New Jersey Resources(NJR) - 2025 Q1 - Quarterly Results

Financial Performance - Fiscal 2025 first-quarter consolidated net income was $131.3 million, or$ 1.32 per share, compared to $89.4 million, or$ 0.91 per share, in the same period of fiscal 2024, representing a 47% increase in net income [3]. - Consolidated net financial earnings (NFE) for the first quarter were $128.9 million, or$ 1.29 per share, up from $72.4 million, or$ 0.74 per share, in the prior year, reflecting a 78% increase [4]. - Total operating revenues for Q1 2025 were $488.361 million, an increase of 4.9% from$ 467.210 million in Q1 2024 [27]. - Net income for Q1 2025 was $131.319 million, up 47% from$ 89.411 million in Q1 2024 [27]. - Basic earnings per share increased to $1.32 in Q1 2025, compared to$ 0.91 in Q1 2024, reflecting a 45.1% growth [27]. - Total operating expenses decreased to $298.784 million in Q1 2025 from$ 331.391 million in Q1 2024, a reduction of 9.8% [27]. Segment Performance - New Jersey Natural Gas (NJNG) reported NFE of $66.9 million for the first quarter, compared to$ 51.4 million in fiscal 2024, driven by a base rate increase of $157.0 million effective November 21, 2024 [8]. - Clean Energy Ventures (CEV) achieved NFE of$ 48.1 million, significantly up from $10.5 million in the same quarter last year, primarily due to a gain on the sale of its residential solar portfolio [11]. - Energy Services experienced a decline in operating revenues to$ 86.308 million, down 13.5% from $99.668 million in Q1 2024 [33]. - Clean Energy Ventures reported total operating revenues of$ 26,406,000, down from $35,295,000, a decrease of 25.1% [40]. - Storage and Transportation operating revenues increased to$ 26,628,000, up from $23,862,000, reflecting a growth of 11.7% [42]. - Home Services and Other segment reported operating revenues of$ 15,794,000, an increase from $14,834,000, representing a growth of 6.5% [43]. Customer and Market Growth - The company expects to add approximately 3,000 new customers in the first quarter, contributing an estimated$ 2.0 million in incremental utility gross margin annually [9]. - Total customers reached 586,092, up from 579,600, indicating a growth of 1.9% [38]. Capital Expenditures and Investments - Capital expenditures for the first quarter totaled $149.6 million, an increase from$ 118.1 million in the same period last year, primarily due to higher spending at NJNG [16]. - NJNG's Infrastructure Investment Program (IIP) includes a five-year, $150 million investment to enhance the safety and reliability of its natural gas distribution system [9]. - The SAVEGREEN® energy efficiency program received approval for a new$ 385.6 million initiative, the largest in NJNG's history, effective January 1, 2025 [10]. Guidance and Projections - NJR maintained its fiscal 2025 NFE per share guidance range of $3.05 to$ 3.20, which is higher than the long-term growth target of 7 to 9% [6]. - NJR's expected NFE contributions for fiscal 2025 are projected as follows: NJNG 67-73%, CEV 20-25%, Storage and Transportation 3-7%, Energy Services 4-7%, and Home Services and Other 0-1% [7]. Operational Metrics - Utility operating revenues rose to $333.427 million, a 13.8% increase from$ 293.093 million in the same period last year [27]. - The gross margin for natural gas distribution was $181.284 million, up from$ 155.797 million, representing a 16.4% increase [32]. - Total System Throughput increased to 27.2 Bcf from 23.4 Bcf, a rise of 16.3% year-over-year [38]. - Operating Income for Clean Energy Ventures surged to $64,274,000, compared to$ 18,323,000 in Q1 2024, indicating a substantial increase of 251.5% [40].