NEW JERSEY RESOURCES CORP

For the period ended Mar 31, 2025. Filed May 6, 2025.

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.

Mar 31, 2025 · Filed May 6, 2025

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 · Six Months Ended
	March 31,		March 31,
(Thousands, except per share data)	2025	2024	2025	2024
OPERATING REVENUES
Utility	$618,341	$462,863	$951,768	$755,956
Nonutility	294,686	195,050	449,620	369,167
Total operating revenues	913,027	657,913	1,401,388	1,125,123
OPERATING EXPENSES
Natural gas purchases:
Utility	272,974	204,347	400,654	320,467
Nonutility	151,617	105,018	219,425	164,495
Related parties	1,666	1,799	3,384	3,678
Operation and maintenance	111,041	107,223	199,673	201,662
Regulatory rider expenses	48,501	29,229	70,977	48,418
Depreciation and amortization	47,967	40,075	93,296	80,362
Gain on sale of assets	(688)	—	(55,547)	—
Total operating expenses	633,078	487,691	931,862	819,082
OPERATING INCOME	279,949	170,222	469,526	306,041
Other income, net	17,006	15,420	28,623	21,761
Interest expense, net of capitalized interest	32,527	31,621	66,418	63,094
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES	264,428	154,021	431,731	264,708
Income tax provision	61,593	33,947	98,977	56,883
Equity in earnings of affiliates	1,452	738	2,852	2,398
NET INCOME	$204,287	$120,812	$335,606	$210,223
EARNINGS PER COMMON SHARE
Basic	$2.04	$1.23	$3.35	$2.14
Diluted	$2.02	$1.22	$3.33	$2.13
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	100,291	98,377	100,073	98,123
Diluted	100,933	99,102	100,705	98,839

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended · Six Months Ended
	March 31,		March 31,
(Thousands)	2025	2024	2025	2024
Net income	$204,287	$120,812	$335,606	$210,223
Other comprehensive income, net of tax
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(80), $(80), $(159) and $(159), respectively	263	262	526	526
Adjustment to postemployment benefit obligation, net of tax of $58, $(2,908), $116 and $(2,948), respectively	(196)	9,624	(391)	9,755
Other comprehensive income, net of tax	$67	$9,886	$135	$10,281
Comprehensive income	$204,354	$130,698	$335,741	$220,504

Part I

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Six Months Ended
	March 31,
(Thousands)	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$335,606	$210,223
Adjustments to reconcile net income to cash flows from operating activities
Unrealized (gain) loss on derivative instruments	(20,838)	20,057
Gain on sale of assets	(55,547)	—
Depreciation and amortization	93,296	80,362
Amortization of acquired wholesale energy contracts	—	260
Allowance for equity used during construction	(3,790)	(3,572)
Allowance for doubtful accounts	2,894	(24)
Non cash lease expense	2,172	2,130
Deferred income taxes	42,849	49,301
Equivalent value of ITCs recognized on equipment financing	(12,315)	(10,605)
Manufactured gas plant remediation costs	(2,592)	(12,577)
Cost of removal - asset retirement obligations	(863)	(763)
Contributions to postemployment benefit plans	(493)	(2,191)
Taxes related to stock-based compensation	1,805	1,186
Changes in:
Components of working capital	2,796	(3,021)
Other noncurrent assets and liabilities	29,098	7,836
Cash flows from operating activities	414,078	338,602
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant	(183,099)	(160,937)
Solar equipment	(68,702)	(37,083)
Storage and Transportation and other	(14,334)	(21,846)
Cost of removal	(20,438)	(17,436)
Distribution from equity investees in excess of equity in earnings	318	2,284
Proceeds from sale of assets	134,036	—
Cash flows used in investing activities	(152,219)	(235,018)
CASH FLOWS USED IN FINANCING ACTIVITIES
Proceeds from long-term debt	100,000	50,000
Payments of long-term debt	(113,016)	(82,790)
Payments of short-term debt, net	(129,350)	(55,950)
Proceeds from sale leaseback transactions - solar	25,725	24,394
Proceeds from sale leaseback transactions - natural gas meters	11,714	8,814
Payments of common stock dividends	(89,761)	(82,156)
Proceeds from waiver discount issuance of common stock	19,910	35,838
Proceeds from issuance of common stock - DRP	7,606	7,522
Tax withholding payments related to net settled stock compensation	(11,608)	(5,027)
Cash flows used in financing activities	(178,780)	(99,355)
Change in cash, cash equivalents and restricted cash	83,079	4,229
Cash, cash equivalents and restricted cash at beginning of period	1,612	1,517
Cash, cash equivalents and restricted cash at end of period	$84,691	$5,746
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables	$(212,142)	$(144,321)
Inventories	95,561	115,166
Recovery of natural gas costs	9,690	(3,853)
Natural gas purchases payable	52,144	13,178
Deferred revenue, current	638	48,294
Accounts payable and other	(37,264)	(15,888)
Prepaid expenses	(6,719)	(6,350)
Prepaid and accrued taxes	90,350	30,705
Restricted broker margin accounts	28,188	(15,015)
Customers' credit balances and deposits	(15,746)	(20,032)
Other current assets and liabilities	(1,904)	(4,905)
Total	$2,796	$(3,021)
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)	$64,947	$60,256
Income taxes	$6,721	$6,699
Accrued capital expenditures	$18,907	$17,513
See Notes to Unaudited Condensed Consolidated Financial Statements

Part I

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

(Unaudited)
(Thousands)	March 31,2025	September 30,2024
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost	$4,316,864	$4,221,395
Construction work in progress	317,844	233,295
Nonutility plant and equipment, at cost	1,737,242	1,834,956
Construction work in progress	250,349	206,869
Total property, plant and equipment	6,622,299	6,496,515
Accumulated depreciation and amortization, utility plant	(831,775)	(786,594)
Accumulated depreciation and amortization, nonutility plant and equipment	(269,193)	(306,698)
Property, plant and equipment, net	5,521,331	5,403,223
CURRENT ASSETS
Cash and cash equivalents	83,708	1,017
Customer accounts receivable
Billed	263,251	105,531
Unbilled revenues	73,625	20,094
Allowance for doubtful accounts	(10,509)	(8,506)
Regulatory assets	34,839	73,070
Natural gas in storage, at average cost	99,516	199,125
Materials and supplies, at average cost	42,532	38,484
Prepaid expenses	18,473	11,754
Prepaid taxes	16,042	67,066
Derivatives, at fair value	6,020	6,813
Restricted broker margin accounts	19,890	13,243
Other current assets	31,172	26,904
Total current assets	678,559	554,595
NONCURRENT ASSETS
Investments in equity method investees	101,354	101,744
Regulatory assets	602,622	609,192
Operating lease assets	187,478	184,485
Derivatives, at fair value	28,851	806
Software costs	10,664	10,522
Deferred income taxes	21,960	20,751
Postemployment employee benefit assets	24,449	24,660
Other noncurrent assets	88,316	71,667
Total noncurrent assets	1,065,694	1,023,827
Total assets	$7,265,584	$6,981,645

Part I

CAPITALIZATION AND LIABILITIES

(Unaudited)
(Thousands, except share data)	March 31,2025	September 30,2024
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares March 31, 2025 — 100,302,638; September 30, 2024 — 99,461,448	$250,265	$248,159
Premium on common stock	668,599	633,811
Accumulated other comprehensive loss, net of tax	(6,386)	(6,521)
Treasury stock at cost and other; shares March 31, 2025 — 17,273;September 30, 2024 — 16,302	21,194	26,220
Retained earnings	1,544,235	1,298,774
Common stock equity	2,477,907	2,200,443
Long-term debt	2,970,199	2,879,464
Total capitalization	5,448,106	5,079,907
CURRENT LIABILITIES
Current maturities of long-term debt	110,911	189,006
Short-term debt	162,450	291,800
Natural gas purchases payable	109,659	57,515
Natural gas purchases payable to related parties	875	875
Deferred revenue	22,210	21,572
Accounts payable and other	121,574	169,232
Dividends payable	45,135	44,752
Accrued taxes	49,919	10,593
Regulatory liabilities	53,208	32,981
New Jersey Clean Energy Program	7,649	18,491
Derivatives, at fair value	19,985	6,271
Operating lease liabilities	5,526	4,945
Restricted broker margin accounts	—	1,146
Customers' credit balances and deposits	22,849	38,595
Total current liabilities	731,950	887,774
NONCURRENT LIABILITIES
Deferred income taxes	406,423	358,783
Deferred investment tax credits	2,017	2,156
Deferred revenue	27,494	3,095
Derivatives, at fair value	3,511	11,490
Manufactured gas plant remediation	160,058	161,650
Postemployment employee benefit liability	71,650	64,609
Regulatory liabilities	173,246	175,847
Operating lease liabilities	163,364	159,303
Asset retirement obligations	67,699	66,698
Other noncurrent liabilities	10,066	10,333
Total noncurrent liabilities	1,085,528	1,013,964
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities	$7,265,584	$6,981,645

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, 2024	99,461	$248,159	$633,811	$(6,521)	$26,220	$1,298,774	$2,200,443
Net income	—	—	—	—	—	131,319	131,319
Other comprehensive income	—	—	—	68	—	—	68
Common stock issued:
Incentive compensation plan	232	581	7,661	—	—	—	8,242
Dividend reinvestment plan	80	199	3,545	—	—	—	3,744
Waiver discount	418	1,045	18,865	—	—	—	19,910
Cash dividend declared ($.45 per share)	—	—	—	—	—	(45,010)	(45,010)
Treasury stock and other	—	—	—	—	(6,032)	—	(6,032)
Balance as of December 31, 2024	100,191	$249,984	$663,882	$(6,453)	$20,188	$1,385,083	$2,312,684
Net income	—	—	—	—	—	204,287	204,287
Other comprehensive income	—	—	—	67	—	—	67
Common stock issued:
Incentive compensation plan	31	76	1,199	—	—	—	1,275
Dividend reinvestment plan	81	205	3,518	—	—	—	3,723
Cash dividend declared ($.45 per share)	—	—	—	—	—	(45,135)	(45,135)
Treasury stock and other	—	—	—	—	1,006	—	1,006
Balance as of March 31, 2025	100,303	$250,265	$668,599	$(6,386)	$21,194	$1,544,235	$2,477,907

(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	$2,066,201
Net income	—	—	—	—	—	120,812	120,812
Other comprehensive income	—	—	—	9,886	—	—	9,886
Common stock issued:
Incentive plan	25	64	1,178	—	—	—	1,242
Dividend reinvestment plan	84	209	3,446	—	—	—	3,655
Waiver discount	435	1,085	16,834	—	—	—	17,919
Cash dividend declared ($.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

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