New Jersey Resources(US:NJR)2025-05-06 18:05Financial Performance - Total operating revenues for the three months ended March 31, 2025, increased to $913,027 thousand, a 38.7% rise from $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% compared to $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% increase from $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% increase from $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% increase compared to $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% increase from $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% increase from $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%[181]. Expenses and Liabilities - Total operating expenses for the three months ended March 31, 2025, were $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%[27]. - Long-term debt increased to $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%[27]. - Total noncurrent liabilities increased to $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%[27]. Capitalization and Equity - Total capitalization increased to $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%[27]. - Retained earnings rose to $1,544,235 thousand as of March 31, 2025, compared to $1,298,774 thousand on September 30, 2024, reflecting an increase of 19%[29]. - Common stock equity reached $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%[27]. Regulatory and Compliance - The Company is evaluating the impact of ASU No. 2023-09 on its disclosures, which requires more detailed income tax disclosures effective October 1, 2025[71]. - The FASB's ASU No. 2024-03, effective October 1, 2027, mandates more detailed expense reporting in income statements, which the Company is currently assessing[72]. - The Company’s performance obligation in natural gas utility sales is to provide natural gas based on regulated tariff rates, with revenues recognized in the period of delivery[75]. Investments and Projects - The company completed the sale of its 91 MW residential solar portfolio for a total purchase price of $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].