New Jersey Resources(NJR) - 2025 Q4 - Annual Results

Financial Performance - Fiscal 2025 net income totaled $335.6 million, or $3.35 per share, compared to $289.8 million, or $2.94 per share, in fiscal 2024, marking a 15.5% increase in net income year-over-year[5] - Fiscal 2025 consolidated net financial earnings (NFE) reached $329.6 million, or $3.29 per share, up from $290.8 million, or $2.95 per share, in fiscal 2024, reflecting a 13.4% increase[5] - The company achieved the high end of its fiscal 2025 NFEPS guidance range of $3.20 to $3.30, marking the fifth consecutive year of outperforming initial annual NFEPS guidance[5] - For fiscal 2026, the company introduced an NFEPS guidance range of $3.03 to $3.18, indicating a long-term growth target of 7% to 9% starting from a fiscal 2025 base of $2.83 per share[4][6] - NJR reported total operating revenues of $336.1 million for Q4 2025, a decrease of 15% compared to $395.8 million in Q4 2024[31] - Net income for Q4 2025 was $15.1 million, down 83% from $91.1 million in Q4 2024[31] - Basic earnings per share decreased to $0.15 in Q4 2025 from $0.92 in Q4 2024, a decline of 84%[31] - The company reported a net financial earnings (NFE) of $16.2 million for Q4 2025, compared to $88.7 million in Q4 2024[33] - NJR's fiscal year 2025 total operating revenues reached $2.04 billion, a 13% increase from $1.80 billion in fiscal year 2024[31] - The net financial (loss) earnings for the company were $16,229 thousand for the twelve months ended September 30, 2025, compared to $290,828 thousand for the same period in 2024, showing a decrease of about 94%[41] Operational Highlights - New Jersey Natural Gas (NJNG) reported a fiscal 2025 NFE of $213.5 million, significantly up from $133.4 million in fiscal 2024, driven by higher utility gross margin[10] - Clean Energy Ventures (CEV) placed a record 93 megawatts (MW) of in-service capacity in fiscal 2025, the highest annual installed capacity in its history[5] - Capital expenditures for fiscal 2025 were $752.5 million, an increase from $575.1 million in fiscal 2024, primarily due to higher expenditures at NJNG and CEV[19] - Cash flows from operations increased to $466.3 million in fiscal 2025, compared to $427.4 million in fiscal 2024, largely due to an increase in base rates at NJNG[19] - The company expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030, with over 60% allocated to utility spending at NJNG[19] - NJNG serviced approximately 589,000 customers as of September 30, 2025, up from approximately 583,000 customers a year earlier[11] - Total operating expenses increased to $295.7 million in Q4 2025 from $249.7 million in Q4 2024, an increase of 18%[31] - NJR's utility gross margin for Q4 2025 was $91.2 million, up 35% from $67.7 million in Q4 2024[36] - The utility gross margin increased to $91,187 thousand for Q4 2025, up from $67,708 thousand in Q4 2024, marking a growth of approximately 35%[43] - Total Utility Gross Margin for the year was $686,426, an increase from $544,870, representing a 25.9% growth year-over-year[44] Customer and Market Metrics - The market capitalization of the company as of September 30, 2025, was $4,838,044 thousand, up from $4,694,580 thousand a year earlier, indicating a growth of about 3%[41] - The throughput for NJNG, Core Customers was 17.5 Bcf for the three months ended September 30, 2025, compared to 15.1 Bcf in the same period of 2024, representing an increase of 16%[41] - The yield at September 30, 2025, was 4.0%, compared to 3.8% at the same date in 2024, indicating an improvement in yield[41] - Total Customers increased to 588,975 from 582,916, representing a growth of 1.0%[44] - Total System Throughput increased to 99.6 Bcf from 90.5 Bcf, reflecting a growth of 10.1% year-over-year[44] Segment Performance - Energy Services reported operating revenues of $81,909 thousand for the three months ended September 30, 2025, compared to $178,420 thousand for the same period in 2024, reflecting a decrease of 54%[37] - The financial margin for Energy Services was $(1,585) thousand for Q4 2025, down from $96,302 thousand in Q4 2024, indicating a significant decline[37] - The net (loss) income for Energy Services was $(5,689) thousand for the three months ended September 30, 2025, compared to a net income of $70,703 thousand in the same period of 2024[38] - Total Operating Revenues for Clean Energy Ventures decreased to $112,501 from $130,563, a decline of 13.8% year-over-year[46] - Net Income for Clean Energy Ventures was $61,156, up from $33,662, marking an increase of 81.7% year-over-year[46] - Operating (Loss) Income in Energy Services was $(4,811), a significant decrease from $97,241 in the previous year[46] - Gas Sold and Managed decreased to 108.6 Bcf from 125.3 Bcf, a decline of 13.3% year-over-year[46] - Solar Renewable Energy Certificates Sold decreased to 328,776 from 419,266, a decline of 21.6% year-over-year[46]