NEW JERSEY RESOURCES CORP

For the period ended Jun 30, 2024. Filed Aug 6, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 6, 2024

NJR$54.71+0.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Item 1. Unaudited Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended · Nine Months Ended
	June 30,		June 30,
(Thousands, except per share data)	2024	2023	2024	2023
OPERATING REVENUES
Utility	$157,773	$144,971	$913,729	$902,880
Nonutility	117,863	119,104	487,030	728,789
Total operating revenues	275,636	264,075	1,400,759	1,631,669
OPERATING EXPENSES
Natural gas purchases:
Utility	53,372	42,344	373,839	381,160
Nonutility	60,971	75,917	225,466	468,351
Related parties	1,729	1,870	5,407	5,467
Operation and maintenance	104,378	94,213	306,040	272,809
Regulatory rider expenses	8,343	6,120	56,761	47,525
Depreciation and amortization	40,907	38,877	121,269	113,650
Total operating expenses	269,700	259,341	1,088,782	1,288,962
OPERATING INCOME	5,936	4,734	311,977	342,707
Other income, net	9,555	5,711	31,316	15,145
Interest expense, net of capitalized interest	31,169	30,119	94,263	89,871
(LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES	(15,678)	(19,674)	249,030	267,981
Income tax (benefit) provision	(2,764)	(20,505)	54,119	43,059
Equity in earnings of affiliates	1,340	701	3,738	2,778
NET (LOSS) INCOME	$(11,574)	$1,532	$198,649	$227,700
(LOSS) EARNINGS PER COMMON SHARE
Basic	$(0.12)	$0.02	$2.02	$2.35
Diluted	$(0.12)	$0.02	$2.00	$2.33
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	98,983	97,168	98,409	96,849
Diluted	98,983	97,886	99,213	97,538

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited)

Three Months Ended · Nine Months Ended
	June 30,		June 30,
(Thousands)	2024	2023	2024	2023
Net (loss) income	$(11,574)	$1,532	$198,649	$227,700
Other comprehensive (loss) income, net of tax
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(79), $(79), $(238) and $(238), respectively	264	263	790	790
Adjustment to postemployment benefit obligation, net of tax of $112, $(12), $(2,836) and $(37), respectively	(369)	41	9,386	123
Other comprehensive (loss) income, net of tax	$(105)	$304	$10,176	$913
Comprehensive (loss) income	$(11,679)	$1,836	$208,825	$228,613

Part I

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended
	June 30,
(Thousands)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$198,649	$227,700
Adjustments to reconcile net income to cash flows from operating activities
Unrealized loss (gain) on derivative instruments	23,860	(30,502)
Depreciation and amortization	121,269	113,650
Amortization of acquired wholesale energy contracts	187	1,781
Allowance for equity used during construction	(5,368)	(5,054)
Allowance for doubtful accounts	1,849	1,397
Non cash lease expense	3,611	2,607
Deferred income taxes	49,598	11,026
Equivalent value of ITCs recognized on equipment financing	(12,600)	(1,232)
Manufactured gas plant remediation costs	(19,464)	(6,284)
Cost of removal - asset retirement obligations	(1,145)	(967)
Contributions to postemployment benefit plans	(2,438)	(1,133)
Taxes related to stock-based compensation	1,186	554
Changes in:
Components of working capital	21,519	22,229
Other noncurrent assets and liabilities	(17,819)	52,126
Cash flows from operating activities	362,894	387,898
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant	(259,125)	(248,507)
Solar equipment	(74,096)	(68,604)
Storage and Transportation and other	(33,013)	(34,384)
Cost of removal	(29,552)	(28,719)
Distribution from equity investees in excess of equity in earnings	3,202	2,036
Cash flows used in investing activities	(392,584)	(378,178)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Proceeds from long-term debt	175,000	175,000
Payments of long-term debt	(89,555)	(15,698)
Payments of term loan	—	(150,000)
Proceeds from (payments of) short-term debt, net	2,700	(128,725)
Proceeds from sale leaseback transactions - solar	24,394	163,619
Proceeds from sale leaseback transactions - natural gas meters	8,814	8,441
Payments of common stock dividends	(123,446)	(112,991)
Proceeds from waiver discount issuance of common stock	47,286	42,807
Proceeds from issuance of common stock - DRP	11,141	11,419
Tax withholding payments related to net settled stock compensation	(5,027)	(4,024)
Cash flows from (used in) financing activities	51,307	(10,152)
Change in cash, cash equivalents and restricted cash	21,617	(432)
Cash, cash equivalents and restricted cash at beginning of period	1,517	1,452
Cash, cash equivalents and restricted cash at end of period	$23,134	$1,020
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables	$(34,335)	$103,954
Inventories	62,644	108,107
Recovery of natural gas costs	(3,206)	(20,106)
Natural gas purchases payable	2,094	(188,617)
Natural gas purchases payable - related parties	16	5
Deferred revenue, current	38,162	2,687
Accounts payable and other	(1,683)	(20,153)
Prepaid expenses	(3,902)	(2,454)
Prepaid and accrued taxes	(13,310)	24,684
Restricted broker margin accounts	(220)	22,868
Customers' credit balances and deposits	(16,029)	(2,979)
Other current assets and liabilities	(8,712)	(5,767)
Total	$21,519	$22,229
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)	$90,006	$80,550
Income taxes	$13,042	$2,858
Accrued capital expenditures	$21,122	$21,008
See Notes to Unaudited Condensed Consolidated Financial Statements

Part I

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

(Unaudited)
(Thousands)	June 30,2024	September 30,2023
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost	$4,132,835	$3,843,037
Construction work in progress	203,460	237,428
Nonutility plant and equipment, at cost	1,804,670	1,767,306
Construction work in progress	205,979	142,768
Total property, plant and equipment	6,346,944	5,990,539
Accumulated depreciation and amortization, utility plant	(770,867)	(714,087)
Accumulated depreciation and amortization, nonutility plant and equipment	(291,143)	(254,397)
Property, plant and equipment, net	5,284,934	5,022,055
CURRENT ASSETS
Cash and cash equivalents	22,399	954
Customer accounts receivable
Billed	128,264	97,540
Unbilled revenues	20,564	19,100
Allowance for doubtful accounts	(10,738)	(11,036)
Regulatory assets	89,572	73,587
Natural gas in storage, at average cost	132,244	199,501
Materials and supplies, at average cost	31,635	27,022
Prepaid expenses	13,643	9,741
Prepaid taxes	54,880	43,046
Derivatives, at fair value	4,771	30,755
Restricted broker margin accounts	18,894	20,796
Other current assets	28,266	21,071
Total current assets	534,394	532,077
NONCURRENT ASSETS
Investments in equity method investees	100,824	104,134
Regulatory assets	557,280	584,830
Operating lease assets	185,506	175,740
Derivatives, at fair value	979	1,564
Software costs	10,254	8,375
Deferred income taxes	22,575	28,383
Postemployment employee benefit assets	18,585	18,684
Other noncurrent assets	68,790	61,654
Total noncurrent assets	964,793	983,364
Total assets	$6,784,121	$6,537,496

Part I

CAPITALIZATION AND LIABILITIES

(Unaudited)
(Thousands, except share data)	June 30,2024	September 30,2023
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares June 30, 2024 — 99,091,574; September 30, 2023 — 97,584,455	$247,234	$243,458
Premium on common stock	618,140	558,654
Accumulated other comprehensive income (loss), net of tax	217	(9,959)
Treasury stock at cost and other; shares June 30, 2024 — 16,302;September 30, 2023 — 13,041	25,027	20,748
Retained earnings	1,252,400	1,177,834
Common stock equity	2,143,018	1,990,735
Long-term debt	2,793,672	2,768,017
Total capitalization	4,936,690	4,758,752
CURRENT LIABILITIES
Current maturities of long-term debt	197,448	116,155
Short-term debt	254,800	252,100
Natural gas purchases payable	53,371	51,277
Natural gas purchases payable to related parties	875	859
Deferred revenue	99,566	61,404
Accounts payable and other	144,579	151,790
Dividends payable	41,618	40,981
Accrued taxes	8,614	10,090
Regulatory liabilities	31,573	32,287
New Jersey Clean Energy Program	20,265	15,804
Derivatives, at fair value	7,632	16,145
Operating lease liabilities	5,125	4,772
Restricted broker margin accounts	—	8,029
Customers' credit balances and deposits	28,881	44,910
Total current liabilities	894,347	806,603
NONCURRENT LIABILITIES
Deferred income taxes	331,829	285,427
Deferred investment tax credits	2,226	2,434
Deferred revenue	588	659
Derivatives, at fair value	11,962	7,967
Manufactured gas plant remediation	153,818	169,390
Postemployment employee benefit liability	42,308	102,528
Regulatory liabilities	176,720	180,458
Operating lease liabilities	159,988	148,023
Asset retirement obligations	63,245	61,993
Other noncurrent liabilities	10,400	13,262
Total noncurrent liabilities	953,084	972,141
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities	$6,784,121	$6,537,496

Part I

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited)

(Thousands)	Number of Shares	Common Stock	Premium on Common Stock	Accumulated Other Comprehensive (Loss) Income	Treasury Stock and Other	Retained Earnings	Total
Balance as of September 30, 2023	97,584	$243,458	$558,654	$(9,959)	$20,748	$1,177,834	$1,990,735
Net income	—	—	—	—	—	89,411	89,411
Other comprehensive income	—	—	—	395	—	—	395
Common stock issued:
Incentive compensation plan	116	290	3,451	—	—	—	3,741
Dividend reinvestment plan	94	236	3,552	—	—	—	3,788
Waiver discount	410	1,025	16,894	—	—	—	17,919
Cash dividend declared ($.42 per share)	—	—	—	—	—	(41,176)	(41,176)
Treasury stock and other	(2)	—	—	—	1,388	—	1,388
Balance as of December 31, 2023	98,202	$245,009	$582,551	$(9,564)	$22,136	$1,226,069	$2,066,201
Net income	—	—	—	—	—	120,812	120,812
Other comprehensive income	—	—	—	9,886	—	—	9,886
Common stock issued:
Incentive compensation plan	25	64	1,178	—	—	—	1,242
Dividend reinvestment plan	84	209	3,446	—	—	—	3,655
Waiver discount	435	1,085	16,834	—	—	—	17,919
Cash dividend declared ($.42 per share)	—	—	—	—	—	(41,290)	(41,290)
Treasury stock and other	(1)	—	—	—	800	—	800
Balance as of March 31, 2024	98,745	$246,367	$604,009	$322	$22,936	$1,305,591	$2,179,225
Net loss	—	—	—	—	—	(11,574)	(11,574)
Other comprehensive loss	—	—	—	(105)	—	—	(105)
Common stock issued:
Dividend reinvestment plan (1)	85	212	3,338	—	—	—	3,550
Waiver discount	262	655	10,793	—	—	—	11,448
Cash dividend declared ($.42 per share)	—	—	—	—	—	(41,617)	(41,617)
Treasury stock and other	—	—	—	—	2,091	—	2,091
Balance as of June 30, 2024	99,092	$247,234	$618,140	$217	$25,027	$1,252,400	$2,143,018

Part I

(Thousands)	Number of Shares	Common Stock	Premium on Common Stock	Accumulated Other Comprehensive (Loss) Income	Treasury Stock and Other	Retained Earnings	Total
Balance as of September 30, 2022	96,250	$241,616	$519,697	$(4,826)	$(6,805)	$1,067,528	$1,817,210
Net income	—	—	—	—	—	115,921	115,921
Other comprehensive income	—	—	—	304	—	—	304
Common stock issued:
Incentive compensation plan	92	229	3,243	—	—	—	3,472
Dividend reinvestment plan (1)	93	—	437	—	3,429	—	3,866
Waiver discount	368	—	4,469	—	13,450	—	17,919
Cash dividend declared ($.39 per share)	—	—	—	—	—	(37,665)	(37,665)
Treasury stock and other	—	—	—	—	1,768	—	1,768
Balance as of December 31, 2022	96,803	$241,845	$527,846	$(4,522)	$11,842	$1,145,784	$1,922,795
Net income	—	—	—	—	—	110,247	110,247
Other comprehensive income	—	—	—	305	—	—	305
Common stock issued:
Incentive plan	29	74	1,096	—	—	—	1,170
Dividend reinvestment plan	77	—	877	—	2,794	—	3,671
Cash dividend declared ($.39 per share)	—	—	—	—	—	(37,791)	(37,791)
Treasury stock and other	(8)	—	—	—	439	—	439
Balance as of March 31, 2023	96,901	$241,919	$529,819	$(4,217)	$15,075	$1,218,240	$2,000,836
Net income	—	—	—	—	—	1,532	1,532
Other comprehensive income	—	—	—	304	—	—	304
Common stock issued:
Incentive compensation plan	3	7	112	—	—	—	119
Dividend reinvestment plan	73	13	1,209	—	2,537	—	3,759
Waiver discount	519	1,298	23,590	—	—	—	24,888
Cash dividend declared ($.39 per share)	—	—	—	—	—	(37,982)	(37,982)
Treasury stock and other	—	—	—	—	1,786	—	1,786
Balance as of June 30, 2023	97,496	$243,237	$554,730	$(3,913)	$19,398	$1,181,790	$1,995,242

(1)Certain shares sold through the DRP issued from treasury stock are at average cost, which may differ from the actual market price paid.

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