New Jersey Resources(US:NJR)2025-05-05 20:30Financial Performance - Fiscal 2025 second-quarter consolidated net income was $204.3 million, or $2.04 per share, compared to $120.8 million, or $1.23 per share, in the same period of fiscal 2024, representing a 69% increase in net income [6]. - Year-to-date net income for fiscal 2025 totaled $335.6 million, or $3.35 per share, compared to $210.2 million, or $2.14 per share, for the same period in fiscal 2024, indicating a 60% increase [6]. - Net income for the three months ended March 31, 2025, was $204.3 million, representing a 69.2% increase from $120.8 million in the same quarter of 2024 [32]. - Net income for the six months ended March 31, 2025, was $335.6 million, compared to $210.2 million for the same period in 2024, marking a 59.7% increase [40]. - Net income for Energy Services was $61.292 million, compared to $17.028 million in the previous year, representing a 260.5% increase [44]. Revenue and Earnings Guidance - The company raised its fiscal 2025 net financial earnings per share (NFEPS) guidance to a range of $3.15 to $3.30, up from $3.05 to $3.20, reflecting a $0.10 increase due to strong performance from Energy Services [8]. - NJR's total operating revenues for the three months ended March 31, 2025, increased to $913.0 million, up 38.7% from $657.9 million in the same period of 2024 [32]. - Total operating revenues for the three months ended March 31, 2025, increased to $913.0 million, up 38.7% from $657.9 million in the same period of 2024 [40]. - NJR's nonutility operating revenues for the three months ended March 31, 2025, were $294.7 million, up 51.0% from $195.1 million in the same quarter of 2024 [32]. Operating Income and Margins - The company reported a total operating income of $279.9 million for the three months ended March 31, 2025, compared to $170.2 million in the same period of 2024, marking a 64.5% increase [32]. - Utility gross margin for the three months ended March 31, 2025, was $294.8 million, a 29.7% increase compared to $227.3 million in the prior year [36]. - Total Utility Gross Margin for the second quarter of fiscal 2025 was $294.846 million, up from $227.297 million in the same period last year, representing a 29.7% increase [43]. - Operating Income for the second quarter was $197.876 million, compared to $140.279 million in the prior year, reflecting a 40.9% growth [43]. Customer and Service Metrics - NJNG serviced approximately 588,000 customers as of March 31, 2025, an increase from approximately 583,000 customers at September 30, 2024 [12]. - Total Customers reached 588,164, up from 581,600, indicating a growth of 1.4% [43]. - Throughput for NJNG core customers was 35.7 Bcf in Q2 2025, an increase from 32.9 Bcf in Q2 2024, indicating a growth of 8.5% [40]. - Total throughput for the company decreased to 93.0 Bcf in Q2 2025 from 108.3 Bcf in Q2 2024, a decline of 14.0% [40]. Capital Expenditures and Cash Flow - Capital expenditures for the first six months of fiscal 2025 were $287.1 million, compared to $232.6 million during the same period in fiscal 2024, reflecting a 23% increase [21]. - Cash flows from operations for the first six months of fiscal 2025 were $414.1 million, compared to $338.6 million during the same period in fiscal 2024, a 22% increase [21]. Segment Performance - New Jersey Natural Gas reported second-quarter fiscal 2025 NFE of $144.5 million, up from $107.1 million in the same period of fiscal 2024, a 35% increase [11]. - Clean Energy Ventures reported a year-to-date NFE of $44.2 million, compared to $4.9 million for the same period in fiscal 2024, a significant increase attributed to the gain on the sale of its residential solar portfolio [16]. - Energy Services reported second-quarter fiscal 2025 NFE of $35.3 million, down from $37.6 million in the same period of fiscal 2024, a decrease of 6% [18]. - Clean Energy Ventures segment reported a net loss of $3.96 million in Q2 2025, an improvement from a loss of $5.62 million in Q2 2024 [40]. - Energy Services segment's operating income increased to $83.3 million in Q2 2025, compared to $25.5 million in Q2 2024, reflecting a significant growth of 226.5% [40]. Market Capitalization and Stock Performance - The company reported a total market capitalization of approximately $4.92 billion as of March 31, 2025 [41]. - The company’s stock price was $49.06 per share at the end of March 31, 2025, compared to $42.91 per share at the same time in 2024 [41]. Investment Programs - The Infrastructure Investment Program (IIP) consists of a five-year, $150 million accelerated recovery program, with $16.1 million spent in the first six months of fiscal 2025 [12]. Non-GAAP Measures - Management emphasizes the importance of non-GAAP financial measures for providing a clearer understanding of NJR's performance and business model [27].