New Jersey Resources(NJR)2025-02-04 19:50Financial Performance - Total operating revenues increased to 467,210,000 in Q4 2023, representing a growth of 2.45%[16] - Operating income rose to 135,819,000 in Q4 2023, marking an increase of 39.5%[16] - Net income for Q4 2024 was 89,411,000 in Q4 2023, reflecting a significant increase of 46.8%[16] - Basic earnings per share improved to 0.91 in Q4 2023, an increase of 45.1%[16] - The company reported comprehensive income of 89,806,000 in Q4 2023, an increase of 46.2%[17] - Consolidated net income for the three months ended December 31, 2024, was 89.4 million in the same period of 2023[191] - NJNG reported net income of 51.4 million year-over-year[191] - CEV's net income increased to 10.5 million, reflecting a significant growth driven by the sale of its residential solar asset portfolio[191] Cash Flow and Assets - Cash flows used in operating activities were 46,415,000 in Q4 2023[20] - Total assets increased to 6,981,645,000 as of September 30, 2024, showing a growth of 3.03%[22] - The company’s cash and cash equivalents at the end of Q4 2024 were 3,429,000 at the end of Q4 2023[20] - The total cash and cash equivalents as of December 31, 2024, amount to 1,017 million as of September 30, 2024[49] - Total assets as of December 31, 2024, reached 212.3 million from 2,989,473,000 in Q4 2024 from 818,665,000 in Q4 2024 from 143,900,000 as of December 31, 2024, with a weighted average interest rate of 4.67%[127] - The estimated fair value of long-term debt as of December 31, 2024, was 2,767,845,000[114] Revenue Streams - Revenues from natural gas utility sales increased to 257.875 million in 2023, representing a growth of 14.9%[74] - Total revenues from residential customers increased to 213.812 million in 2023, marking an increase of 12.9%[78] - The company recognized 9.5 million of operating revenue related to pipeline capacity agreements during the three months ended December 31, 2024, and 2023, respectively[45] - The company recognizes revenue from natural gas sales based on regulated tariff rates, with revenues recognized in the period natural gas is delivered and consumed[70] - CEV's commercial solar projects recognize revenue as electricity is generated and transferred to customers, with payments due monthly for the previous month's services[72] Capital Expenditures and Investments - Capital expenditures for the three months ended December 31, 2024, totaled 114.6 million in the same period of 2023, reflecting an increase of approximately 32.5%[167] - The company has long-term contracts for natural gas supply, transportation, and storage with annual fixed charges of approximately 385.6M, expected to increase annual recoveries by approximately 157.0M increase to base rates was approved, effective November 21, 2024, with an overall rate of return on rate base of 7.08% and return on common equity of 9.60%[89] - NJNG filed a petition to issue up to 222.6M, with a proposed overall rate of return on rate base of 7.57% and return on common equity of 10.42%[209] Environmental and Remediation Efforts - NJNG recorded a remediation liability of approximately 130.9 million to $194.6 million[161] - The company is involved in ongoing environmental remediation efforts with estimated future costs that may impact financial performance, pending regulatory determinations[160] Customer and Market Dynamics - NJNG's operations are influenced by seasonal demand, with most revenues generated during the winter months when natural gas is primarily used for heating[205] - NJNG's customer growth is influenced by political and regulatory policies, the delivered cost of natural gas, interest rates, and general economic conditions[215]