New Jersey Resources(NJR) - 2025 Q2 - Quarterly Report

Financial Performance - Total operating revenues for the three months ended March 31, 2025, increased to $913,027 thousand, a 38.7$657,913 thousand in the same period of 2024[18]. - Net income for the six months ended March 31, 2025, was $335,606 thousand, up 59.7$210,223 thousand for the same period in 2024[19]. - Basic earnings per share for the three months ended March 31, 2025, increased to $2.04, a 65.0$1.23 in the same period of 2024[18]. - The company reported a comprehensive income of $335,741 thousand for the six months ended March 31, 2025, compared to$220,504 thousand for the same period in 2024, marking a 52.2% increase[19]. - The company reported a net income of $204,287 thousand for the quarter ending March 31, 2025, up from$131,319 thousand for the previous quarter, a growth of 55.5%[29]. - Consolidated net income for the three months ended March 31, 2025, was $204.3 million, a 69.2$120.8 million in the same period of 2024[207]. - NJNG reported net income of $144.5 million for the three months ended March 31, 2025, representing a 71$107.1 million in the prior year[207]. - Net financial earnings for the three months ended March 31, 2025, were $178.296 million, compared to$138.576 million in 2024, reflecting an increase of about 28.6%[183]. Revenue Growth - Utility operating revenues for the three months ended March 31, 2025, were $618,341 thousand, a 33.6$462,863 thousand in the same period of 2024[18]. - Nonutility operating revenues for the six months ended March 31, 2025, rose to $449,620 thousand, a 21.8$369,167 thousand in the same period of 2024[18]. - Total operating revenues for the six months ended March 31, 2025, reached $1,401,388,000, a significant increase from$1,125,123,000 in the same period of 2024, representing a growth of approximately 24.5%[81]. - Natural gas utility sales for the three months ended March 31, 2025, were $509.451 million, compared to$371.019 million in 2024, reflecting a growth of about 37.3%[77]. - Residential revenues for the six months ended March 31, 2025, were $648,553,000, compared to$519,549,000 in 2024, marking an increase of approximately 24.8%[85]. - The Company’s total revenues from contracts with customers for the three months ended March 31, 2025, were $913,027,000, compared to$657,913,000 in the same period of 2024, reflecting a growth of about 38.7%[85]. Cash Flow and Assets - Cash flows from operating activities for the six months ended March 31, 2025, were $414,078 thousand, compared to$338,602 thousand for the same period in 2024, reflecting a 22.3% increase[22]. - Cash and cash equivalents at the end of the period on March 31, 2025, were $84,691 thousand, significantly higher than$5,746 thousand at the end of March 31, 2024[22]. - Total assets as of March 31, 2025, amounted to $7,265,584 thousand, an increase from$6,981,645 thousand as of September 30, 2024[25]. - Customer accounts receivable as of March 31, 2025, totaled $263,251,000, reflecting an increase of$157,720,000 from the previous balance of $105,531,000 as of September 30, 2024[87]. - The company’s total assets as of March 31, 2025, were$7,265,584,000, an increase from $6,981,645,000 as of September 30, 2024, representing a growth of about 4.1$633,078 thousand, up 29.8% from $487,691 thousand in the same period of 2024[18]. - Current liabilities decreased to$731,950 thousand as of March 31, 2025, down from $887,774 thousand on September 30, 2024, a reduction of 17.5$2,970,199 thousand as of March 31, 2025, compared to $2,879,464 thousand on September 30, 2024, indicating an increase of 3.2$1,085,528 thousand as of March 31, 2025, compared to $1,013,964 thousand on September 30, 2024, reflecting a rise of 7.1$5,448,106 thousand as of March 31, 2025, up from $5,079,907 thousand on September 30, 2024, representing a growth of 7.3$1,544,235 thousand as of March 31, 2025, compared to $1,298,774 thousand on September 30, 2024, reflecting an increase of 19$2,477,907 thousand as of March 31, 2025, an increase from $2,200,443 thousand on September 30, 2024, representing a growth of 12.6$132.5 million on November 25, 2024[33]. - The Company has commitments for natural gas purchases totaling $219.1 million for the fiscal year 2025, with future demand fees projected to reach$1.01 billion over the next five years[164]. - The Company has not recorded any impairments for SAVEGREEN loans as of March 31, 2025[55]. Derivatives and Financial Instruments - The fair value of the Company's derivative assets as of March 31, 2025, is $34.871 million, while liabilities amount to$23.496 million[101]. - The Company utilizes financial derivatives to hedge the gross margin associated with the purchase of physical natural gas, which can create volatility in results[107]. - Changes in the fair value of NJNG's financial commodity derivatives are recorded as regulatory assets or liabilities on the balance sheets[99].