Maintains its Long-term Projected Growth
Rate
Today, New Jersey Resources Corporation (NYSE: NJR) reported
results for the first quarter of fiscal 2024. Highlights
include:
- Consolidated net income of $89.4 million, compared with $115.9
million in the first quarter of fiscal 2023
- Consolidated net financial earnings (NFE), a non-GAAP financial
measure, of $72.4 million, or $0.74 per share, compared to $110.3
million, or $1.14 per share, in the first quarter of fiscal 2023.
The comparable prior year period included unusually high net
financial earnings at Energy Services related to Winter Storm
Elliott in December 2022
- Increases fiscal 2024 net financial earnings per share (NFEPS)
guidance range to $2.85 to $3.00, from $2.70 to $2.85, a $0.15
increase, as a result of strong performance from Energy Services in
January 2024, the beginning of the fiscal second quarter; maintains
long-term projected NFEPS growth rate of 7 to 9 percent(1)
- New Jersey Natural Gas (NJNG) filed a rate case with the New
Jersey Board of Public Utilities (BPU), seeking a $222.6 million
increase in delivery rates
- NJNG filed with the BPU a proposed next generation of
SAVEGREEN™ energy-efficiency offerings totaling $482.4 million
First-quarter fiscal 2024 net income totaled $89.4 million, or
$0.91 per share, compared with $115.9 million, or $1.20 per share,
for the same period in fiscal 2023. First-quarter fiscal 2024 NFE
totaled $72.4 million, or $0.74 per share, compared with $110.3
million, or $1.14 per share, for the same period in fiscal
2023.
Management Commentary Steve Westhoven, President and CEO
of New Jersey Resources, stated, "Our results for the first quarter
were consistent with our expectations. Additionally, our
performance in the beginning of our fiscal second quarter has
exceeded our original projections, as Energy Services benefited
from natural gas price volatility. As a result, we are raising our
fiscal 2024 NFEPS guidance range by $0.15 to $2.85 to $3.00."
Key Performance Metrics
Three Months Ended
December 31,
($ in Thousands)
2023
2022
Net income
$
89,411
$
115,921
Basic EPS
$
0.91
$
1.20
Net financial earnings
$
72,444
$
110,284
Basic net financial earnings per share
$
0.74
$
1.14
(1) NFEPS long-term annual growth projections are based on the
midpoint of the $2.20 - $2.30 initial guidance range for fiscal
2022, provided on February 1, 2021
A reconciliation of net income to NFE for the three months ended
December 31, 2023 and 2022, is provided below.
Three Months Ended
December 31,
(Thousands)
2023
2022
Net income
$
89,411
$
115,921
Add:
Unrealized gain on derivative instruments
and related transactions
(5,400
)
(31,503
)
Tax effect
1,282
7,487
Effects of economic hedging related to
natural gas inventory
(16,228
)
23,972
Tax effect
3,857
(5,697
)
NFE tax adjustment
(478
)
104
Net financial earnings
$
72,444
$
110,284
Weighted Average Shares
Outstanding
Basic
97,869
96,485
Diluted
98,563
97,083
Basic earnings per share
$
0.91
$
1.20
Add:
Unrealized gain on derivative instruments
and related transactions
(0.05
)
(0.33
)
Tax effect
0.01
0.08
Effects of economic hedging related to
natural gas inventory
(0.17
)
0.25
Tax effect
0.04
(0.06
)
Basic net financial earnings per
share
$
0.74
$
1.14
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, Solar
Renewable Energy Certificates (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.
A table detailing NFE for the three months ended December 31,
2023 and 2022, is provided below.
Net financial earnings (loss) by
business unit
Three Months Ended
December 31,
(Thousands)
2023
2022
New Jersey Natural Gas
$
51,444
$
54,664
Clean Energy Ventures
10,522
(3,582
)
Storage and Transportation
3,640
6,243
Energy Services
7,831
52,533
Home Services and Other
(600
)
(29
)
Subtotal
72,837
109,829
Eliminations
(393
)
455
Total
$
72,444
$
110,284
Fiscal 2024 NFE Guidance:
NJR is raising its fiscal 2024 NFEPS guidance range by $0.15 to
a range of $2.85 to $3.00, subject to the risks and uncertainties
identified below under "Forward-Looking Statements."
In fiscal 2024, NJR expects Energy Services will represent a
higher percentage of NFEPS than in prior years due to contributions
from the Asset Management Agreements signed in 2020. The following
chart represents NJR’s current expected contributions from its
business segments for fiscal 2024:
Company
Expected Fiscal 2024
Net Financial Earnings Contribution
New Jersey Natural Gas
40 to 45 percent
Clean Energy Ventures
12 to 17 percent
Storage and Transportation
3 to 7 percent
Energy Services
38 to 43 percent
Home Services and Other
0 to 1 percent
In providing fiscal 2024 NFE guidance, management is aware there
could be differences between reported GAAP earnings 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.
New Jersey Natural Gas (NJNG)
NJNG reported first-quarter fiscal 2024 NFE of $51.4 million,
compared to NFE of $54.7 million during the same period in fiscal
2023. NJNG reported higher utility gross margin for the period,
more than offset by higher depreciation and operating expenses.
Customer Growth:
- NJNG added 2,129 new customers during the first quarter of
fiscal 2024, compared with 2,132 in the first quarter of fiscal
2023. NJNG expects these new customers to contribute approximately
$1.9 million of incremental utility gross margin on an annualized
basis.
Base Rate Filing:
- On January 31, 2024, NJNG filed a base rate case with the BPU,
seeking a $222.6 million increase to its base rates. The filing is
based on an overall return of 7.57 percent with a return on equity
of 10.42 percent. The proposed increase reflects a 55.42 percent
common equity component.
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. During the first quarter of fiscal 2024,
NJNG spent $7.3 million under the program on various distribution
system reinforcement projects. In September 2023, the BPU approved
NJNG's annual IIP filing, which requested a rate increase for
capital expenditures of $28.2 million through June 30, 2023, which
resulted in a $3.2 million revenue increase, effective October 1,
2023.
Basic Gas Supply Service (BGSS) Incentive Programs:
BGSS incentive programs contributed $5.4 million to utility
gross margin in the first quarter of fiscal 2024, compared with
$8.7 million during the same period of fiscal 2023. This decline
was largely due to lower off-system sales margin due to lower
natural gas prices and a lack of weather volatility in the first
quarter of fiscal 2024.
For more information on utility gross margin, please see
"Non-GAAP Financial Information" below.
Energy-Efficiency Programs:
SAVEGREEN™ invested $12.5 million in the first quarter of fiscal
2024 in energy-efficiency upgrades for customers' homes and
businesses. NJNG recovered $4.4 million of its outstanding
investments during the first quarter of fiscal 2024 through its
energy efficiency rate.
- On December 1, 2023, NJNG filed the proposed next generation of
SAVEGREEN™ energy-efficiency offerings with the BPU. The $482.4
million proposal will strengthen NJNG’s existing energy-efficiency
offerings and provide comprehensive solutions to help participating
customers save energy and reduce carbon emissions, while supporting
New Jersey’s ambitious climate goals. If approved by the BPU, the
new SAVEGREEN™ program cycle is expected to begin January 1, 2025
and run through June 30, 2027.
Clean Energy Ventures (CEV)
CEV reported first-quarter fiscal 2024 NFE of $10.5 million,
compared with a net financial loss of $(3.6) million during the
same period in fiscal 2023. The increase in NFE for the first
quarter of fiscal 2024 was largely due to higher SREC and
Transition Renewable Energy Certificate (TREC) revenue for the
period, partially offset by lower electricity prices.
Solar Investment Update:
- As of December 31, 2023, CEV had approximately 473MW of solar
capacity (including residential) in service in New Jersey, New
York, Connecticut, Rhode Island, Indiana, and Michigan.
Storage and Transportation
Storage and Transportation reported first-quarter fiscal 2024
NFE of $3.6 million, compared with NFE of $6.2 million during the
same period in fiscal 2023. The decrease in NFE was largely due to
higher operating revenues in the prior year period relating to
Winter Storm Elliott.
Energy Services
Energy Services reported first-quarter fiscal 2024 NFE of $7.8
million compared with NFE of $52.5 million for the same period in
fiscal 2023. The lower NFE for the first quarter of fiscal 2024 was
due primarily to higher natural gas price volatility in the prior
year period, as a result of Winter Storm Elliott.
Home Services and Other Operations
Home Services and Other Operations reported a first-quarter
fiscal 2024 net financial loss of $(0.6) million, which was
consistent with a net financial loss of $(0.03) million for the
same period in fiscal 2023.
Capital Expenditures and Cash Flows:
NJR is committed to maintaining a strong financial profile:
- During the first quarter of fiscal 2024, capital expenditures
were $118.1 million, including accruals, compared with $137.0
million during the same period of fiscal 2023. The decrease in
capital expenditures was primarily due to lower solar capital
expenditures during the period as a result of the timing of several
large projects being placed into service in the prior year.
- During the first quarter of fiscal 2024, cash flows from
operations were $46.4 million, compared with cash flows used in
operations of $(88.9) million during the same period of fiscal
2023. The increase in operating cash flows was mostly due to
decreased working capital requirements as a result of lower gas
prices for the period.
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, certain
statements regarding NJR’s NFEPS guidance for fiscal 2024,
projected NFEPS growth rates and our guidance range, NFEPS
Contributions, forecasted contribution of business segments to
NJR’s NFE for fiscal 2024, customer growth at NJNG and their
expected contributions, expected contributions from Asset
Management Agreements, infrastructure programs and investments,
future decarbonization opportunities including IIP, Energy
efficiency programs, including BGSS, the outcome or timing of our
Base Rate Case with the BPU, and other legal and regulatory
expectations.
Additional information and factors that could cause actual
results to differ materially from NJR’s expectations are contained
in NJR’s filings with the 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 web site, 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 future events.
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.
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
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 approximately 579,600 customers in New
Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington
counties.
- Clean Energy Ventures invests in, owns and operates
solar projects with a total capacity of approximately 473
megawatts, providing residential and commercial 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 The SAVEGREEN Project® and The Sunlight
Advantage®.
For more information about NJR: www.njresources.com.
Follow us on X.com (Twitter) @NJNaturalGas. “Like” us on
facebook.com/NewJerseyNaturalGas.
NEW JERSEY RESOURCES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
Three Months Ended
December 31,
(Thousands, except per share data)
2023
2022
OPERATING REVENUES
Utility
$
293,093
$
357,409
Nonutility
174,117
366,158
Total operating revenues
467,210
723,567
OPERATING EXPENSES
Gas purchases
Utility
116,120
182,446
Nonutility
59,477
232,070
Related parties
1,879
1,827
Operation and maintenance
94,439
79,501
Regulatory rider expenses
19,189
18,251
Depreciation and amortization
40,287
36,683
Total operating expenses
331,391
550,778
OPERATING INCOME
135,819
172,789
Other income, net
6,341
4,655
Interest expense, net of capitalized
interest
31,473
29,491
INCOME BEFORE INCOME TAXES AND EQUITY
IN EARNINGS OF AFFILIATES
110,687
147,953
Income tax provision
22,936
32,978
Equity in earnings of affiliates
1,660
946
NET INCOME
$
89,411
$
115,921
EARNINGS PER COMMON SHARE
Basic
$
0.91
$
1.20
Diluted
$
0.91
$
1.19
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic
97,869
96,485
Diluted
98,563
97,083
RECONCILIATION OF NON-GAAP
PERFORMANCE MEASURES
(Unaudited)
Three Months Ended
December 31,
(Thousands)
2023
2022
NEW JERSEY RESOURCES
A reconciliation of net income, the
closest GAAP financial measure, to net financial earnings is as
follows:
Net income
$
89,411
$
115,921
Add:
Unrealized gain on derivative instruments
and related transactions
(5,400
)
(31,503
)
Tax effect
1,282
7,487
Effects of economic hedging related to
natural gas inventory
(16,228
)
23,972
Tax effect
3,857
(5,697
)
NFE tax adjustment
(478
)
104
Net financial earnings
$
72,444
$
110,284
Weighted Average Shares
Outstanding
Basic
97,869
96,485
Diluted
98,563
97,083
A reconciliation of basic earnings per
share, the closest GAAP financial measure, to basic net financial
earnings per share is as follows:
Basic earnings per share
$
0.91
$
1.20
Add:
Unrealized gain on derivative instruments
and related transactions
$
(0.05
)
$
(0.33
)
Tax effect
$
0.01
$
0.08
Effects of economic hedging related to
natural gas inventory
$
(0.17
)
$
0.25
Tax effect
$
0.04
$
(0.06
)
Basic net financial earnings per
share
$
0.74
$
1.14
NATURAL GAS DISTRIBUTION
A reconciliation of gross margin, the
closest GAAP financial measure, to utility gross margin is as
follows:
Operating revenues
$
293,430
$
357,746
Less:
Natural gas purchases
118,444
184,771
Operating and maintenance (1)
26,401
26,294
Regulatory rider expense
19,189
18,251
Depreciation and amortization
26,917
24,890
Gross margin
102,479
103,540
Add:
Operating and maintenance (1)
26,401
26,294
Depreciation and amortization
26,917
24,890
Utility gross margin
$
155,797
$
154,724
(1) Excludes selling, general and
administrative expenses of $28.3 million and $23.4 million for the
three months ended December 31, 2023 and 2022, respectively.
RECONCILIATION OF NON-GAAP
PERFORMANCE MEASURES (continued)
(Unaudited)
Three Months Ended
December 31,
(Thousands)
2023
2022
ENERGY SERVICES
A reconciliation of gross margin, the
closest GAAP financial measure, to Energy Services' financial
margin is as follows:
Operating revenues
$
99,668
$
321,782
Less:
Natural Gas purchases
60,166
233,287
Operation and maintenance (1)
4,689
3,455
Depreciation and amortization
57
57
Gross margin
34,756
84,983
Add:
Operation and maintenance (1)
4,689
3,455
Depreciation and amortization
57
57
Unrealized gain on derivative instruments
and related transactions
(4,266
)
(39,886
)
Effects of economic hedging related to
natural gas inventory
(16,228
)
23,972
Financial margin
$
19,008
$
72,581
(1) Excludes selling, general and
administrative expenses of $0.4 million and $(2.3) million for the
three months ended December 31, 2023 and 2022, respectively.
A reconciliation of net income, the
closest GAAP financial measure, to net financial earnings is as
follows:
Net income
$
23,933
$
64,561
Add:
Unrealized gain on derivative instruments
and related transactions
(4,266
)
(39,886
)
Tax effect
1,013
9,479
Effects of economic hedging related to
natural gas
(16,228
)
23,972
Tax effect
3,857
(5,697
)
NFE tax adjustment
(478
)
104
Net financial earnings
$
7,831
$
52,533
FINANCIAL STATISTICS BY
BUSINESS UNIT
(Unaudited)
Three Months Ended
December 31,
(Thousands, except per share data)
2023
2022
NEW JERSEY RESOURCES
Operating Revenues
Natural Gas Distribution
$
293,430
$
357,746
Clean Energy Ventures
35,295
12,792
Energy Services
99,668
321,782
Storage and Transportation
23,862
26,838
Home Services and Other
14,834
14,266
Sub-total
467,089
733,424
Eliminations
121
(9,857
)
Total
$
467,210
$
723,567
Operating Income (Loss)
Natural Gas Distribution
$
74,175
$
80,113
Clean Energy Ventures
18,323
(321
)
Energy Services
34,337
87,315
Storage and Transportation
7,324
12,617
Home Services and Other
(208
)
51
Sub-total
133,951
179,775
Eliminations
1,868
(6,986
)
Total
$
135,819
$
172,789
Equity in Earnings of
Affiliates
Storage and Transportation
$
993
$
909
Eliminations
667
37
Total
$
1,660
$
946
Net Income (Loss)
Natural Gas Distribution
$
51,444
$
54,664
Clean Energy Ventures
10,522
(3,582
)
Energy Services
23,933
64,561
Storage and Transportation
3,640
6,243
Home Services and Other
(600
)
(29
)
Sub-total
88,939
121,857
Eliminations
472
(5,936
)
Total
$
89,411
$
115,921
Net Financial Earnings (Loss)
Natural Gas Distribution
$
51,444
$
54,664
Clean Energy Ventures
10,522
(3,582
)
Energy Services
7,831
52,533
Storage and Transportation
3,640
6,243
Home Services and Other
(600
)
(29
)
Sub-total
72,837
109,829
Eliminations
(393
)
455
Total
$
72,444
$
110,284
Throughput (Bcf)
NJNG, Core Customers
23.4
25.0
NJNG, Off System/Capacity Management
27.2
17.9
Energy Services Fuel Mgmt. and Wholesale
Sales
30.1
44.2
Total
80.7
87.1
Common Stock Data
Yield at December 31,
3.8
%
3.1
%
Market Price at December 31,
$
44.58
$
49.62
Shares Out. at December 31,
98,202
96,803
Market Cap. at December 31,
$
4,377,857
$
4,803,389
Three Months Ended
(Unaudited)
December 31,
(Thousands, except customer and weather
data)
2023
2022
NATURAL GAS DISTRIBUTION
Utility Gross Margin
Operating revenues
$
293,430
$
357,746
Less:
Natural gas purchases
118,444
184,771
Operating and maintenance (1)
26,401
26,294
Regulatory rider expense
19,189
18,251
Depreciation and amortization
26,917
24,890
Gross margin
102,479
103,540
Add:
Operating and maintenance (1)
26,401
26,294
Depreciation and amortization
26,917
24,890
Total Utility Gross Margin
$
155,797
$
154,724
(1) Excludes selling, general and
administrative expenses of $28.3 million and $23.4 million for the
three months ended December 31, 2023 and 2022, respectively.
Utility Gross Margin, Operating Income
and Net Income
Residential
$
108,037
$
104,018
Commercial, Industrial & Other
20,831
20,779
Firm Transportation
20,764
20,480
Total Firm Margin
149,632
145,277
Interruptible
784
761
Total System Margin
150,416
146,038
Off System/Capacity Management/FRM/Storage
Incentive
5,381
8,686
Total Utility Gross Margin
155,797
154,724
Operation and maintenance expense
54,705
49,721
Depreciation and amortization
26,917
24,890
Operating Income
$
74,175
$
80,113
Net Income
$
51,444
$
54,664
Net Financial Earnings
$
51,444
$
54,664
Throughput (Bcf)
Residential
13.9
14.7
Commercial, Industrial & Other
2.6
2.7
Firm Transportation
3.6
4.0
Total Firm Throughput
20.1
21.4
Interruptible
3.3
3.6
Total System Throughput
23.4
25.0
Off System/Capacity Management
27.2
17.9
Total Throughput
50.6
42.9
Customers
Residential
523,623
514,452
Commercial, Industrial & Other
32,872
32,302
Firm Transportation
22,989
25,628
Total Firm Customers
579,484
572,382
Interruptible
83
88
Total System Customers
579,567
572,470
Off System/Capacity Management*
33
30
Total Customers
579,600
572,500
*The number of customers represents those
active during the last month of the period.
Degree Days
Actual
1,408
1,543
Normal
1,534
1,547
Percent of Normal
91.8
%
99.7
%
Three Months Ended
(Unaudited)
December 31,
(Thousands, except customer, RECs and
megawatt)
2023
2022
CLEAN ENERGY VENTURES
Operating Revenues
SREC sales
$
25,931
$
3,886
TREC sales
2,403
1,202
SREC II sales (1)
247
185
Solar electricity sales
3,654
4,582
Sunlight Advantage
3,060
2,937
Total Operating Revenues
$
35,295
$
12,792
Depreciation and Amortization
$
6,922
$
5,576
Operating Income (Loss)
$
18,323
$
(321
)
Income Tax Provision (Benefit)
$
3,131
$
(1,837
)
Net Income (Loss)
$
10,522
$
(3,582
)
Net Financial Earnings (Loss)
$
10,522
$
(3,582
)
Solar Renewable Energy Certificates
Generated
93,570
98,462
Solar Renewable Energy Certificates
Sold
122,439
16,812
Transition Renewable Energy
Certificates Generated
16,705
8,345
Solar Renewable Energy Certificates II
Generated
2,773
1,784
Solar Megawatts Under
Construction
34.3
45.5
(1) Prior year SREC II revenue was
previously included in Solar electricity sales and other
ENERGY SERVICES
Operating Income
Operating revenues
$
99,668
$
321,782
Less:
Gas purchases
60,166
233,287
Operation and maintenance expense
5,108
1,123
Depreciation and amortization
57
57
Operating Income
$
34,337
$
87,315
Net Income
$
23,933
$
64,561
Financial Margin
$
19,008
$
72,581
Net Financial Earnings
$
7,831
$
52,533
Gas Sold and Managed (Bcf)
30.1
44.2
STORAGE AND TRANSPORTATION
Operating Revenues
$
23,862
$
26,838
Equity in Earnings of
Affiliates
$
993
$
909
Operation and Maintenance
Expense
$
10,100
$
7,474
Other Income, Net
$
2,288
$
1,367
Interest Expense
$
5,933
$
6,707
Income Tax Provision
$
1,032
$
1,943
Net Income
$
3,640
$
6,243
Net Financial Earnings
$
3,640
$
6,243
HOME SERVICES AND OTHER
Operating Revenues
$
14,834
$
14,266
Operating (Loss) Income
$
(208
)
$
51
Net Loss
$
(600
)
$
(29
)
Net Financial Loss
$
(600
)
$
(29
)
Total Service Contract Customers at Dec
31
100,840
102,600
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240205888920/en/
Media: Mike Kinney 732-938-1031
mkinney@njresources.com
Investor: Adam Prior 732-938-1145
aprior@njresources.com
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