportation reported third-quarter fiscal 2024 NFE of $4.1 million, compared with NFE of $2.4 million during the same period in fiscal 2023. Fiscal 2024 year-to-date NFE were $9.8 million, compared with NFE of $11.1 million during the same period in fiscal 2023. NFE for the third quarter of fiscal 2024 increased as a result of higher operating revenues for the period, while the year-to-date decrease in NFE was largely due to higher operating and maintenance expenses.

Energy Services

Energy Services reported third-quarter fiscal 2024 net financial loss of $(2.2) million compared with net financial loss of $(1.6) million for the same period in fiscal 2023. Fiscal 2024 year-to-date NFE were $43.2 million, compared with NFE of $72.1 million during the same period in fiscal 2023. The decrease in fiscal 2024 year-to-date NFE was due primarily to higher natural gas price volatility in the prior year period, largely as a result of Winter Storm Elliott.

Home Services and Other Operations

Home Services and Other Operations reported third-quarter fiscal 2024 NFE of $0.9 million, compared to NFE of $0.5 million for the same period in fiscal 2023. Fiscal 2024 year-to-date NFE was $0.7 million, compared with NFE of $1.3 million during the same period in fiscal 2023.

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, including accruals, compared with $370.0 million during the same period of fiscal 2023. The increase in capital expenditures was primarily due to higher expenditures at NJNG.
  • During the first nine months of fiscal 2024, cash flows from operations were $362.9 million, compared to cash flows from operations of $387.9 million during the same period of fiscal 2023. The decrease was largely due to changes in working capital.

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 and Burlington 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 $28.8 million and $26.9 million for the three months ended June 30, 2024 and 2023, respectively, and $87.7 million and $78.1 million for the nine months ended June 30, 2024 and 2023, respectively.

 

 

 

 

 

 

 

 

 

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 $0.4 million and $0.5 million for the three months ended June 30, 2024 and 2023, respectively, and $1.3 million and $(1.2) million for the nine months ended June 30, 2024 and 2023, respectively.

 

 

 

 

 

 

 

 

 

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 $28.8 million and $26.9 million for the nine months ended June 30, 2024 and 2023, respectively, and $87.7 million and $78.1 million for the nine months ended June 30, 2024 and 2023, respectively.

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Contacts

Media:
Mike Kinney
732-938-1031
mkinney@njresources.com

Investors:
Adam Prior
732-938-1145
aprior@njresources.com

Contacts

Media:
Mike Kinney
732-938-1031
mkinney@njresources.com

Investors:
Adam Prior
732-938-1145
aprior@njresources.com