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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 |
Second Guidance Increase This Fiscal Year
Today, New Jersey Resources (NYSE: NJR) reported results for the second-quarter of fiscal 2021. Highlights include:
Second-quarter fiscal 2021 net income totaled $149.8 million, or $1.56 per share, compared with $73.8 million, or $0.78 per share, during the same period in fiscal 2020. Fiscal 2021 year-to-date net income totaled $230.9 million, or $2.40 per share, compared with $149.6 million, or $1.60 per share, for the same period in fiscal 2020.
Second-quarter fiscal 2021 NFE totaled $170.6 million, or $1.77 per share, compared with $84.3 million, or $0.88 per share, during the same period in fiscal 2020. Fiscal 2021 year-to-date NFE totaled $215.3 million, or $2.24 per share, compared with $119.2 million, or $1.27 per share, for the same period in fiscal 2020.
"The results in the second quarter illustrate the value of Energy Services' long-option strategy as we work to deliver more fee-based revenues," said Steve Westhoven, President and CEO of New Jersey Resources. "These impressive results have enabled us to increase our fiscal 2021 guidance for the second time this year and continue to deliver value to our shareowners."
Key Performance Metrics
Three Months Ended
Six Months Ended
March 31,
March 31,
($ in Thousands)
2021
2020
2021
2020
Net income
$
149,809
$
73,846
$
230,854
$
149,598
Basic EPS
$
1.56
$
0.78
$
2.40
$
1.60
Net financial earnings
$
170,604
$
84,291
$
215,261
$
119,222
Basic net financial earnings per share
$
1.77
$
0.88
$
2.24
$
1.27
Effective October 1, 2020, NJR changed its method of accounting for Investment Tax Credits (ITCs) from the flow through method to the deferral method. The change is applied retrospectively to all periods presented in our second-quarter fiscal 2021 Form 10-Q (Form 10-Q) that will be filed with the U.S. Securities and Exchange Commission (SEC). Our historical financial reporting presented herein has been retrospectively revised to apply this change. For additional details, please refer to our Form 10-Q.
A reconciliation of net income to NFE for the three and six months ended March 31, 2021, and 2020, is provided below.
Three Months Ended
Six Months Ended
March 31,
March 31,
(Thousands)
2021
2020
2021
2020
Net income
$
149,809
$
73,846
$
230,854
$
149,598
Add:
Unrealized loss (gain) on derivative instruments and related transactions
29,255
(3,773)
(8,235)
(45,539)
Tax effect
(6,954)
897
1,958
10,828
Effects of economic hedging related to natural gas inventory
(7,209)
14,622
(14,741)
5,735
Tax effect
1,713
(3,475)
3,503
(1,363)
Net income to NFE tax adjustment
3,990
2,174
1,922
(37)
Net financial earnings
$
170,604
$
84,291
$
215,261
$
119,222
Weighted Average Shares Outstanding
Basic
96,248
95,584
96,181
93,747
Diluted
96,618
95,890
96,598
94,073
Basic earnings per share
$
1.56
$
0.78
$
2.40
$
1.60
Add:
Unrealized loss (gain) on derivative instruments and related transactions
0.30
(0.04)
(0.09)
(0.49)
Tax effect
(0.08)
0.01
0.02
0.11
Effects of economic hedging related to natural gas inventory
(0.07)
0.15
(0.15)
0.06
Tax effect
0.02
(0.04)
0.04
(0.01)
Net income to NFE tax adjustment
0.04
0.02
0.02
—
Basic net financial earnings per share
$
1.77
$
0.88
$
2.24
$
1.27
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 NJR, during the interim periods, to estimate its annual effective tax rate and use this rate to calculate the year-to-date tax provision. NJR also determines an annual estimated effective tax rate for NFE purposes and calculates a quarterly tax adjustment based on the differences between its forecasted net income and its forecasted NFE for the fiscal year.
A table detailing NFE for the three and six months ended March 31, 2021, and 2020, is provided below.
Net Financial Earnings (Loss) by Business Unit
Three Months Ended
Six Months Ended
March 31,
March 31,
(Thousands)
2021
2020
2021
2020
New Jersey Natural Gas
$
80,541
$
86,336
$
130,008
$
130,192
Clean Energy Ventures
(8,872)
(8,829)
(19,146)
(17,008)
Storage and Transportation
4,711
4,258
8,219
7,262
Energy Services
96,528
2,487
98,028
(2,635)
Home Services and Other
747
148
685
1,257
Subtotal
173,655
84,400
217,794
119,068
Eliminations
(3,051)
(109)
(2,533)
154
Total
$
170,604
$
84,291
$
215,261
$
119,222
Fiscal 2021 NFE Guidance Increased Again:
NJR increased fiscal 2021 NFE guidance to a range of $2.05 to $2.15 per share primarily driven by the performance of our Energy Services business during the February weather event. The March 15th guidance update included an estimate of potential bad debt exposure and our revised guidance reflects a refined estimate of our remaining exposure. Today's fiscal 2021 NFE guidance increase is subject to the risks and uncertainties identified below under “Forward-Looking Statements.” The following chart represents NJR’s current expected contributions from its subsidiaries for fiscal 2021:
Company
Expected Fiscal 2021 Net Financial Earnings Contribution
New Jersey Natural Gas
51 to 55 percent
Clean Energy Ventures
9 to 14 percent
Storage and Transportation
6 to 10 percent
Energy Services
25 to 30 percent
Home Services and Other
0 to 2 percent
In providing fiscal 2021 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 reported second-quarter fiscal 2021 NFE of $80.5 million, compared to NFE of $86.3 million during the same period in fiscal 2020. The decrease in NFE for the quarter was due primarily to higher O&M expenses related to increased compensation and technology expense. Fiscal 2021 year-to-date NFE was $130.0 million, compared to NFE of $130.2 million during the same period in fiscal 2020.
Customer Growth:
Base Rate Filing:
Infrastructure Update:
BGSS Incentive Programs:
BGSS incentive programs contributed $2.1 million to utility gross margin in the second-quarter of fiscal 2021, compared with $1.6 million during the same period in fiscal 2020. The higher results for the second quarter were due primarily to improved margins in off-system sales compared to the same period last year.
Fiscal 2021 year-to-date, these programs contributed $6.7 million to utility gross margin, compared with $4.3 million during the same period in fiscal 2020, a 56 percent increase. The higher results for fiscal 2021 year-to-date were due primarily to improved margins in off-system sales and storage incentives compared to the same period last year.
For more information on utility gross margin, please see "Non-GAAP Financial Information" at the end of the press release.
Energy-Efficiency Programs:
SAVEGREEN invested $9.4 million during the first six months of fiscal 2021 to help customers with energy-efficiency upgrades for their homes and businesses. NJNG recovered $5.3 million of its outstanding investments during the first six months of fiscal 2021.
Clean Energy Ventures (CEV)
CEV reported a net financial loss of $8.9 million during the second quarter of fiscal 2021, compared with a net financial loss of $8.8 million during the same period in fiscal 2020. Fiscal 2021 year-to-date net financial loss was $19.1 million, compared with a net financial loss of $17.0 million during the same period in fiscal 2020.
The year-to-date decrease in NFE was due primarily to lower income tax benefit and higher O&M related to increased project maintenance and information technology expenses, partially offset by decreased depreciation expense.
Solar Investment Update:
Storage and Transportation
Storage and Transportation, formerly known as our Midstream reporting segment, reported second-quarter fiscal 2021 NFE of $4.7 million, compared with $4.3 million during the same period in fiscal 2020. Fiscal 2021 year-to-date NFE was $8.2 million, compared with NFE of $7.3 million during the same period in fiscal 2020. The increase in both periods was due primarily to increased hub services revenue from Leaf River compared to the prior periods.
Infrastructure Updates:
Energy Services
Energy Services reported second-quarter fiscal 2021 NFE of $96.5 million, compared with NFE of $2.5 million for the same period last fiscal year. Fiscal 2021 year-to-date NFE was $98.0 million, compared with a net financial loss of $2.6 million during the same period in fiscal 2020. The increase in NFE for both periods was due primarily to higher natural gas price volatility in February 2021, as a result of cold weather in regions where Energy Services had contracted rights to storage assets.
Home Services and Other Operations
Home Services and Other Operations reported second-quarter fiscal 2021 NFE of $0.7 million compared to NFE of $0.1 million for the same period in fiscal 2020. The increase in NFE for the quarter is due primarily to increased service contract and installation revenue. Fiscal 2021 year-to-date NFE was $0.7 million, compared with NFE of $1.3 million during the same period in fiscal 2020. The fiscal year-to-date decrease in NFE was due primarily to increased interest expense compared to the same period last year.
Capital Expenditures and Cash Flows:
NJR is committed to maintaining a strong financial profile.
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 NFEPS guidance for fiscal 2021, results of ongoing and future rate cases, forecasted contribution of business segments to NJR’s NFE for fiscal 2021, customer growth at NJNG, future NJR and NJNG capital expenditures, infrastructure programs and investments such as SRL, IIP, SAFE II, NJ RISE and energy efficiency programs, the ability to construct and operate the Adelphia Gateway Pipeline project, and construct SRL and PennEast, and the timing of a U.S. Supreme Court decision regarding PennEast.
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/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 NJRES.
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 nearly 1,200 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.
NJR-E
NEW JERSEY RESOURCES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Six Months Ended
March 31,
March 31,
(Thousands, except per share data)
2021
2020
2021
2020
OPERATING REVENUES
Utility
$
310,167
$
297,220
$
505,896
$
516,843
Nonutility
492,020
342,394
750,596
737,807
Total operating revenues
802,187
639,614
1,256,492
1,254,650
OPERATING EXPENSES
Gas purchases
Utility
113,235
111,563
169,380
203,377
Nonutility
330,488
318,384
503,735
635,740
Related parties
1,730
1,506
3,464
3,030
Operation and maintenance
110,265
66,832
183,901
130,177
Regulatory rider expenses
18,413
15,330
29,114
27,072
Depreciation and amortization
26,848
27,516
54,210
52,153
Total operating expenses
600,979
541,131
943,804
1,051,549
OPERATING INCOME
201,208
98,483
312,688
203,101
Other income, net
5,007
7,261
9,124
7,547
Interest expense, net of capitalized interest
20,153
19,203
39,939
35,273
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
186,062
86,541
281,873
175,375
Income tax provision
39,057
16,284
56,498
32,755
Equity in earnings of affiliates
2,804
3,589
5,479
6,978
NET INCOME
$
149,809
$
73,846
$
230,854
$
149,598
EARNINGS PER COMMON SHARE
Basic
$
1.56
$
0.78
$
2.40
$
1.60
Diluted
$
1.55
$
0.77
$
2.39
$
1.59
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic
96,248
95,584
96,181
93,747
Diluted
96,618
95,890
96,598
94,073
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES
Three Months Ended
Six Months Ended
March 31,
March 31,
(Thousands)
2021
2020
2021
2020
NEW JERSEY RESOURCES
A reconciliation of net income, the closest GAAP financial measurement, to net financial earnings is as follows:
Net income
$
149,809
$
73,846
$
230,854
$
149,598
Add:
Unrealized loss (gain) on derivative instruments and related transactions
29,255
(3,773)
(8,235)
(45,539)
Tax effect
(6,954)
897
1,958
10,828
Effects of economic hedging related to natural gas inventory
(7,209)
14,622
(14,741)
5,735
Tax effect
1,713
(3,475)
3,503
(1,363)
Net income to NFE tax adjustment
3,990
2,174
1,922
(37)
Net financial earnings
$
170,604
$
84,291
$
215,261
$
119,222
Weighted Average Shares Outstanding
Basic
96,248
95,584
96,181
93,747
Diluted
96,618
95,890
96,598
94,073
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
$
1.56
$
0.78
$
2.40
$
1.60
Add:
Unrealized loss (gain) on derivative instruments and related transactions
$
0.30
$
(0.04)
$
(0.09)
$
(0.49)
Tax effect
$
(0.08)
$
0.01
$
0.02
$
0.11
Effects of economic hedging related to natural gas inventory
$
(0.07)
$
0.15
$
(0.15)
$
0.06
Tax effect
$
0.02
$
(0.04)
$
0.04
$
(0.01)
Net income to NFE tax adjustment
$
0.04
$
0.02
$
0.02
$
—
Basic NFE per share
$
1.77
$
0.88
$
2.24
$
1.27
NATURAL GAS DISTRIBUTION
A reconciliation of operating revenue, the closest GAAP financial measurement, to utility gross margin is as follows:
Operating revenues
$
310,167
$
297,220
$
505,896
$
516,843
Less:
Gas purchases
118,452
114,256
177,761
210,078
Regulatory rider expense
18,413
15,330
29,114
27,072
Utility gross margin
$
173,302
$
167,634
$
299,021
$
279,693
Three Months Ended
Six Months Ended
(Unaudited)
March 31,
March 31,
(Thousands)
2021
2020
2021
2020
ENERGY SERVICES
The following table is a computation of financial margin:
Operating revenues
$
462,569
$
313,701
$
692,046
$
684,116
Less: Gas purchases
330,280
318,912
504,117
636,636
Add:
Unrealized loss (gain) on derivative instruments and related transactions
29,348
(3,146)
(9,433)
(45,340)
Effects of economic hedging related to natural gas inventory
(7,209)
14,622
(14,741)
5,735
Financial margin
$
154,428
$
6,265
$
163,755
$
7,875
A reconciliation of operating income, the closest GAAP financial measurement, to financial margin is as follows:
Operating income
$
99,278
$
(10,060)
$
150,860
$
37,864
Add:
Operation and maintenance expense
32,998
4,822
37,014
9,560
Depreciation and amortization
13
27
55
56
Subtotal
132,289
(5,211)
187,929
47,480
Add:
Unrealized loss (gain) on derivative instruments and related transactions
29,348
(3,146)
(9,433)
(45,340)
Effects of economic hedging related to natural gas inventory
(7,209)
14,622
(14,741)
5,735
Financial margin
$
154,428
$
6,265
$
163,755
$
7,875
A reconciliation of net income to net financial earnings is as follows:
Net income (loss)
$
75,662
$
(8,435)
$
114,534
$
27,590
Add:
Unrealized loss (gain) on derivative instruments and related transactions
29,348
(3,146)
(9,433)
(45,340)
Tax effect
(6,976)
747
2,243
10,780
Effects of economic hedging related to natural gas
(7,209)
14,622
(14,741)
5,735
Tax effect
1,713
(3,475)
3,503
(1,363)
Net income to NFE tax adjustment
3,990
2,174
1,922
(37)
Net financial earnings (loss)
$
96,528
$
2,487
$
98,028
$
(2,635)
FINANCIAL STATISTICS BY BUSINESS UNIT
(Unaudited)
Three Months Ended
Six Months Ended
March 31,
March 31,
(Thousands, except per share data)
2021
2020
2021
2020
NEW JERSEY RESOURCES
Operating Revenues
Natural Gas Distribution
$
310,167
$
297,220
$
505,896
$
516,843
Clean Energy Ventures
6,476
5,995
12,846
12,207
Energy Services
462,569
313,701
692,046
684,116
Storage and Transportation
13,926
11,076
27,030
20,148
Home Services and Other
12,773
12,365
25,350
25,272
Sub-total
805,911
640,357
1,263,168
1,258,586
Eliminations
(3,724)
(743)
(6,676)
(3,936)
Total
$
802,187
$
639,614
$
1,256,492
$
1,254,650
Operating Income (Loss)
Natural Gas Distribution
$
100,876
$
109,719
$
163,788
$
168,776
Clean Energy Ventures
(6,469)
(8,087)
(14,733)
(15,525)
Energy Services
99,278
(10,060)
150,860
37,864
Storage and Transportation
4,185
2,392
7,874
4,559
Home Services and Other
3,292
3,182
5,288
5,310
Sub-total
201,162
97,146
313,077
200,984
Eliminations
46
1,337
(389)
2,117
Total
$
201,208
$
98,483
$
312,688
$
203,101
Equity in Earnings of Affiliates
Storage and Transportation
$
3,386
$
3,921
$
6,579
$
7,585
Eliminations
(582)
(332)
(1,100)
(607)
Total
$
2,804
$
3,589
$
5,479
$
6,978
Net Income (Loss)
Natural Gas Distribution
$
80,541
$
86,336
$
130,008
$
130,192
Clean Energy Ventures
(8,872)
(8,829)
(19,146)
(17,008)
Energy Services
75,662
(8,435)
114,534
27,590
Storage and Transportation
4,711
4,258
8,219
7,262
Home Services and Other
747
148
685
1,257
Sub-total
152,789
73,478
234,300
149,293
Eliminations
(2,980)
368
(3,446)
305
Total
$
149,809
$
73,846
$
230,854
$
149,598
Net Financial Earnings (Loss)
Natural Gas Distribution
$
80,541
$
86,336
$
130,008
$
130,192
Clean Energy Ventures
(8,872)
(8,829)
(19,146)
(17,008)
Energy Services
96,528
2,487
98,028
(2,635)
Storage and Transportation
4,711
4,258
8,219
7,262
Home Services and Other
747
148
685
1,257
Sub-total
173,655
84,400
217,794
119,068
Eliminations
(3,051)
(109)
(2,533)
154
Total
$
170,604
$
84,291
$
215,261
$
119,222
Throughput (Bcf)
NJNG, Core Customers
33.5
32.3
57.9
63.0
NJNG, Off System/Capacity Management
23.6
28.2
49.5
56.1
Energy Services Fuel Mgmt. and Wholesale Sales
112.7
155.5
217.5
308.2
Total
169.8
216.0
324.9
427.3
Common Stock Data
Yield at March 31
3.3
%
3.6
%
3.3
%
3.6
%
Market Price at March 31
$
39.87
$
34.97
$
39.87
$
34.97
Shares Out. at March 31
96,262
95,643
96,262
95,643
Market Cap. at March 31
$
3,837,967
$
3,344,642
$
3,837,967
$
3,344,642
Three Months Ended
Six Months Ended
(Unaudited)
March 31,
March 31,
(Thousands, except customer and weather data)
2021
2020
2021
2020
NATURAL GAS DISTRIBUTION
Utility Gross Margin
Operating revenues
$
310,167
$
297,220
$
505,896
$
516,843
Less:
Gas purchases
118,452
114,256
177,761
210,078
Regulatory rider expense
18,413
15,330
29,114
27,072
Total Utility Gross Margin
$
173,302
$
167,634
$
299,021
$
279,693
Utility Gross Margin, Operating Income and Net Income
Residential
$
124,468
$
120,541
$
210,443
$
197,623
Commercial, Industrial & Other
23,050
22,884
40,090
38,071
Firm Transportation
22,878
21,469
40,166
37,128
Total Firm Margin
170,396
164,894
290,699
272,822
Interruptible
792
1,153
1,630
2,555
Total System Margin
171,188
166,047
292,329
275,377
Off System/Capacity Management/FRM/Storage Incentive
2,114
1,587
6,692
4,316
Total Utility Gross Margin
173,302
167,634
299,021
279,693
Operation and maintenance expense
52,951
39,815
96,589
76,000
Depreciation and amortization
19,475
18,100
38,644
34,917
Operating Income
$
100,876
$
109,719
$
163,788
$
168,776
Net Income
$
80,541
$
86,336
$
130,008
$
130,192
Net Financial Earnings
$
80,541
$
86,336
$
130,008
$
130,192
Throughput (Bcf)
Residential
22.7
18.9
36.3
33.5
Commercial, Industrial & Other
4.3
3.6
6.7
6.4
Firm Transportation
5.7
5.1
9.6
9.4
Total Firm Throughput
32.7
27.6
52.6
49.3
Interruptible
0.8
4.7
5.3
13.7
Total System Throughput
33.5
32.3
57.9
63.0
Off System/Capacity Management
23.6
28.2
49.5
56.1
Total Throughput
57.1
60.5
107.4
119.1
Customers
Residential
498,583
491,419
498,583
491,419
Commercial, Industrial & Other
31,313
30,545
31,313
30,545
Firm Transportation
31,545
32,013
31,545
32,013
Total Firm Customers
561,441
553,977
561,441
553,977
Interruptible
28
31
28
31
Total System Customers
561,469
554,008
561,469
554,008
Off System/Capacity Management*
17
28
17
28
Total Customers
561,486
554,036
561,486
554,036
*The number of customers represents those active during the last month of the period.
Degree Days
Actual
2,355
2,002
3,773
3,613
Normal
2,456
2,496
4,031
4,068
Percent of Normal
95.9
%
80.2
%
93.6
%
88.8
%
Three Months Ended
Six Months Ended
(Unaudited)
March 31,
March 31,
(Thousands, except customer, SREC, TREC and megawatt)
2021
2020
2021
2020
CLEAN ENERGY VENTURES
Operating Revenues
SREC sales
$
777
$
1,537
$
2,069
$
3,731
TREC sales
817
—
1,507
—
Solar electricity sales and other
2,268
1,989
3,988
3,547
Sunlight Advantage
2,614
2,469
5,282
4,929
Total Operating Revenues
$
6,476
$
5,995
$
12,846
$
12,207
Depreciation and Amortization
$
4,685
$
6,603
$
10,118
$
12,919
Operating (Loss)
$
(6,469)
$
(8,087)
$
(14,733)
$
(15,525)
Income Tax (Benefit)
$
(2,714)
$
(4,134)
$
(5,800)
$
(7,968)
Net (Loss)
$
(8,872)
$
(8,829)
$
(19,146)
$
(17,008)
Net Financial (Loss)
$
(8,872)
$
(8,829)
$
(19,146)
$
(17,008)
Solar Renewable Energy Certificates Generated
53,863
57,211
141,071
138,700
Solar Renewable Energy Certificates Sold
3,400
10,000
9,495
19,693
Transition Renewable Energy Certificates Generated
5,627
—
10,310
—
Solar Megawatts Under Construction
12.4
32.5
12.4
32.5
ENERGY SERVICES
Operating Income
Operating revenues
$
462,569
$
313,701
$
692,046
$
684,116
Less:
Gas purchases
330,280
318,912
504,117
636,636
Operation and maintenance expense
32,998
4,822
37,014
9,560
Depreciation and amortization
13
27
55
56
Operating Income (Loss)
$
99,278
$
(10,060)
$
150,860
$
37,864
Net Income (Loss)
$
75,662
$
(8,435)
$
114,534
$
27,590
Financial Margin
$
154,428
$
6,265
$
163,755
$
7,875
Net Financial Earnings (Loss)
$
96,528
$
2,487
$
98,028
$
(2,635)
Gas Sold and Managed (Bcf)
112.7
155.5
217.5
308.2
STORAGE AND TRANSPORTATION
Operating Revenues
$
13,926
$
11,076
$
27,030
$
20,148
Equity in Earnings of Affiliates
$
3,386
$
3,921
$
6,579
$
7,585
Operation and Maintenance Expense
$
7,139
$
6,094
$
13,681
$
10,972
Other Income, Net
$
1,591
$
4,671
$
2,845
$
5,368
Interest Expense
$
3,578
$
5,621
$
7,560
$
8,443
Income Tax Provision
$
873
$
1,105
$
1,519
$
1,807
Net Income
$
4,711
$
4,258
$
8,219
$
7,262
HOME SERVICES AND OTHER
Operating Revenues
$
12,773
$
12,365
$
25,350
$
25,272
Operating Income
$
3,292
$
3,182
$
5,288
$
5,310
Other Income (Expense), Net
$
(876)
$
(520)
$
(1,700)
$
(1,048)
Net Income
$
747
$
148
$
685
$
1,257
Net Financial Earnings
$
747
$
148
$
685
$
1,257
Total Service Contract Customers at March 31
106,471
107,648
106,471
107,648
View source version on businesswire.com: https://www.businesswire.com/news/home/20210506005634/en/
Media Contact: Michael Kinney 732-938-1031 mkinney@njresources.com
Investor Contact: Dennis Puma 732-938-1229 dpuma@njresources.com
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