New Jersey Resources(US:NJR)2024-08-06 18:35Financial Performance - Total operating revenues for the three months ended June 30, 2024, were $275.636 million, compared to $264.075 million for the same period in 2023, representing a year-over-year increase of approximately 4.4%[10] - Net loss for the three months ended June 30, 2024, was $11.574 million, compared to a net income of $1.532 million for the same period in 2023, indicating a significant decline in profitability[11] - Operating income for the nine months ended June 30, 2024, was $311.977 million, down from $342.707 million for the same period in 2023, a decrease of approximately 8.9%[10] - Net income for the nine months ended June 30, 2024, was $198,649,000, a decrease of 12.8% compared to $227,700,000 for the same period in 2023[13] - Cash flows from operating activities totaled $362,894,000, down from $387,898,000 in the previous year, reflecting a decrease of 6.4%[13] - The company reported a net loss of $11,574,000 for the three months ended June 30, 2024, compared to a net income of $1,532,000 for the same period in 2023[102] Revenue Breakdown - The utility segment generated revenues of $157.773 million for the three months ended June 30, 2024, up from $144.971 million in the same period last year, reflecting a growth of about 8.8%[10] - Natural gas utility sales for the nine months ended June 30, 2024, reached $767.698 million, compared to $749.618 million in 2023, indicating an increase of about 2.5%[58] - Revenues from contracts with customers for the three months ended June 30, 2024, totaled $209.892 million, up from $199.315 million in 2023, reflecting a growth of approximately 5.3%[56] - The company reported natural gas services revenue of $40.679 million for the three months ended June 30, 2024, compared to $38.222 million in 2023, marking a growth of approximately 6.4%[56] - Operating revenues for NJNG in 2024 from external customers were $157.773 million, compared to $144.971 million in 2023, representing an increase of about 8.9%[131] Expenses and Losses - Total operating expenses for the three months ended June 30, 2024, were $269.700 million, compared to $259.341 million for the same period in 2023, an increase of about 4%[10] - The company faced increased operating expenses due to higher natural gas purchase costs, with utility natural gas purchases amounting to $53.372 million for the three months ended June 30, 2024[10] - The basic loss per share for the three months ended June 30, 2024, was $(0.12), compared to earnings of $0.02 per share for the same period in 2023[10] - Comprehensive loss income for the three months ended June 30, 2024, was $(11.679) million, compared to $1.836 million for the same period in 2023[11] - The company reported a $12.3 million increase in operating and maintenance expenses for the nine months ended June 30, 2024, compared to the same period in 2023[193] Assets and Liabilities - Total assets increased to $6,784,121,000 as of June 30, 2024, compared to $6,537,496,000 as of September 30, 2023, representing a growth of 3.8%[14] - Current liabilities totaled $894,347,000 as of June 30, 2024, an increase from $806,603,000 in 2023, indicating a rise of about 10.86%[16] - Long-term debt stood at $2,793,672,000 as of June 30, 2024, compared to $2,768,017,000 in 2023, reflecting a slight increase of approximately 0.93%[16] - Total noncurrent liabilities decreased to $953,084,000 as of June 30, 2024, down from $972,141,000 in 2023, indicating a reduction of approximately 1.93%[16] - The carrying value of long-term debt as of June 30, 2024, was $2,692,845 thousand, with a fair market value of $2,306,291 thousand[95] Customer and Market Information - NJNG provides natural gas utility service to approximately 582,100 customers across New Jersey, with regulated rates by the BPU[21] - The company added 5,939 new customers during the nine months ended June 30, 2024, contributing an estimated $5.1M in incremental Utility Gross Margin annually[165] - NJNG's operations are focused on providing safe and reliable service, growing its customer base, and promoting clean energy programs[160] Regulatory and Compliance - NJNG filed a petition for BPU approval of its 2024 SAVEGREEN program, which includes a direct investment of $245.1 million aimed at energy efficiency and decarbonization initiatives[70] - NJNG filed a base rate case requesting a natural gas revenue increase of $222.6 million, later updated to $219.6 million[71] - BPU approved a $38.6 million decrease to annual revenues credited to BGSS and a $27.0 million increase to CIP rates effective October 1, 2023[72] Clean Energy Initiatives - The Clean Energy Ventures segment invests in clean energy projects, including solar installations across multiple states[21] - The company is actively pursuing opportunities in renewable energy markets through Clean Energy Ventures, focusing on solar projects[194] - CEV's operating revenues for the three months ended June 30, 2024, were $14.648 million, compared to $13.178 million for the same period in 2023, reflecting an increase of approximately 11.1%[205] Derivative Instruments and Risk Management - The fair value of the Company's derivative assets as of June 30, 2024, was $5.75 million, while liabilities were $19.59 million[81] - The company is exposed to commodity price risk and utilizes various derivative instruments to hedge this risk[74] - Total unrealized and realized gain (loss) from derivatives for the three months ended June 30, 2024, was $(1,645) thousand, compared to $11,592 thousand for the same period in 2023[84]