We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
New Jersey Resources Corp | NYSE:NJR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.15 | 0.34% | 44.70 | 45.08 | 44.31 | 45.00 | 367,008 | 22:30:00 |
Company Separately Announced Fiscal 2021 Guidance and Long-Term NFEPS and Dividend Growth Rate
Today, New Jersey Resources (NYSE: NJR) reported results for the fourth quarter and fiscal 2020. Highlights included:
Fiscal 2020 net income totaled $193.9 million, or $2.05 per share, compared with $169.5 million, or $1.90 per share, in fiscal 2019. Fourth-quarter net income totaled $43.3 million, or $0.45 per share, compared with $18.1 million, or $0.20 per share, during the same period last year.
Fiscal 2020 NFE totaled $196.2 million, or $2.07 per share, in-line with the previously announced guidance range, compared with $175.0 million, or $1.96 per share, in fiscal 2019. Fourth-quarter NFE totaled $54.7 million, or $0.57 per share, compared with $26.0 million, or $0.29 per share, during the same period last year.
"Thanks to the performance of our talented and dedicated team through an unprecedented global pandemic, we were able to deliver solid results and achieve NFE in-line with our guidance range for fiscal 2020," said Steve Westhoven, President and CEO of New Jersey Resources. "As reflected in our results, we are committed to serving our customers with safe, reliable, clean energy and reaching our sustainability goals through our diversified portfolio of energy infrastructure investments. With the new financial growth targets that we announced in connection with our Analyst Day today, including raising long-term NFEPS and dividend growth rates, our outlook for the future is strong."
Key Performance Metrics
Three Months Ended
Twelve Months Ended
September 30,
September 30,
($ in Thousands)
2020
2019
2020
2019
Net income
$
43,272
$
18,086
$
193,919
$
169,505
Basic EPS
$
0.45
$
0.20
$
2.05
$
1.90
Net financial earnings
$
54,721
$
25,956
$
196,245
$
174,960
Basic net financial earnings per share
$
0.57
$
0.29
$
2.07
$
1.96
A reconciliation of net income to NFE for the three and twelve months ended September 30, 2020, and 2019, is provided below.
Three Months Ended
Twelve Months Ended
September 30,
September 30,
(Thousands)
2020
2019
2020
2019
Net income
$
43,272
$
18,086
$
193,919
$
169,505
Add:
Unrealized loss (gain) on derivative instruments and related transactions
12,183
28,234
(9,644)
2,881
Tax effect
(2,893)
(6,745)
2,296
(711)
Effects of economic hedging related to natural gas inventory
2,216
(7,764)
12,690
4,309
Tax effect
(527)
1,845
(3,016)
(1,024)
Net income to NFE tax adjustment
470
(7,700)
—
—
Net financial earnings
$
54,721
$
25,956
$
196,245
$
174,960
Weighted Average Shares Outstanding
Basic
95,933
89,983
94,798
89,242
Diluted
96,259
90,366
95,107
89,616
Basic earnings per share
$
0.45
$
0.20
$
2.05
$
1.90
Add:
Unrealized loss (gain) on derivative instruments and related transactions
0.13
0.31
(0.10)
0.03
Tax effect
(0.02)
(0.06)
0.02
(0.01)
Effects of economic hedging related to natural gas inventory
0.02
(0.09)
0.13
0.05
Tax effect
(0.01)
0.02
(0.03)
(0.01)
Net income to NFE tax adjustment
—
(0.09)
—
—
Basic net financial earnings per share
$
0.57
$
0.29
$
2.07
$
1.96
NFE is a financial measure not calculated in accordance with Generally Accepted Accounting Principles (GAAP) of the United States. It is a measure of earnings based on eliminating timing differences surrounding the recognition of certain gains or losses, net of applicable tax adjustments, 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. NFE/net financial loss eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period. For further discussion of this financial measure, please see the explanation below under “Non-GAAP Financial Information.”
GAAP requires us, during the interim periods, to estimate our annual effective tax rate and use this rate to calculate the year-to-date tax provision. We also determine an annual estimated effective tax rate for NFE purposes and calculate a quarterly tax adjustment based on the differences between our forecasted net income and our forecasted NFE for the fiscal year.
A table detailing net financial (loss) earnings for the three and twelve months ended September 30, 2020, and 2019, is provided below.
Net Financial (Loss) Earnings by Business Unit
Three Months Ended
Twelve Months Ended
September 30,
September 30,
(Thousands)
2020
2019
2020
2019
New Jersey Natural Gas
$
(15,258)
$
(18,402)
$
126,902
$
78,062
Clean Energy Ventures
55,840
52,676
53,023
77,473
Storage and Transportation
7,434
3,488
18,311
14,689
Energy Services
1,638
(10,726)
(7,873)
2,918
Home Services and Other
5,109
(1,021)
5,784
1,911
Subtotal
54,763
26,015
196,147
175,053
Eliminations
(42)
(59)
98
(93)
Total
$
54,721
$
25,956
$
196,245
$
174,960
COVID-19 Impact Update:
NJR has not made any significant changes to capital programs due to COVID-19. NJNG operations and delivery of natural gas to its approximately 558,000 customers has largely been unaffected by the ongoing pandemic. NJR will continue to closely monitor the potential impacts of the pandemic and will adjust its plan accordingly to ensure the delivery of essential services to customers, while maintaining the safety and health of its employees, customers and communities.
Analyst Day Information:
In a separate announcement, the Company today provided its fiscal 2021 guidance and long-term financial targets. NJR will host a virtual Analyst Day today at 8:30 a.m. ET and the senior leadership team will discuss the Company's strategic value proposition and long-term financial growth targets, as well as its year-end fiscal 2020 earnings results. The video webcast of the virtual Analyst Day, including a copy of the presentation, and a question and answer session, will be broadcast over the internet and can be accessed at https://investor.njresources.com/events-and-presentations/default.aspx. For those unable to listen to the webcast, an archived version will be available at the same location.
Regulated Business Update:
New Jersey Natural Gas (NJNG)
NJNG reported fiscal 2020 NFE of $126.9 million, compared to NFE of $78.1 million during fiscal 2019. Fourth-quarter net financial loss was $15.3 million, compared with net financial loss of $18.4 million during the same period in fiscal 2019. The increase in both periods was due primarily to increased base rates from NJNG's rate case settlement in November 2019 and lower operating and maintenance (O&M) expenses.
Customer Growth:
Infrastructure Update:
NJNG has submitted its response to the New Jersey Department of Environmental Protection (DEP) regarding the suspension of permits for certain sections of SRL's construction. Following a comprehensive review process of our drilling plans for the remainder of the project, the DEP reinstated our permits, allowing us to fully proceed with our construction plans.
BGSS Incentive Programs:
BGSS incentive programs contributed $9.5 million to utility gross margin in fiscal 2020, compared with $8.4 million during the same period in fiscal 2019. The higher results were due to improved margins in off-system sales and storage incentive programs, which were partially offset by a decrease in capacity release volume.
Energy-Efficiency Programs:
The SAVEGREEN Project®, NJNG’s energy-efficiency program, invested $30.8 million during fiscal 2020 to help customers with energy-efficiency upgrades for their homes and businesses. NJNG recovered $10.3 million of its SAVEGREEN investment in fiscal 2020.
Storage and Transportation
Storage and Transportation, formerly known as the Midstream reporting segment, reported fiscal 2020 NFE of $18.3 million, compared with $14.7 million during fiscal 2019. Fourth-quarter NFE were $7.4 million, compared with $3.5 million during the same period in fiscal 2019. The increase in NFE for both periods was due to incremental operating income from Leaf River and Adelphia Gateway, partially offset by increased O&M and interest expense related to the acquisition and operations of those assets.
Infrastructure Updates:
On February 18, 2020, PennEast filed a petition for writ of certiorari with the U.S. Supreme Court seeking to overturn the September 10, 2019 Third Circuit decision vacating the New Jersey Federal District Court's December 13, 2018 condemnation order blocking pipeline construction.
On June 29, 2020, the U.S. Supreme Court invited the U.S. Solicitor General to express his views regarding the issues presented in the petition for writ of certiorari.
On August 3, 2020, FERC issued a positive environmental assessment for Phase I of the project, finding no significant environmental impact.
Unregulated Businesses Update:
Clean Energy Ventures (CEV)
CEV reported fiscal 2020 NFE of $53.0 million, compared with NFE of $77.5 million in fiscal 2019. The decrease in NFE was due to fewer Investment Tax Credits (ITCs) recognized on projects placed in service and the absence of contributions from the wind portfolio, which was sold during fiscal 2019. Fourth-quarter NFE were $55.8 million, compared with NFE of $52.7 million during the same period in fiscal 2019. The increase in NFE was due to higher SREC sales.
Solar Investment Update:
Energy Services
Energy Services reported fiscal 2020 net financial loss of $(7.9) million, compared to NFE of $2.9 million for the same period last fiscal year. The decrease in NFE for fiscal 2020 was due primarily to challenging market conditions created by unusually warm weather on the U.S. east coast last winter compounded by operational issues on a key interstate pipeline. Fourth-quarter NFE was $1.6 million, compared with a net financial loss of $(10.7) million during the same period last year. The increase in NFE for the fourth quarter was due to lower demand charges and increased natural gas pricing volatility leading to more market opportunities compared to the same period last year.
Home Services and Other Operations
Home Services and Other Operations reported fiscal 2020 NFE of $5.8 million compared to NFE of $1.9 million for the same period in fiscal 2019. Fourth-quarter NFE were $5.1 million, compared with net financial loss of $1.0 million during the same period in fiscal 2019. The increase in both periods was due to lower O&M expenses and an income tax benefit associated with the revaluation of certain deferred state tax liabilities.
Effective Tax Rate:
NJR’s annual effective tax rate increased to (3.7) percent in fiscal 2020 from (28.7) percent in fiscal 2019. In the fourth quarter of fiscal 2020, NJR recognized $37.1 million related to tax credits, net of deferred taxes, compared with $56.8 million during the same period last year.
Capital Expenditures and Cash Flows:
NJR is committed to maintaining a strong financial profile, while continuing to invest capital in regulated and unregulated energy projects.
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. New Jersey Resources Corporation (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 NFE guidance for fiscal 2021 through fiscal 2024, as well as NJR’s long-term NFEPS growth rate, dividend growth, forecasted contribution of business segments to NJR’s NFE from fiscal 2021 through fiscal 2024, customer growth at NJNG, future NJR and NJNG capital expenditures, infrastructure programs and investments such as SRL, NJ RISE II and SAFE II, CEV’s future capital investment target, NJR's environmental sustainability and clean energy goals, emissions reduction strategies, initiatives and targets and our investments in infrastructure, renewables and emerging technologies, the ability to construct and operate the Adelphia Gateway Pipeline project, and construct SRL and the PennEast pipeline project, as well as the ongoing COVID-19 pandemic and its impact on NJR's liquidity, business operations, financial condition, results of operations or cash flows.
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 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/net financial loss and financial margin exclude unrealized gains or losses on derivative instruments related to the company’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. 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 CEV, as such the adjustment is related to tax credits generated by CEV.
NJNG’s utility gross margin represents the results of revenues less natural gas costs, sales, expenses and other taxes and regulatory rider expenses, which are key components of NJR’s operations. Natural gas costs, sales, expenses and other taxes and regulatory rider expenses are 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 2020 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:
NJR and its more than 1,100 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 Twitter @NJNaturalGas. “Like” us on facebook.com/NewJerseyNaturalGas. Download our free NJR investor relations app for iPad, iPhone and Android. NJR-E
NEW JERSEY RESOURCES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Twelve Months Ended
September 30,
September 30,
(Thousands, except per share data)
2020
2019
2020
2019
OPERATING REVENUES
Utility
$
84,548
$
88,626
$
729,923
$
710,793
Nonutility
315,496
390,455
1,223,745
1,881,252
Total operating revenues
400,044
479,081
1,953,668
2,592,045
OPERATING EXPENSES
Gas purchases
Utility
26,789
39,629
275,831
320,256
Nonutility
220,304
345,690
1,022,805
1,716,098
Related parties
1,535
1,493
6,083
7,948
Operation and maintenance
79,425
73,843
278,143
268,141
Regulatory rider expenses
1,993
1,778
34,529
33,937
Depreciation and amortization
30,136
24,438
119,894
91,730
Total operating expenses
360,182
486,871
1,737,285
2,438,110
OPERATING INCOME
39,862
(7,790)
216,383
153,935
Other income (expense), net
13,618
5,817
23,878
11,273
Interest expense, net of capitalized interest
17,180
9,439
67,597
47,082
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
36,300
(11,412)
172,664
118,126
Income tax benefit
(2,852)
(25,897)
(6,944)
(37,751)
Equity in earnings of affiliates
4,120
3,601
14,311
13,628
NET INCOME
$
43,272
$
18,086
$
193,919
$
169,505
EARNINGS PER COMMON SHARE
Basic
$
0.45
$
0.20
$
2.05
$
1.90
Diluted
$
0.45
$
0.20
$
2.04
$
1.89
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic
95,933
89,599
94,798
89,242
Diluted
96,259
89,600
95,107
89,616
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES
Three Months Ended
Twelve Months Ended
September 30,
September 30,
(Thousands)
2020
2019
2020
2019
NEW JERSEY RESOURCES
A reconciliation of net income, the closest GAAP financial measurement, to net financial earnings is as follows:
Net income
$
43,272
$
18,086
$
193,919
$
169,505
Add:
Unrealized loss (gain) on derivative instruments and related transactions
12,183
28,234
(9,644)
2,881
Tax effect
(2,893)
(6,745)
2,296
(711)
Effects of economic hedging related to natural gas inventory
2,216
(7,764)
12,690
4,309
Tax effect
(527)
1,845
(3,016)
(1,024)
Net income to NFE tax adjustment
470
(7,700)
—
—
Net financial earnings
$
54,721
$
25,956
$
196,245
$
174,960
Weighted Average Shares Outstanding
Basic
95,933
89,599
94,798
89,242
Diluted
96,259
89,600
95,107
89,616
A reconciliation of basic earnings per share, the closest GAAP financial measurement, to basic net financial earnings per share is as follows:
Basic earnings per share
$
0.45
$
0.20
$
2.05
$
1.90
Add:
Unrealized loss (gain) on derivative instruments and related transactions
$
0.13
$
0.31
$
(0.10)
$
0.03
Tax effect
$
(0.02)
$
(0.06)
$
0.02
$
(0.01)
Effects of economic hedging related to natural gas inventory
$
0.02
$
(0.09)
$
0.13
$
0.05
Tax effect
$
(0.01)
$
0.02
$
(0.03)
$
(0.01)
Net income to NFE tax adjustment
$
—
$
(0.09)
$
—
$
—
Basic NFE per share
$
0.57
$
0.29
$
2.07
$
1.96
NATURAL GAS DISTRIBUTION
A reconciliation of operating revenue, the closest GAAP financial measurement, to utility gross margin is as follows:
Operating revenues
$
84,548
$
88,626
$
729,923
$
710,793
Less:
Gas purchases
29,113
41,953
287,307
336,489
Regulatory rider expense
1,993
1,778
34,529
33,937
Utility gross margin
$
53,442
$
44,895
$
408,087
$
340,367
CLEAN ENERGY VENTURES
A reconciliation of net income to net financial earnings is as follows:
Net income
$
55,370
$
60,376
$
53,023
$
77,473
Add:
Net income to NFE tax adjustment
470
(7,700)
—
—
Net financial earnings
$
55,840
$
52,676
$
53,023
$
77,473
Three Months Ended
Twelve Months Ended
(Unaudited)
September 30,
September 30,
(Thousands)
2020
2019
2020
2019
ENERGY SERVICES
The following table is a computation of financial margin:
Operating revenues
$
212,760
$
317,678
$
1,030,419
$
1,742,791
Less: Gas purchases
220,882
345,735
1,024,579
1,719,519
Add:
Unrealized loss (gain) on derivative instruments and related transactions
12,723
28,251
(8,583)
1,195
Effects of economic hedging related to natural gas inventory
2,216
(7,764)
12,690
4,309
Financial margin
$
6,817
$
(7,570)
$
9,947
$
28,776
A reconciliation of operating income, the closest GAAP financial measurement, to financial margin is as follows:
Operating (loss) income
$
(12,216)
$
(34,074)
$
(11,651)
$
2,211
Add:
Operation and maintenance expense
4,055
5,974
17,368
20,943
Depreciation and amortization
39
43
123
118
Subtotal
(8,122)
(28,057)
5,840
23,272
Add:
Unrealized loss (gain) on derivative instruments and related transactions
12,723
28,251
(8,583)
1,195
Effects of economic hedging related to natural gas inventory
2,216
(7,764)
12,690
4,309
Financial margin
$
6,817
$
(7,570)
$
9,947
$
28,776
A reconciliation of net income to net financial earnings is as follows:
Net (loss) income
$
(9,753)
$
(26,309)
$
(11,008)
$
(1,268)
Add:
Unrealized loss (gain) on derivative instruments and related transactions
12,723
28,251
(8,583)
1,195
Tax effect
(3,021)
(6,749)
2,044
(294)
Effects of economic hedging related to natural gas
2,216
(7,764)
12,690
4,309
Tax effect
(527)
1,845
(3,016)
(1,024)
Net financial earnings (loss)
$
1,638
$
(10,726)
$
(7,873)
$
2,918
HOME SERVICES AND OTHER
A reconciliation of net income to net financial earnings is as follows:
Net income (loss)
$
5,109
$
(1,035)
$
5,784
$
1,637
Add:
Unrealized loss on derivative instruments and related transactions
—
20
—
381
Tax effect
—
(6)
—
(107)
Net financial earnings (loss)
$
5,109
$
(1,021)
$
5,784
$
1,911
FINANCIAL STATISTICS BY BUSINESS UNIT
(Unaudited)
Three Months Ended
Twelve Months Ended
September 30,
September 30,
(Thousands, except per share data)
2020
2019
2020
2019
NEW JERSEY RESOURCES
Operating Revenues
Natural Gas Distribution
$
84,548
$
88,626
$
729,923
$
710,793
Clean Energy Ventures
77,014
60,392
102,617
98,099
Energy Services
212,760
317,678
1,030,419
1,742,791
Storage and Transportation
12,717
—
44,728
—
Home Services and Other
13,376
12,997
51,017
50,902
Sub-total
400,415
479,693
1,958,704
2,602,585
Eliminations
(371)
(612)
(5,036)
(10,540)
Total
$
400,044
$
479,081
$
1,953,668
$
2,592,045
Operating (Loss) Income
Natural Gas Distribution
$
(12,703)
$
(17,255)
$
173,412
$
111,189
Clean Energy Ventures
60,633
44,513
34,452
36,488
Energy Services
(12,216)
(34,074)
(11,651)
2,211
Storage and Transportation
5,436
(1,390)
12,451
(4,049)
Home Services and Other
(2,673)
(408)
3,062
4,785
Sub-total
38,477
(8,614)
211,726
150,624
Eliminations
1,385
824
4,656
3,311
Total
$
39,862
$
(7,790)
$
216,383
$
153,935
Equity in Earnings of Affiliates
Storage and Transportation
$
4,703
$
3,866
$
15,903
$
15,832
Eliminations
(583)
(265)
(1,592)
(2,204)
Total
$
4,120
$
3,601
$
14,311
$
13,628
Net (Loss) Income
Natural Gas Distribution
$
(15,258)
$
(18,402)
$
126,902
$
78,062
Clean Energy Ventures
55,370
60,376
53,023
77,473
Energy Services
(9,753)
(26,309)
(11,008)
(1,268)
Storage and Transportation
7,434
3,488
18,311
14,689
Home Services and Other
5,109
(1,035)
5,784
1,637
Sub-total
42,902
18,118
193,012
170,593
Eliminations
370
(32)
907
(1,088)
Total
$
43,272
$
18,086
$
193,919
$
169,505
Net Financial (Loss) Earnings
Natural Gas Distribution
$
(15,258)
$
(18,402)
$
126,902
$
78,062
Clean Energy Ventures
55,840
52,676
53,023
77,473
Energy Services
1,638
(10,726)
(7,873)
2,918
Storage and Transportation
7,434
3,488
18,311
14,689
Home Services and Other
5,109
(1,021)
5,784
1,911
Sub-total
54,763
26,015
196,147
175,053
Eliminations
(42)
(59)
98
(93)
Total
$
54,721
$
25,956
$
196,245
$
174,960
Throughput (Bcf)
NJNG, Core Customers
17.6
19.5
97.0
108.4
NJNG, Off System/Capacity Management
34.1
34.8
118.4
123.8
Energy Services Fuel Mgmt. and Wholesale Sales
121.6
148.4
526.7
584.9
Total
173.3
202.7
742.1
817.1
Common Stock Data
Yield at September 30
4.9
%
2.8
%
4.9
%
2.8
%
Market Price at September 30
$
27.02
$
45.22
$
27.02
$
45.22
Shares Out. at September 30
95,949
89,999
95,949
89,999
Market Cap. at September 30
$
2,592,547
$
4,069,755
$
2,592,547
$
4,069,755
Three Months Ended
Twelve Months Ended
(Unaudited)
September 30,
September 30,
(Thousands, except customer and weather data)
2020
2019
2020
2019
NATURAL GAS DISTRIBUTION
Utility Gross Margin
Operating revenues
$
84,548
$
88,626
$
729,923
$
710,793
Less:
Gas purchases
29,113
41,953
287,307
336,489
Regulatory rider expense
1,993
1,778
34,529
33,937
Total Utility Gross Margin
$
53,442
$
44,895
$
408,087
$
340,367
Utility Gross Margin, Operating Income and Net Income
Residential
$
30,408
$
24,899
$
275,033
$
224,597
Commercial, Industrial & Other
8,190
7,330
57,929
50,553
Firm Transportation
10,416
8,549
60,199
51,069
Total Firm Margin
49,014
40,778
393,161
326,219
Interruptible
1,675
1,620
5,455
5,750
Total System Margin
50,689
42,398
398,616
331,969
Off System/Capacity Management/FRM/Storage Incentive
2,753
2,497
9,471
8,398
Total Utility Gross Margin
53,442
44,895
408,087
340,367
Operation and maintenance expense
47,448
46,727
162,792
171,198
Depreciation and amortization
18,697
15,423
71,883
57,980
Operating (Loss) Income
$
(12,703)
$
(17,255)
$
173,412
$
111,189
Net (Loss) Income
$
(15,258)
$
(18,402)
$
126,902
$
78,062
Net Financial (Loss) Earnings
$
(15,258)
$
(18,402)
$
126,902
$
78,062
Throughput (Bcf)
Residential
3.4
3.0
44.6
46.0
Commercial, Industrial & Other
0.6
0.7
8.2
9.7
Firm Transportation
1.6
1.6
13.3
13.7
Total Firm Throughput
5.6
5.3
66.1
69.4
Interruptible
12.0
14.2
30.9
39.0
Total System Throughput
17.6
19.5
97.0
108.4
Off System/Capacity Management
34.1
34.8
118.4
123.8
Total Throughput
51.7
54.3
215.4
232.2
Customers
Residential
497,779
486,474
497,779
486,474
Commercial, Industrial & Other
28,735
28,992
28,735
28,992
Firm Transportation
31,604
32,107
31,604
32,107
Total Firm Customers
558,118
547,573
558,118
547,573
Interruptible
29
32
29
32
Total System Customers
558,147
547,605
558,147
547,605
Off System/Capacity Management*
19
21
19
21
Total Customers
558,166
547,626
558,166
547,626
*The number of customers represents those active during the last month of the period.
Degree Days
Actual
46
11
4,254
4,506
Normal
30
30
4,586
4,552
Percent of Normal
153.3
%
36.7
%
92.8
%
99.0
%
Three Months Ended
Twelve Months Ended
(Unaudited)
September 30,
September 30,
(Thousands, except customer, SREC and megawatt)
2020
2019
2020
2019
CLEAN ENERGY VENTURES
Operating Revenues
SREC sales
$
69,301
$
55,215
$
81,134
$
75,101
TREC sales
1,384
—
1,384
—
Wind electricity sales and other
—
—
—
5,177
Solar electricity sales and other
3,676
2,800
9,930
8,818
Sunlight Advantage
2,653
2,377
10,169
9,003
Total Operating Revenues
$
77,014
$
60,392
$
102,617
$
98,099
Depreciation and Amortization
$
8,426
$
8,744
$
37,855
$
32,997
Operating Income
$
60,633
$
44,513
$
34,452
$
36,488
Income Tax Provision (Benefit)
$
6,028
$
(9,888)
$
(32,404)
$
(48,921)
Net Income
$
55,370
$
60,376
$
53,023
$
77,473
Net Financial Earnings
$
55,840
$
52,676
$
53,023
$
77,473
Solar Renewable Energy Certificates Generated
251,016
211,352
389,716
311,803
Solar Renewable Energy Certificates Sold
388,407
294,780
408,100
363,600
Transition Renewable Energy Certificates Generated and Transferred
9,270
—
9,270
—
Solar Megawatts Eligible for ITCs
6.9
25.4
53.5
60.1
Solar Megawatts Under Construction
8.1
8.1
8.1
8.1
ENERGY SERVICES
Operating Income
Operating revenues
$
212,760
$
317,678
$
1,030,419
$
1,742,791
Less:
Gas purchases
220,882
345,735
1,024,579
1,719,519
Operation and maintenance expense
4,055
5,974
17,368
20,943
Depreciation and amortization
39
43
123
118
Operating (Loss) Income
$
(12,216)
$
(34,074)
$
(11,651)
$
2,211
Net (Loss) Income
$
(9,753)
$
(26,309)
$
(11,008)
$
(1,268)
Financial Margin
$
6,817
$
(7,570)
$
9,947
$
28,776
Net Financial Earnings (Loss)
$
1,638
$
(10,726)
$
(7,873)
$
2,918
Gas Sold and Managed (Bcf)
121.6
148.4
526.7
584.9
STORAGE AND TRANSPORTATION
Operating Revenues
$
12,717
$
—
$
44,728
$
—
Equity in Earnings of Affiliates
$
4,703
$
3,866
$
15,903
$
15,832
Operation and Maintenance Expense
$
4,460
$
1,388
$
21,862
$
4,043
Other Income, Net
$
927
$
911
$
7,328
$
7,345
Interest Expense
$
2,838
$
555
$
13,124
$
2,185
Income Tax Provision (Benefit)
$
794
$
(656)
$
4,247
$
2,254
Net Income
$
7,434
$
3,488
$
18,311
$
14,689
HOME SERVICES AND OTHER
Operating Revenues
$
13,376
$
12,997
$
51,017
$
50,902
Operating (Loss) Income
$
(2,673)
$
(408)
$
3,062
$
4,785
Other Income (Expense), Net
$
6,929
$
(296)
$
5,177
$
(542)
Net Income (Loss)
$
5,109
$
(1,035)
$
5,784
$
1,637
Net Financial Earnings (Loss)
$
5,109
$
(1,021)
$
5,784
$
1,911
Total Service Contract Customers at September 30
107,224
108,980
107,224
108,980
View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005295/en/
Media: Michael Kinney 732-938-1031 mkinney@njresources.com
Investor: Dennis Puma 732-938-1229 dpuma@njresources.com
1 Year New Jersey Resources Chart |
1 Month New Jersey Resources Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions