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Midas Edge

NEW JERSEY RESOURCES CORP

For the period ended Dec 31, 2024. Filed Feb 4, 2025.

View on SEC.gov

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.

Dec 31, 2024 · Filed Feb 4, 2025

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

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

See the whole filing, with its images and exhibits
Contents

Item 1. Unaudited Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended
December 31,
(Thousands, except per share data)20242023
OPERATING REVENUES
Utility$333,427$293,093
Nonutility154,934174,117
Total operating revenues488,361467,210
OPERATING EXPENSES
Natural gas purchases:
Utility127,680116,120
Nonutility67,80859,477
Related parties1,7181,879
Operation and maintenance88,63294,439
Regulatory rider expenses22,47619,189
Depreciation and amortization45,32940,287
Gain on sale of assets(54,859)—
Total operating expenses298,784331,391
OPERATING INCOME189,577135,819
Other income, net11,6176,341
Interest expense, net of capitalized interest33,89131,473
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES167,303110,687
Income tax provision37,38422,936
Equity in earnings of affiliates1,4001,660
NET INCOME$131,319$89,411
EARNINGS PER COMMON SHARE
Basic$1.32$0.91
Diluted$1.31$0.91
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic99,85597,869
Diluted100,47898,563

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended
December 31,
(Thousands)20242023
Net income$131,319$89,411
Other comprehensive income
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(79) and $(79), respectively263264
Adjustment to postemployment benefit obligation, net of tax of $58 and $(40), respectively(195)131
Other comprehensive income$68$395
Comprehensive income$131,387$89,806

Part I

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Three Months Ended
December 31,
(Thousands)20242023
CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES
Net income$131,319$89,411
Adjustments to reconcile net income to cash flows from operating activities
Unrealized loss (gain) on derivative instruments6,368(5,400)
Gain on sale of assets(54,859)—
Depreciation and amortization45,32940,287
Amortization of acquired wholesale energy contracts—111
Allowance for equity used during construction(1,086)(1,482)
Allowance for doubtful accounts194(1,575)
Non cash lease expense1,0711,152
Deferred income taxes20,52218,758
Equivalent value of ITCs recognized on equipment financing(4,352)(2,888)
Manufactured gas plant remediation costs(1,126)(4,575)
Cost of removal - asset retirement obligations(432)(382)
Contributions to postemployment benefit plans(227)(1,996)
Taxes related to stock-based compensation1,8051,185
Changes in:
Components of working capital(187,879)(97,615)
Other noncurrent assets and liabilities34,39811,424
Cash flows (used in) from operating activities(8,955)46,415
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant(99,143)(71,166)
Solar equipment(33,476)(25,766)
Storage and Transportation and other(8,476)(8,713)
Cost of removal(10,775)(8,977)
Distribution from equity investees in excess of equity in earnings99830
Proceeds from sale of assets132,500—
Cash flows used in investing activities(19,271)(113,792)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt100,00050,000
Payments of long-term debt(107,676)(6,188)
Proceeds from short-term debt, net45,20016,550
Proceeds from sale leaseback transactions - solar12,56724,394
Proceeds from sale leaseback transactions - natural gas meters11,7148,814
Payments of common stock dividends(44,752)(40,981)
Proceeds from waiver discount issuance of common stock19,91017,919
Proceeds from issuance of common stock - DRP3,7933,781
Tax withholding payments related to net settled stock compensation(11,579)(5,000)
Cash flows from financing activities29,17769,289
Change in cash, cash equivalents and restricted cash9511,912
Cash, cash equivalents and restricted cash at beginning of period1,6121,517
Cash, cash equivalents and restricted cash at end of period$2,563$3,429
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables$(203,094)$(146,377)
Inventories5,2471,948
Recovery of natural gas costs(375)479
Natural gas purchases payable30,99824,901
Natural gas purchases payable - related parties6(2)
Deferred revenue, current65057,115
Accounts payable and other(45,967)(47,797)
Prepaid expenses(7,421)(5,794)
Prepaid and accrued taxes35,20420,895
Restricted broker margin accounts(2,849)(837)
Customers' credit balances and deposits3,992551
Other current assets and liabilities(4,270)(2,697)
Total$(187,879)$(97,615)
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)$34,843$29,779
Income taxes$863$629
Accrued capital expenditures$19,309$13,333
See Notes to Unaudited Condensed Consolidated Financial Statements

Part I

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

(Unaudited)
(Thousands)December 31,2024September 30,2024
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost$4,280,115$4,221,395
Construction work in progress272,360233,295
Nonutility plant and equipment, at cost1,724,1661,834,956
Construction work in progress219,905206,869
Total property, plant and equipment6,496,5466,496,515
Accumulated depreciation and amortization, utility plant(811,164)(786,594)
Accumulated depreciation and amortization, nonutility plant and equipment(257,139)(306,698)
Property, plant and equipment, net5,428,2435,403,223
CURRENT ASSETS
Cash and cash equivalents1,9081,017
Customer accounts receivable
Billed211,036105,531
Unbilled revenues117,28020,094
Allowance for doubtful accounts(8,297)(8,506)
Regulatory assets64,68973,070
Natural gas in storage, at average cost192,046199,125
Materials and supplies, at average cost40,31638,484
Prepaid expenses19,17511,754
Prepaid taxes31,86267,066
Derivatives, at fair value5,0736,813
Restricted broker margin accounts23,00313,243
Other current assets32,61326,904
Total current assets730,704554,595
NONCURRENT ASSETS
Investments in equity method investees101,609101,744
Regulatory assets612,595609,192
Operating lease assets183,252184,485
Derivatives, at fair value1,872806
Software costs10,56110,522
Deferred income taxes23,30320,751
Postemployment employee benefit assets23,01424,660
Other noncurrent assets78,81271,667
Total noncurrent assets1,035,0181,023,827
Total assets$7,193,965$6,981,645

Part I

CAPITALIZATION AND LIABILITIES

(Unaudited)
(Thousands, except share data)December 31,2024September 30,2024
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares December 31, 2024 — 100,191,159; September 30, 2024 — 99,461,448$249,984$248,159
Premium on common stock663,882633,811
Accumulated other comprehensive loss, net of tax(6,453)(6,521)
Treasury stock at cost and other; shares December 31, 2024 — 16,658;September 30, 2024 — 16,30220,18826,220
Retained earnings1,385,0831,298,774
Common stock equity2,312,6842,200,443
Long-term debt2,989,4732,879,464
Total capitalization5,302,1575,079,907
CURRENT LIABILITIES
Current maturities of long-term debt91,558189,006
Short-term debt337,000291,800
Natural gas purchases payable88,51357,515
Natural gas purchases payable to related parties881875
Deferred revenue22,22221,572
Accounts payable and other112,529169,232
Dividends payable45,00944,752
Accrued taxes10,59310,593
Regulatory liabilities32,61032,981
New Jersey Clean Energy Program16,52318,491
Derivatives, at fair value13,4636,271
Operating lease liabilities5,1774,945
Restricted broker margin accounts—1,146
Customers' credit balances and deposits42,58738,595
Total current liabilities818,665887,774
NONCURRENT LIABILITIES
Deferred income taxes383,362358,783
Deferred investment tax credits2,0862,156
Deferred revenue32,4513,095
Derivatives, at fair value12,32111,490
Manufactured gas plant remediation161,024161,650
Postemployment employee benefit liability71,14364,609
Regulatory liabilities174,726175,847
Operating lease liabilities158,583159,303
Asset retirement obligations67,27866,698
Other noncurrent liabilities10,16910,333
Total noncurrent liabilities1,073,1431,013,964
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities$7,193,965$6,981,645

Part I

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited)

(Thousands)Number of SharesCommon StockPremium on Common StockAccumulated Other Comprehensive (Loss) IncomeTreasury Stock and OtherRetained EarningsTotal
Balance as of September 30, 202499,461$248,159$633,811$(6,521)$26,220$1,298,774$2,200,443
Net income—————131,319131,319
Other comprehensive income———68——68
Common stock issued:
Incentive compensation plan2325817,661———8,242
Dividend reinvestment plan801993,545———3,744
Waiver discount4181,04518,865———19,910
Cash dividend declared ($.45 per share)—————(45,010)(45,010)
Treasury stock and other————(6,032)—(6,032)
Balance as of December 31, 2024100,191$249,984$663,882$(6,453)$20,188$1,385,083$2,312,684
(Thousands)Number of SharesCommon StockPremium on Common StockAccumulated Other Comprehensive (Loss) IncomeTreasury Stock and OtherRetained EarningsTotal
Balance as of September 30, 202397,584$243,458$558,654$(9,959)$20,748$1,177,834$1,990,735
Net income—————89,41189,411
Other comprehensive income———395——395
Common stock issued:
Incentive compensation plan1162903,451———3,741
Dividend reinvestment plan (1)942363,552———3,788
Waiver discount4101,02516,894———17,919
Cash dividend declared ($.42 per share)—————(41,176)(41,176)
Treasury stock and other(2)———1,388—1,388
Balance as of December 31, 202398,202$245,009$582,551$(9,564)$22,136$1,226,069$2,066,201

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

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.