Exhibit 99.1
NEW JERSEY RESOURCES REPORTS FISCAL 2025 THIRD-QUARTER RESULTS
WALL, N.J., August 4, 2025 — New Jersey Resources Corporation (NYSE: NJR) today reported
financial and operating results for its fiscal 2025 third quarter and
year-to-date period ended June 30, 2025.
Highlights include:
| • |
Fiscal 2025 third-quarter consolidated net loss of $(15.1) million, or $(0.15) per share, compared with net loss of $(11.6) million, or $(0.12) per share, in the third quarter of fiscal 2024
|
| • |
Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $6.2 million, or $0.06 per share, in the third-quarter of fiscal 2025, compared to net
financial loss of $(8.9) million, or $(0.09) per share, in the third quarter of fiscal 2024
|
| • |
Fiscal 2025 year-to-date net income totaled $320.6 million, or $3.20 per share, compared with $198.6 million, or $2.02 per share, for the same period in fiscal 2024
|
| • |
Fiscal 2025 year-to-date NFE totaled $313.4 million, or $3.13 per share, compared with $202.1 million, or $2.05 per share, for the same period in fiscal 2024
|
Fiscal 2025 Outlook
| • |
Raises lower end of fiscal 2025 net financial earnings per share (NFEPS) guidance by $0.05, from a
prior range of $3.15 - $3.30 to a range of $3.20 to $3.30
|
| • |
Maintains 7 to 9
percent long-term NFEPS growth target, based off of a target of $2.83 per share for fiscal 2025
|
Management Commentary
Steve Westhoven, President and CEO of New Jersey Resources, stated, “We continued to execute on our strategy to drive stable growth through a diversified
business model. Our third-quarter results underscore the power of our complementary portfolio and reaffirm the critical role of our physical infrastructure in delivering sustained value. The improvement in net financial earnings and our decision to
raise the lower end of our fiscal 2025 NFEPS guidance reflect the strength and resilience of our operations. We remain confident in our long-term growth targets and our ability to deliver consistent performance for shareowners.”
Performance Metrics
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
($ in Thousands, except per share data)
|
2025
|
2024
|
2025
|
2024
|
||||||||||||
|
Net (loss) income
|
$
|
(15,051
|
)
|
$
|
(11,574
|
)
|
$
|
320,555
|
$
|
198,649
|
||||||
|
Basic EPS
|
$
|
(0.15
|
)
|
$
|
(0.12
|
)
|
$
|
3.20
|
$
|
2.02
|
||||||
|
Net financial (loss) earnings*
|
$
|
6,198
|
$
|
(8,899
|
)
|
$
|
313,388
|
$
|
202,121
|
|||||||
|
Basic net financial earnings (loss) per share*
|
$
|
0.06
|
$
|
(0.09
|
)
|
$
|
3.13
|
$
|
2.05
|
|||||||
*A reconciliation of net income to NFE for the three and nine months ended June 30, 2025 and 2024 is provided in the financial statements below.
NJR Reports Fiscal 2025 Third Quarter Results
Page 2 of 12
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
(Thousands)
|
2025
|
2024
|
2025
|
2024
|
||||||||||||
|
New Jersey Natural Gas
|
$
|
10,079
|
$
|
(6,139
|
)
|
$
|
221,518
|
$
|
152,400
|
|||||||
|
Clean Energy Ventures
|
(6,857
|
)
|
(6,714
|
)
|
37,315
|
(1,808
|
)
|
|||||||||
|
Storage and Transportation
|
5,898
|
4,140
|
13,905
|
9,761
|
||||||||||||
|
Energy Services
|
(3,734
|
)
|
(2,244
|
)
|
39,400
|
43,231
|
||||||||||
|
Home Services and Other
|
481
|
881
|
418
|
665
|
||||||||||||
|
Subtotal
|
5,867
|
(10,076
|
)
|
312,556
|
204,249
|
|||||||||||
|
Eliminations
|
331
|
1,177
|
832
|
(2,128
|
)
|
|||||||||||
|
Total
|
$
|
6,198
|
$
|
(8,899
|
)
|
$
|
313,388
|
$
|
202,121
|
|||||||
Fiscal 2025 NFEPS Guidance:
NJR is raising the lower end of its fiscal 2025 NFEPS guidance range by $0.05 to a
range of $3.20 to $3.30, subject to the risks and uncertainties identified
below under "Forward-Looking Statements." Fiscal 2025 NFEPS guidance is higher than the range implied by our 7 to 9 percent long-term NFEPS growth target as a result of the gain from the sale of NJR's residential solar portfolio and strong performance from Energy Services.
The following chart represents NJR’s current expected NFE contributions from its business segments for fiscal 2025 (which takes into account the impact of the gain from the sale of NJR's residential solar portfolio in the first quarter of fiscal 2025):
|
Segment
|
Expected fiscal 2025
net financial earnings contribution
|
|
|
New Jersey Natural Gas
|
64 to 67 percent
|
|
|
Clean Energy Ventures
|
20 to 22 percent
|
|
|
Storage and Transportation
|
4 to 6 percent
|
|
|
Energy Services
|
10 to 12 percent
|
|
|
Home Services and Other
|
0 to 1 percent
|
In providing fiscal 2025 NFE guidance, management is aware there could be differences between reported GAAP net income and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able
to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable
efforts.
NJR Reports Fiscal 2025 Third Quarter Results
Page 3 of 12
New Jersey Natural Gas (NJNG)
NJNG reported third-quarter fiscal 2025 NFE of $10.1 million, compared to net financial loss of $(6.1) million during the same period in fiscal 2024. Fiscal 2025 year-to-date NFE totaled $221.5 million, compared with NFE of $152.4 million for the same period in fiscal 2024. The increase in NFE for both periods was due primarily to higher utility gross margin resulting from NJNG's recent base rate case settlement, partially
offset by higher depreciation expense.
Customers:
| • |
At June 30, 2025, NJNG serviced approximately 588,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 583,000 customers at September 30, 2024.
|
Infrastructure Update:
| • |
NJNG's Infrastructure Investment Program (IIP) is a five-year, $150 million accelerated recovery
program that began in fiscal 2021. IIP consists of a series of infrastructure projects designed to enhance the safety and reliability of NJNG's natural gas distribution system. In the first nine
months of fiscal 2025, NJNG spent $24.0 million under the program on
various distribution system reinforcement projects.
|
Basic Gas Supply Service (BGSS) Incentive Programs:
BGSS incentive programs contributed $14.5 million to utility gross margin during the
first nine months of fiscal 2025, compared with $16.2 million in the same
period in fiscal 2024. This decline was largely due to decreased margins from storage incentives.
For more information on utility gross margin, please see "Non-GAAP Financial Information" below.
Energy-Efficiency Programs:
SAVEGREEN® invested $72.9 million year-to-date in fiscal 2025 in energy-efficiency upgrades for customers' homes and businesses. NJNG recovered $13.0 million of its outstanding investments during
the first nine months of fiscal 2025 through its energy efficiency rate.
Clean Energy Ventures (CEV)
CEV reported third-quarter fiscal 2025 net financial loss of $(6.9) million, which was consistent compared with net financial loss of $(6.7) million during the same period in fiscal 2024.
Fiscal 2025 year-to-date NFE totaled $37.3 million, compared with net financial loss of $(1.8) million for the same
period in fiscal 2024. The increase in fiscal 2025 year-to-date NFE was
largely due to the gain on sale of its residential solar portfolio, partially offset by lower Solar Renewable Energy Certificate (SREC) sales for the period.
NJR Reports Fiscal 2025 Third Quarter Results
Page 4 of 12
Solar Investment Update:
| • |
During the first nine months of fiscal 2025, CEV placed five commercial projects into service, adding 32.1 megawatts (MW) to total installed capacity.
|
| • |
As of June 30, 2025, CEV had approximately 418MW of commercial solar capacity in service in New Jersey, New York, Connecticut, Rhode Island, Indiana, and Michigan.
|
| • |
Subsequent to quarter end, CEV placed additional projects into service in New Jersey, adding over
31.3MW of
installed capacity for a total of approximately 449MW currently in service.
|
Storage and Transportation
Storage and Transportation reported third-quarter fiscal 2025 NFE of $5.9
million, compared with NFE of $4.1 million during the same period in fiscal
2024.
Fiscal 2025 year-to-date NFE totaled $13.9 million, compared with NFE of $9.8 million for the same period in fiscal 2024. NFE increased during both periods due to an increase in operating revenues at Leaf River Energy Center (Leaf River).
| • |
On September 30, 2024, Adelphia filed a Section 4 rate case with the FERC seeking approval to revise its transportation cost-of-service rates to reflect investments made in its pipeline
system. On June 26, 2025, Adelphia reached a settlement in principle with customers participating in the rate case. Adelphia plans to file an offer of settlement with the FERC during the fourth quarter of fiscal 2025.
|
Energy Services
Energy Services reported a third-quarter fiscal 2025 net financial loss of $(3.7) million, compared with net financial loss of $(2.2) million for the same period in fiscal 2024.
Fiscal 2025 year-to-date NFE totaled $39.4 million, compared with NFE of $43.2 million for the same period in fiscal 2024. The decrease in NFE for both the fiscal 2025 third quarter and year-to-date periods was due to lower contribution from the Asset Management Agreements
(AMAs) signed in December 2020 compared to the prior year periods.
Home Services and Other Operations
Home Services and Other Operations reported third-quarter fiscal 2025 NFE of $0.5 million, compared to NFE of $0.9 million for the same period in fiscal 2024.
Fiscal 2025 year-to-date NFE totaled $0.4 million, compared with NFE of $0.7 million for the same period in fiscal 2024. Home Services reported higher installation and service contract revenue for the year-to-date period, offset by higher operating and maintenance expenses.
Capital
Expenditures and Cash Flows:
NJR is committed to maintaining a strong financial profile:
| • |
During the first nine months of fiscal 2025, capital expenditures were $456.8 million, including accruals, compared with $396.5 million during the same period of fiscal 2024. The increase in capital expenditures was primarily due to
higher expenditures at NJNG and CEV.
|
| • |
During the first nine months of fiscal 2025, cash flows from operations were $385.2 million, compared to cash flows from operations of $362.9 million during the same period of fiscal 2024. The increase was due primarily to
an increase in base rates at NJNG along with changes in the mix of working capital components.
|
NJR Reports Fiscal 2025 Third Quarter Results
Page 5 of 12
Forward-Looking Statements:
This earnings release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for
forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,”
“expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions
and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of
future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, statements regarding NJR’s NFEPS guidance for fiscal 2025, projected NFEPS growth rates and
our guidance range, forecasted contributions of business segments to NJR’s NFE for fiscal 2025, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs, the outcome or timing of
Adelphia’s rate case with FERC; and other legal and regulatory expectations, and statements that include other projections,
predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.
Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with
the U.S. Securities and Exchange Commission (SEC), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s website,
http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection
with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to
review or revise any particular forward-looking statement referenced herein in light of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Information:
This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin.
A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not
be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.
NFE and financial margin exclude unrealized gains or losses on derivative instruments
related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Financial
margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its
business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of
the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment
is applied to NJR Energy Services Company.
NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs
from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the
natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in
operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.
NJR Reports Fiscal 2025 Third Quarter Results
Page 6 of 12
Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s
performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP
financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Annual Report on Form
10-K, Item 7.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000
company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
| • |
New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex
and Burlington counties.
|
| • |
Clean Energy Ventures invests in, owns and operates solar
projects, providing customers with low-carbon solutions.
|
| • |
Energy Services manages a diversified portfolio of natural
gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
|
| • |
Storage and Transportation serves customers from local
distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway pipeline, as well as our 50%
equity ownership in the Steckman Ridge natural gas storage facility.
|
| • |
Home Services provides service contracts as well as heating,
central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.
|
NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to
Preserve® and initiatives such as SAVEGREEN®.
For more information about NJR:
www.njresources.com.
Follow us on X.com (Twitter) @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
NJR Reports Fiscal 2025 Third Quarter Results
Page 7 of 12
NEW JERSEY RESOURCES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
(Thousands, except per share data)
|
2025
|
2024
|
2025
|
2024
|
||||||||||||
|
OPERATING REVENUES
|
||||||||||||||||
|
Utility
|
$
|
204,790
|
$
|
157,773
|
$
|
1,156,558
|
$
|
913,729
|
||||||||
|
Nonutility
|
94,156
|
117,863
|
543,776
|
487,030
|
||||||||||||
|
Total operating revenues
|
298,946
|
275,636
|
1,700,334
|
1,400,759
|
||||||||||||
|
OPERATING EXPENSES
|
||||||||||||||||
|
Gas purchases
|
||||||||||||||||
|
Utility
|
73,321
|
53,372
|
473,975
|
373,839
|
||||||||||||
|
Nonutility
|
67,852
|
60,971
|
287,277
|
225,466
|
||||||||||||
|
Related parties
|
1,268
|
1,729
|
4,652
|
5,407
|
||||||||||||
|
Operation and maintenance
|
100,133
|
104,378
|
299,806
|
306,040
|
||||||||||||
|
Regulatory rider expenses
|
10,979
|
8,343
|
81,956
|
56,761
|
||||||||||||
|
Depreciation and amortization
|
47,000
|
40,907
|
140,296
|
121,269
|
||||||||||||
|
Gain on sale of assets
|
(545
|
)
|
—
|
(56,092
|
)
|
—
|
||||||||||
|
Total operating expenses
|
300,008
|
269,700
|
1,231,870
|
1,088,782
|
||||||||||||
|
OPERATING (LOSS) INCOME
|
(1,062
|
)
|
5,936
|
468,464
|
311,977
|
|||||||||||
|
Other income, net
|
11,040
|
9,555
|
39,663
|
31,316
|
||||||||||||
|
Interest expense, net of capitalized interest
|
31,694
|
31,169
|
98,112
|
94,263
|
||||||||||||
|
(LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
|
(21,716
|
)
|
(15,678
|
)
|
410,015
|
249,030
|
||||||||||
|
Income tax (benefit) provision
|
(5,142
|
)
|
(2,764
|
)
|
93,835
|
54,119
|
||||||||||
|
Equity in earnings of affiliates
|
1,523
|
1,340
|
4,375
|
3,738
|
||||||||||||
|
NET (LOSS) INCOME
|
$
|
(15,051
|
)
|
$
|
(11,574
|
)
|
$
|
320,555
|
$
|
198,649
|
||||||
|
LOSS PER COMMON SHARE
|
||||||||||||||||
|
Basic
|
$
|
(0.15
|
)
|
$
|
(0.12
|
)
|
$
|
3.20
|
$
|
2.02
|
||||||
|
Diluted
|
$
|
(0.15
|
)
|
$
|
(0.12
|
)
|
$
|
3.18
|
$
|
2.00
|
||||||
|
WEIGHTED AVERAGE SHARES OUTSTANDING
|
||||||||||||||||
|
Basic
|
100,373
|
98,983
|
100,173
|
98,409
|
||||||||||||
|
Diluted
|
100,373
|
98,983
|
100,813
|
99,213
|
||||||||||||
NJR Reports Fiscal 2025 Third Quarter Results
Page 8 of 12
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES
(Unaudited)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
(Thousands)
|
2025
|
2024
|
2025
|
2024
|
||||||||||||
|
NEW JERSEY RESOURCES
|
||||||||||||||||
|
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
|
||||||||||||||||
|
Net (loss) income
|
$
|
(15,051
|
)
|
$
|
(11,574
|
)
|
$
|
320,555
|
$
|
198,649
|
||||||
|
Add:
|
||||||||||||||||
|
Unrealized loss (gain) on derivative instruments and related transactions
|
10,766
|
3,803
|
(10,072
|
)
|
23,860
|
|||||||||||
|
Tax effect
|
(2,559
|
)
|
(903
|
)
|
2,394
|
(5,670
|
)
|
|||||||||
|
Effects of economic hedging related to natural gas inventory
|
16,924
|
(385
|
)
|
747
|
(19,458
|
)
|
||||||||||
|
Tax effect
|
(4,022
|
)
|
91
|
(178
|
)
|
4,624
|
||||||||||
|
NFE tax adjustment
|
140
|
69
|
(58
|
)
|
116
|
|||||||||||
|
Net financial earnings (loss)
|
$
|
6,198
|
$
|
(8,899
|
)
|
$
|
313,388
|
$
|
202,121
|
|||||||
|
Weighted Average Shares Outstanding
|
||||||||||||||||
|
Basic
|
100,373
|
98,983
|
100,173
|
98,409
|
||||||||||||
|
Diluted
|
100,373
|
98,983
|
100,813
|
99,213
|
||||||||||||
|
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:
|
||||||||||||||||
|
Basic (loss) earnings per share
|
$
|
(0.15
|
)
|
$
|
(0.12
|
)
|
$
|
3.20
|
$
|
2.02
|
||||||
|
Add:
|
||||||||||||||||
|
Unrealized loss (gain) on derivative instruments and related transactions
|
$
|
0.11
|
$
|
0.04
|
$
|
(0.10
|
)
|
$
|
0.24
|
|||||||
|
Tax effect
|
$
|
(0.03
|
)
|
$
|
(0.01
|
)
|
$
|
0.02
|
$
|
(0.06
|
)
|
|||||
|
Effects of economic hedging related to natural gas inventory
|
$
|
0.17
|
$
|
—
|
$
|
0.01
|
$
|
(0.20
|
)
|
|||||||
|
Tax effect
|
$
|
(0.04
|
)
|
$
|
—
|
$
|
—
|
$
|
0.05
|
|||||||
|
NFE tax adjustment
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
|
Basic net financial earnings (loss) per share
|
$
|
0.06
|
$
|
(0.09
|
)
|
$
|
3.13
|
$
|
2.05
|
|||||||
NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of
natural gas, SRECs and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are
also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical
natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not
indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.
NJR Reports Fiscal 2025 Third Quarter Results
Page 9 of 12
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)
(Unaudited)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
(Thousands)
|
2025
|
2024
|
2025
|
2024
|
||||||||||||
|
NATURAL GAS DISTRIBUTION
|
||||||||||||||||
|
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:
|
||||||||||||||||
|
Operating revenues
|
$
|
205,029
|
$
|
158,110
|
$
|
1,157,439
|
$
|
914,741
|
||||||||
|
Less:
|
||||||||||||||||
|
Natural gas purchases
|
74,941
|
55,699
|
480,244
|
380,818
|
||||||||||||
|
Operating and maintenance (1)
|
34,719
|
35,709
|
90,238
|
91,050
|
||||||||||||
|
Regulatory rider expense
|
10,979
|
8,343
|
81,956
|
56,761
|
||||||||||||
|
Depreciation and amortization
|
35,987
|
28,491
|
103,784
|
82,872
|
||||||||||||
|
Gross margin
|
48,403
|
29,868
|
401,217
|
303,240
|
||||||||||||
|
Add:
|
||||||||||||||||
|
Operating and maintenance (1)
|
34,719
|
35,709
|
90,238
|
91,050
|
||||||||||||
|
Depreciation and amortization
|
35,987
|
28,491
|
103,784
|
82,872
|
||||||||||||
|
Utility gross margin
|
$
|
119,109
|
$
|
94,068
|
$
|
595,239
|
$
|
477,162
|
||||||||
|
(1) Excludes selling, general and
administrative expenses of $85.0 million and $87.7 million for the nine months ended June 30, 2025 and 2024, respectively.
|
||||||||||||||||
|
ENERGY SERVICES
|
||||||||||||||||
|
A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:
|
||||||||||||||||
|
Operating revenues
|
$
|
38,850
|
$
|
62,441
|
$
|
371,548
|
$
|
306,971
|
||||||||
|
Less:
|
||||||||||||||||
|
Natural Gas purchases
|
67,781
|
61,041
|
287,496
|
226,841
|
||||||||||||
|
Operation and maintenance (1)
|
1,020
|
3,814
|
13,482
|
21,605
|
||||||||||||
|
Depreciation and amortization
|
30
|
45
|
139
|
158
|
||||||||||||
|
Gross margin
|
(29,981
|
)
|
(2,459
|
)
|
70,431
|
58,367
|
||||||||||
|
Add:
|
||||||||||||||||
|
Operation and maintenance (1)
|
1,020
|
3,814
|
13,482
|
21,605
|
||||||||||||
|
Depreciation and amortization
|
30
|
45
|
139
|
158
|
||||||||||||
|
Unrealized loss (gain) on derivative instruments and related transactions
|
10,766
|
3,804
|
(10,072
|
)
|
28,736
|
|||||||||||
|
Effects of economic hedging related to natural gas inventory
|
16,924
|
(385
|
)
|
747
|
(19,458
|
)
|
||||||||||
|
Financial margin
|
$
|
(1,241
|
)
|
$
|
4,819
|
$
|
74,727
|
$
|
89,408
|
|||||||
|
(1) Excludes selling, general and
administrative expenses of $0.9 million and $1.3 million for the nine months ended June 30, 2025 and 2024, respectively.
|
||||||||||||||||
|
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
|
||||||||||||||||
|
Net (loss) income
|
$
|
(24,983
|
)
|
$
|
(4,919
|
)
|
$
|
46,567
|
$
|
36,042
|
||||||
|
Add:
|
||||||||||||||||
|
Unrealized loss (gain) on derivative instruments and related transactions
|
10,766
|
3,804
|
(10,072
|
)
|
28,736
|
|||||||||||
|
Tax effect
|
(2,559
|
)
|
(904
|
)
|
2,394
|
(6,829
|
)
|
|||||||||
|
Effects of economic hedging related to natural gas
|
16,924
|
(385
|
)
|
747
|
(19,458
|
)
|
||||||||||
|
Tax effect
|
(4,022
|
)
|
91
|
(178
|
)
|
4,624
|
||||||||||
|
NFE tax adjustment
|
140
|
69
|
(58
|
)
|
116
|
|||||||||||
|
Net financial (loss) earnings
|
$
|
(3,734
|
)
|
$
|
(2,244
|
)
|
$
|
39,400
|
$
|
43,231
|
||||||
NJR Reports Fiscal 2025 Third Quarter Results
Page 10 of 12
FINANCIAL STATISTICS BY BUSINESS UNIT
(Unaudited)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
(Thousands, except per share data)
|
2025
|
2024
|
2025
|
2024
|
||||||||||||
|
NEW JERSEY RESOURCES
|
||||||||||||||||
|
Operating Revenues
|
||||||||||||||||
|
Natural Gas Distribution
|
$
|
205,029
|
$
|
158,110
|
$
|
1,157,439
|
$
|
914,741
|
||||||||
|
Clean Energy Ventures
|
12,030
|
14,648
|
46,403
|
59,268
|
||||||||||||
|
Energy Services
|
38,850
|
62,441
|
371,548
|
306,971
|
||||||||||||
|
Storage and Transportation
|
27,129
|
24,475
|
79,064
|
71,379
|
||||||||||||
|
Home Services and Other
|
16,177
|
16,356
|
47,089
|
46,095
|
||||||||||||
|
Sub-total
|
299,214
|
276,030
|
1,701,543
|
1,398,454
|
||||||||||||
|
Eliminations
|
(268
|
)
|
(394
|
)
|
(1,209
|
)
|
2,305
|
|||||||||
|
Total
|
$
|
298,946
|
$
|
275,636
|
$
|
1,700,334
|
$
|
1,400,759
|
||||||||
|
Operating Income (Loss)
|
||||||||||||||||
|
Natural Gas Distribution
|
$
|
21,273
|
$
|
1,063
|
$
|
316,255
|
$
|
215,517
|
||||||||
|
Clean Energy Ventures
|
(4,353
|
)
|
(3,629
|
)
|
52,368
|
7,015
|
||||||||||
|
Energy Services
|
(30,240
|
)
|
(2,832
|
)
|
69,561
|
57,038
|
||||||||||
|
Storage and Transportation
|
10,544
|
7,937
|
26,113
|
21,171
|
||||||||||||
|
Home Services and Other
|
1,065
|
1,388
|
1,667
|
1,958
|
||||||||||||
|
Sub-total
|
(1,711
|
)
|
3,927
|
465,964
|
302,699
|
|||||||||||
|
Eliminations
|
649
|
2,009
|
2,500
|
9,278
|
||||||||||||
|
Total
|
$
|
(1,062
|
)
|
$
|
5,936
|
$
|
468,464
|
$
|
311,977
|
|||||||
|
Equity in Earnings of Affiliates
|
||||||||||||||||
|
Storage and Transportation
|
$
|
908
|
$
|
782
|
$
|
3,030
|
$
|
1,860
|
||||||||
|
Eliminations
|
615
|
558
|
1,345
|
1,878
|
||||||||||||
|
Total
|
$
|
1,523
|
$
|
1,340
|
$
|
4,375
|
$
|
3,738
|
||||||||
|
Net Income (Loss)
|
||||||||||||||||
|
Natural Gas Distribution
|
$
|
10,079
|
$
|
(6,139
|
)
|
$
|
221,518
|
$
|
152,400
|
|||||||
|
Clean Energy Ventures
|
(6,857
|
)
|
(6,714
|
)
|
37,315
|
(1,808
|
)
|
|||||||||
|
Energy Services
|
(24,983
|
)
|
(4,919
|
)
|
46,567
|
36,042
|
||||||||||
|
Storage and Transportation
|
5,898
|
4,140
|
13,905
|
9,761
|
||||||||||||
|
Home Services and Other
|
481
|
881
|
418
|
665
|
||||||||||||
|
Sub-total
|
(15,382
|
)
|
(12,751
|
)
|
319,723
|
197,060
|
||||||||||
|
Eliminations
|
331
|
1,177
|
832
|
1,589
|
||||||||||||
|
Total
|
$
|
(15,051
|
)
|
$
|
(11,574
|
)
|
$
|
320,555
|
$
|
198,649
|
||||||
|
Net Financial Earnings (Loss)
|
||||||||||||||||
|
Natural Gas Distribution
|
$
|
10,079
|
$
|
(6,139
|
)
|
$
|
221,518
|
$
|
152,400
|
|||||||
|
Clean Energy Ventures
|
(6,857
|
)
|
(6,714
|
)
|
37,315
|
(1,808
|
)
|
|||||||||
|
Energy Services
|
(3,734
|
)
|
(2,244
|
)
|
39,400
|
43,231
|
||||||||||
|
Storage and Transportation
|
5,898
|
4,140
|
13,905
|
9,761
|
||||||||||||
|
Home Services and Other
|
481
|
881
|
418
|
665
|
||||||||||||
|
Sub-total
|
5,867
|
(10,076
|
)
|
312,556
|
204,249
|
|||||||||||
|
Eliminations
|
331
|
1,177
|
832
|
(2,128
|
)
|
|||||||||||
|
Total
|
$
|
6,198
|
$
|
(8,899
|
)
|
$
|
313,388
|
$
|
202,121
|
|||||||
|
Throughput (Bcf)
|
||||||||||||||||
|
NJNG, Core Customers
|
19.2
|
19.1
|
82.1
|
75.4
|
||||||||||||
|
NJNG, Off System/Capacity Management
|
15.1
|
12.3
|
51.6
|
76.6
|
||||||||||||
|
Energy Services Fuel Mgmt. and Wholesale Sales
|
18.6
|
23.6
|
82.1
|
92.0
|
||||||||||||
|
Total
|
52.9
|
55.0
|
215.8
|
244.0
|
||||||||||||
|
Common Stock Data
|
||||||||||||||||
|
Yield at June 30,
|
4.0
|
%
|
3.9
|
%
|
4.0
|
%
|
3.9
|
%
|
||||||||
|
Market Price at June 30,
|
$
|
44.82
|
$
|
42.74
|
$
|
44.82
|
$
|
42.74
|
||||||||
|
Shares Out. at June 30,
|
100,378
|
99,092
|
100,378
|
99,092
|
||||||||||||
|
Market Cap. at June 30,
|
$
|
4,498,953
|
$
|
4,235,174
|
$
|
4,498,953
|
$
|
4,235,174
|
||||||||
NJR Reports Fiscal 2025 Third Quarter Results
Page 11 of 12
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
(Unaudited)
|
June 30,
|
June 30,
|
||||||||||||||
|
(Thousands, except customer and weather data)
|
2025
|
2024
|
2025
|
2024
|
||||||||||||
|
NATURAL GAS DISTRIBUTION
|
||||||||||||||||
|
Utility Gross Margin
|
||||||||||||||||
|
Operating revenues
|
$
|
205,029
|
$
|
158,110
|
$
|
1,157,439
|
$
|
914,741
|
||||||||
|
Less:
|
||||||||||||||||
|
Natural gas purchases
|
74,941
|
55,699
|
480,244
|
380,818
|
||||||||||||
|
Operating and maintenance (1)
|
34,719
|
35,709
|
90,238
|
91,050
|
||||||||||||
|
Regulatory rider expense
|
10,979
|
8,343
|
81,956
|
56,761
|
||||||||||||
|
Depreciation and amortization
|
35,987
|
28,491
|
103,784
|
82,872
|
||||||||||||
|
Gross margin
|
48,403
|
29,868
|
401,217
|
303,240
|
||||||||||||
|
Add:
|
||||||||||||||||
|
Operating and maintenance (1)
|
34,719
|
35,709
|
90,238
|
91,050
|
||||||||||||
|
Depreciation and amortization
|
35,987
|
28,491
|
103,784
|
82,872
|
||||||||||||
|
Total Utility Gross Margin
|
$
|
119,109
|
$
|
94,068
|
$
|
595,239
|
$
|
477,162
|
||||||||
|
(1) Excludes selling, general and
administrative expenses of $85.0 million and $87.7 million for the nine months ended June 30, 2025 and 2024, respectively.
|
||||||||||||||||
|
Utility Gross Margin, Operating Income and Net Income
|
||||||||||||||||
|
Residential
|
$
|
74,131
|
$
|
59,036
|
$
|
419,817
|
$
|
330,568
|
||||||||
|
Commercial, Industrial & Other
|
19,924
|
15,468
|
80,901
|
64,975
|
||||||||||||
|
Firm Transportation
|
19,666
|
15,499
|
76,750
|
62,753
|
||||||||||||
|
Total Firm Margin
|
113,721
|
90,003
|
577,468
|
458,296
|
||||||||||||
|
Interruptible
|
1,462
|
1,146
|
3,236
|
2,680
|
||||||||||||
|
Total System Margin
|
115,183
|
91,149
|
580,704
|
460,976
|
||||||||||||
|
Basic Gas Supply Service Incentive
|
3,926
|
2,919
|
14,535
|
16,186
|
||||||||||||
|
Total Utility Gross Margin
|
119,109
|
94,068
|
595,239
|
477,162
|
||||||||||||
|
Operation and maintenance expense
|
61,849
|
64,514
|
175,200
|
178,773
|
||||||||||||
|
Depreciation and amortization
|
35,987
|
28,491
|
103,784
|
82,872
|
||||||||||||
|
Operating Income
|
$
|
21,273
|
$
|
1,063
|
$
|
316,255
|
$
|
215,517
|
||||||||
|
Net Income (Loss)
|
$
|
10,079
|
$
|
(6,139
|
)
|
$
|
221,518
|
$
|
152,400
|
|||||||
|
Net Financial Earnings (Loss)
|
$
|
10,079
|
$
|
(6,139
|
)
|
$
|
221,518
|
$
|
152,400
|
|||||||
|
Throughput (Bcf)
|
||||||||||||||||
|
Residential
|
6.2
|
6.2
|
44.3
|
41.1
|
||||||||||||
|
Commercial, Industrial & Other
|
1.2
|
1.2
|
8.3
|
7.7
|
||||||||||||
|
Firm Transportation
|
1.9
|
2.0
|
10.3
|
10.3
|
||||||||||||
|
Total Firm Throughput
|
9.3
|
9.4
|
62.9
|
59.1
|
||||||||||||
|
Interruptible
|
9.9
|
9.7
|
19.2
|
16.3
|
||||||||||||
|
Total System Throughput
|
19.2
|
19.1
|
82.1
|
75.4
|
||||||||||||
|
Off System/Capacity Management
|
15.1
|
12.3
|
51.6
|
76.6
|
||||||||||||
|
Total Throughput
|
34.3
|
31.4
|
133.7
|
152.0
|
||||||||||||
|
Customers
|
||||||||||||||||
|
Residential
|
534,561
|
527,110
|
534,561
|
527,110
|
||||||||||||
|
Commercial, Industrial & Other
|
32,464
|
32,318
|
32,464
|
32,318
|
||||||||||||
|
Firm Transportation
|
21,163
|
22,569
|
21,163
|
22,569
|
||||||||||||
|
Total Firm Customers
|
588,188
|
581,997
|
588,188
|
581,997
|
||||||||||||
|
Interruptible
|
87
|
83
|
87
|
83
|
||||||||||||
|
Total System Customers
|
588,275
|
582,080
|
588,275
|
582,080
|
||||||||||||
|
Off System/Capacity Management*
|
30
|
20
|
30
|
20
|
||||||||||||
|
Total Customers
|
588,305
|
582,100
|
588,305
|
582,100
|
||||||||||||
|
*The number of customers represents those active during the last month of the period.
|
||||||||||||||||
|
Degree Days
|
||||||||||||||||
|
Actual
|
373
|
409
|
4,147
|
3,952
|
||||||||||||
|
Normal
|
454
|
468
|
4,361
|
4,438
|
||||||||||||
|
Percent of Normal
|
82.2
|
%
|
87.4
|
%
|
95.1
|
%
|
89.0
|
%
|
||||||||
NJR Reports Fiscal 2025 Third Quarter Results
Page 12 of 12
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
(Unaudited)
|
June 30,
|
June 30,
|
||||||||||||||
|
(Thousands, except customer, RECs and megawatt)
|
2025
|
2024
|
2025
|
2024
|
||||||||||||
|
CLEAN ENERGY VENTURES
|
||||||||||||||||
|
Operating Revenues
|
||||||||||||||||
|
SREC sales
|
$
|
179
|
$
|
201
|
$
|
17,997
|
$
|
26,232
|
||||||||
|
TREC sales
|
4,522
|
4,440
|
9,581
|
9,100
|
||||||||||||
|
SREC II sales
|
442
|
432
|
1,145
|
1,094
|
||||||||||||
|
Solar electricity sales
|
6,887
|
6,572
|
15,810
|
13,922
|
||||||||||||
|
Sunlight Advantage
|
—
|
3,003
|
1,870
|
8,920
|
||||||||||||
|
Total Operating Revenues
|
$
|
12,030
|
$
|
14,648
|
$
|
46,403
|
$
|
59,268
|
||||||||
|
Depreciation and Amortization
|
$
|
5,772
|
$
|
6,981
|
$
|
17,701
|
$
|
20,834
|
||||||||
|
Operating (Loss) Income
|
$
|
(4,353
|
)
|
$
|
(3,629
|
)
|
$
|
52,368
|
$
|
7,015
|
||||||
|
Income Tax (Benefit) Provision
|
$
|
(2,068
|
)
|
$
|
(2,008
|
)
|
$
|
10,994
|
$
|
(471
|
)
|
|||||
|
Net (Loss) Income
|
$
|
(6,857
|
)
|
$
|
(6,714
|
)
|
$
|
37,315
|
$
|
(1,808
|
)
|
|||||
|
Net Financial (Loss) Earnings
|
$
|
(6,857
|
)
|
$
|
(6,714
|
)
|
$
|
37,315
|
$
|
(1,808
|
)
|
|||||
|
Solar Renewable Energy Certificates Generated
|
92,508
|
115,950
|
231,877
|
267,155
|
||||||||||||
|
Solar Renewable Energy Certificates Sold
|
1,155
|
1,170
|
87,657
|
124,323
|
||||||||||||
|
Transition Renewable Energy Certificates Generated
|
30,569
|
31,246
|
65,257
|
63,799
|
||||||||||||
|
Solar Renewable Energy Certificates II Generated
|
4,743
|
4,794
|
12,519
|
12,259
|
||||||||||||
|
Commercial Solar Megawatts Under Construction
|
35.3
|
34.2
|
35.3
|
34.2
|
||||||||||||
|
ENERGY SERVICES
|
||||||||||||||||
|
Operating Income
|
||||||||||||||||
|
Operating revenues
|
$
|
38,850
|
$
|
62,441
|
$
|
371,548
|
$
|
306,971
|
||||||||
|
Less:
|
||||||||||||||||
|
Gas purchases
|
67,781
|
61,041
|
287,496
|
226,841
|
||||||||||||
|
Operation and maintenance expense
|
1,279
|
4,187
|
14,352
|
22,934
|
||||||||||||
|
Depreciation and amortization
|
30
|
45
|
139
|
158
|
||||||||||||
|
Operating (Loss) Income
|
$
|
(30,240
|
)
|
$
|
(2,832
|
)
|
$
|
69,561
|
$
|
57,038
|
||||||
|
Net (Loss) Income
|
$
|
(24,983
|
)
|
$
|
(4,919
|
)
|
$
|
46,567
|
$
|
36,042
|
||||||
|
Financial Margin
|
$
|
(1,241
|
)
|
$
|
4,819
|
$
|
74,727
|
$
|
89,408
|
|||||||
|
Net Financial (Loss) Earnings
|
$
|
(3,734
|
)
|
$
|
(2,244
|
)
|
$
|
39,400
|
$
|
43,231
|
||||||
|
Gas Sold and Managed (Bcf)
|
18.6
|
23.6
|
82.1
|
92.0
|
||||||||||||
|
STORAGE AND TRANSPORTATION
|
||||||||||||||||
|
Operating Revenues
|
$
|
27,129
|
$
|
24,475
|
$
|
79,064
|
$
|
71,379
|
||||||||
|
Equity in Earnings of Affiliates
|
$
|
908
|
$
|
782
|
$
|
3,030
|
$
|
1,860
|
||||||||
|
Operation and Maintenance Expense
|
$
|
11,410
|
$
|
10,079
|
$
|
34,403
|
$
|
30,742
|
||||||||
|
Other Income, Net
|
$
|
2,059
|
$
|
2,539
|
$
|
6,384
|
$
|
7,300
|
||||||||
|
Interest Expense
|
$
|
5,741
|
$
|
5,773
|
$
|
17,527
|
$
|
17,574
|
||||||||
|
Income Tax Provision
|
$
|
1,872
|
$
|
1,345
|
$
|
4,095
|
$
|
2,996
|
||||||||
|
Net Income
|
$
|
5,898
|
$
|
4,140
|
$
|
13,905
|
$
|
9,761
|
||||||||
|
Net Financial Earnings
|
$
|
5,898
|
$
|
4,140
|
$
|
13,905
|
$
|
9,761
|
||||||||
|
HOME SERVICES AND OTHER
|
||||||||||||||||
|
Operating Revenues
|
$
|
16,177
|
$
|
16,356
|
$
|
47,089
|
$
|
46,095
|
||||||||
|
Operating Income
|
$
|
1,065
|
$
|
1,388
|
$
|
1,667
|
$
|
1,958
|
||||||||
|
Net Income
|
$
|
481
|
$
|
881
|
$
|
418
|
$
|
665
|
||||||||
|
Net Financial Earnings
|
$
|
481
|
$
|
881
|
$
|
418
|
$
|
665
|
||||||||
|
Total Service Contract Customers at June 30
|
98,653
|
99,999
|
98,653
|
99,999
|
||||||||||||