●
|
Consolidated net income of $13.1 million, compared with a net loss of $(111.8) million in the third quarter of fiscal 2021.
|
●
|
Consolidated net financial loss, a non-GAAP financial measure, of $(3.6) million, or $(0.04) per share, compared to a net financial loss of $(14.1) million, or $(0.15) per share, in the third quarter of fiscal 2021.
|
●
|
Increased fiscal 2022 net financial earnings per share (NFEPS) guidance range to $2.40 to $2.50 from the previously announced range of $2.30 to $2.40.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
($ in Thousands)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Net income (loss)
|
$
|
13,053
|
$
|
(111,831
|
)
|
$
|
220,400
|
$
|
119,023
|
|||||||
Basic EPS
|
$
|
0.14
|
$
|
(1.16
|
)
|
$
|
2.29
|
$
|
1.24
|
|||||||
Net financial (loss) earnings
|
$
|
(3,551
|
)
|
$
|
(14,148
|
)
|
$
|
192,425
|
$
|
201,113
|
||||||
Basic net financial (loss) earnings per share
|
$
|
(0.04
|
)
|
$
|
(0.15
|
)
|
$
|
2.00
|
$
|
2.09
|
NJR Reports Third Quarter Fiscal 2022 Results
Page 2
of 13
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Thousands)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Net income (loss)
|
$
|
13,053
|
$
|
(111,831
|
)
|
$
|
220,400
|
$
|
119,023
|
|||||||
Add:
|
||||||||||||||||
Unrealized (gain) loss on derivative instruments and related transactions
|
(17,891
|
)
|
21,862
|
(58,060
|
)
|
13,627
|
||||||||||
Tax effect
|
4,253
|
(5,198
|
)
|
13,809
|
(3,240
|
)
|
||||||||||
Effects of economic hedging related to natural gas inventory
|
428
|
2,486
|
25,160
|
(12,255
|
)
|
|||||||||||
Tax effect
|
(102
|
)
|
(591
|
)
|
(5,979
|
)
|
2,912
|
|||||||||
(Gain on) impairment of equity method investment
|
(4,021
|
)
|
92,000
|
(4,021
|
)
|
92,000
|
||||||||||
Tax effect
|
1,003
|
(11,934
|
)
|
1,003
|
(11,934
|
)
|
||||||||||
NFE tax adjustment
|
(274
|
)
|
(942
|
)
|
113
|
980
|
||||||||||
Net financial (loss) earnings
|
$
|
(3,551
|
)
|
$
|
(14,148
|
)
|
$
|
192,425
|
$
|
201,113
|
||||||
Weighted Average Shares Outstanding
|
||||||||||||||||
Basic
|
96,154
|
96,348
|
96,055
|
96,237
|
||||||||||||
Diluted
|
96,620
|
96,348
|
96,527
|
96,629
|
||||||||||||
Basic earnings (loss) per share
|
$
|
0.14
|
$
|
(1.16
|
)
|
$
|
2.29
|
$
|
1.24
|
|||||||
Add:
|
||||||||||||||||
Unrealized (gain) loss on derivative instruments and related transactions
|
(0.19
|
)
|
0.22
|
(0.60
|
)
|
0.14
|
||||||||||
Tax effect
|
0.04
|
(0.05
|
)
|
0.14
|
(0.03
|
)
|
||||||||||
Effects of economic hedging related to natural gas inventory
|
—
|
0.03
|
0.26
|
(0.13
|
)
|
|||||||||||
Tax effect
|
—
|
(0.01
|
)
|
(0.06
|
)
|
0.03
|
||||||||||
(Gain on) impairment of equity method investment
|
(0.04
|
)
|
0.95
|
(0.04
|
)
|
0.95
|
||||||||||
Tax effect
|
0.01
|
(0.12
|
)
|
0.01
|
(0.12
|
)
|
||||||||||
NFE tax adjustment
|
—
|
(0.01
|
)
|
—
|
0.01
|
|||||||||||
Basic net financial (loss) earnings per share
|
$
|
(0.04
|
)
|
$
|
(0.15
|
)
|
$
|
2.00
|
$
|
2.09
|
NJR Reports Third Quarter Fiscal 2022 Results
Page 3
of 13
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Thousands)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
New Jersey Natural Gas
|
$
|
2,648
|
$
|
1,581
|
$
|
156,511
|
$
|
131,589
|
||||||||
Clean Energy Ventures
|
(5,098
|
)
|
(4,926
|
)
|
(18,410
|
)
|
(24,072
|
)
|
||||||||
Storage and Transportation
|
3,526
|
2,387
|
11,113
|
10,606
|
||||||||||||
Energy Services
|
(5,003
|
)
|
(12,527
|
)
|
42,504
|
85,501
|
||||||||||
Home Services and Other
|
215
|
(384
|
)
|
1,113
|
301
|
|||||||||||
Subtotal
|
(3,712
|
)
|
(13,869
|
)
|
192,831
|
203,925
|
||||||||||
Eliminations
|
161
|
(279
|
)
|
(406
|
)
|
(2,812
|
)
|
|||||||||
Total
|
$
|
(3,551
|
)
|
$
|
(14,148
|
)
|
$
|
192,425
|
$
|
201,113
|
Company
|
Expected Fiscal 2022
Net Financial Earnings
Contribution
|
New Jersey Natural Gas
|
59 to 61 percent
|
Clean Energy Ventures
|
16 to 18 percent
|
Storage and Transportation
|
6 to 8 percent
|
Energy Services
|
15 to 20 percent
|
Home Services and Other
|
0 to 1 percent
|
●
|
NJNG added 5,274 new customers during the first nine months of fiscal 2022, compared with 5,448 during the same period in fiscal 2021. NJNG expects these new customers to contribute approximately $4.4 million of incremental utility
gross margin on an annualized basis.
|
NJR Reports Third Quarter Fiscal 2022 Results
Page 4
of 13
|
●
|
NJNG's Infrastructure Investment Program (IIP) is a five-year, $150 million accelerated recovery program that began in fiscal 2021. IIP consists of a series of infrastructure projects designed
to enhance the safety and reliability of NJNG's natural gas distribution system. Fiscal 2022 year-to-date NJNG spent $23.5 million under the program on various distribution system reinforcement projects. On March 31, 2022, the Company
filed its first rate recovery request with the BPU. On July 13, 2022, NJNG updated the filing with actual information through June 30, 2022, seeking recovery for $28.9 million of investments, including AFUDC, from November 30, 2020
through June 30, 2022.
|
NJR Reports Third Quarter Fiscal 2022 Results
Page 5
of 13
|
●
|
Adelphia Gateway - Adelphia Gateway is an 84-mile pipeline running from Marcus Hook to Martins Creek, Pennsylvania originally built as an oil pipeline, which is now being repurposed to deliver
natural gas to the Philadelphia and New Jersey markets. Adelphia Gateway recently completed construction at the Marcus Hook and Quakertown compressor stations, and the project remains on track to be completed by the end of the calendar
year.
|
●
|
During the first nine months of fiscal 2022, capital expenditures were $419.4 million, including accruals, of which $194.8 million were related to NJNG, compared with $462.7 million, of which $349.4 million were related to NJNG,
during the same period in fiscal 2021. The decrease in capital expenditures was primarily due to the completion of the Southern Reliability Link (SRL) project, which was placed into service in August 2021.
|
●
|
During the first nine months of fiscal 2022, cash flows from operations were $235.9 million, compared with cash flows from operations of $341.8 million during the same period of fiscal
2021. The decrease in operating cash flows was due to higher working capital requirements as a result of rising energy prices and outsized performance at Energy Services during February 2021 that did not reoccur at similar levels during
fiscal 2022.
|
NJR Reports Third Quarter Fiscal 2022 Results
Page 6
of 13
|
NJR Reports Third Quarter Fiscal 2022 Results
Page 7
of 13
|
●
|
New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,600 miles of natural gas
transportation and distribution infrastructure to serve over 560,000 customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex, Sussex and Burlington counties.
|
●
|
Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 370 megawatts, providing residential and commercial customers with low-carbon solutions.
|
●
|
Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers
across North America.
|
●
|
Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway
Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
|
●
|
Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential
homes throughout New Jersey.
|
NJR Reports Third Quarter Fiscal 2022 Results
Page 8
of 13
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Thousands, except per share data)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
OPERATING REVENUES
|
||||||||||||||||
Utility
|
$
|
199,357
|
$
|
127,626
|
$
|
937,266
|
$
|
633,522
|
||||||||
Nonutility
|
352,978
|
239,967
|
1,203,227
|
990,563
|
||||||||||||
Total operating revenues
|
552,335
|
367,593
|
2,140,493
|
1,624,085
|
||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
Gas purchases
|
||||||||||||||||
Utility
|
100,277
|
41,785
|
435,438
|
211,165
|
||||||||||||
Nonutility
|
290,806
|
236,464
|
980,135
|
740,199
|
||||||||||||
Related parties
|
1,838
|
1,699
|
5,567
|
5,163
|
||||||||||||
Operation and maintenance
|
88,373
|
81,878
|
243,143
|
265,779
|
||||||||||||
Regulatory rider expenses
|
8,360
|
5,456
|
55,941
|
34,570
|
||||||||||||
Depreciation and amortization
|
32,872
|
27,767
|
94,700
|
81,977
|
||||||||||||
Total operating expenses
|
522,526
|
395,049
|
1,814,924
|
1,338,853
|
||||||||||||
OPERATING INCOME (LOSS)
|
29,809
|
(27,456
|
)
|
325,569
|
285,232
|
|||||||||||
Other income, net
|
4,288
|
4,817
|
12,551
|
13,941
|
||||||||||||
Interest expense, net of capitalized interest
|
21,411
|
18,744
|
59,814
|
58,683
|
||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
|
12,686
|
(41,383
|
)
|
278,306
|
240,490
|
|||||||||||
Income tax provision (benefit)
|
4,434
|
(18,785
|
)
|
64,051
|
37,713
|
|||||||||||
Equity in earnings (loss) of affiliates
|
4,801
|
(89,233
|
)
|
6,145
|
(83,754
|
)
|
||||||||||
NET INCOME (LOSS)
|
$
|
13,053
|
$
|
(111,831
|
)
|
$
|
220,400
|
$
|
119,023
|
|||||||
EARNINGS (LOSS) PER COMMON SHARE
|
||||||||||||||||
Basic
|
$
|
0.14
|
$
|
(1.16
|
)
|
$
|
2.29
|
$
|
1.24
|
|||||||
Diluted
|
$
|
0.14
|
$
|
(1.16
|
)
|
$
|
2.28
|
$
|
1.23
|
|||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
||||||||||||||||
Basic
|
96,154
|
96,348
|
96,055
|
96,237
|
||||||||||||
Diluted
|
96,620
|
96,348
|
96,527
|
96,629
|
||||||||||||
NJR Reports Third Quarter Fiscal 2022 Results
Page 9
of 13
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Thousands)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
NEW JERSEY RESOURCES
|
||||||||||||||||
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
|
||||||||||||||||
Net income (loss)
|
$
|
13,053
|
$
|
(111,831
|
)
|
$
|
220,400
|
$
|
119,023
|
|||||||
Add:
|
||||||||||||||||
Unrealized (gain) loss on derivative instruments and related transactions
|
(17,891
|
)
|
21,862
|
(58,060
|
)
|
13,627
|
||||||||||
Tax effect
|
4,253
|
(5,198
|
)
|
13,809
|
(3,240
|
)
|
||||||||||
Effects of economic hedging related to natural gas inventory
|
428
|
2,486
|
25,160
|
(12,255
|
)
|
|||||||||||
Tax effect
|
(102
|
)
|
(591
|
)
|
(5,979
|
)
|
2,912
|
|||||||||
(Gain on) impairment of equity method investment
|
(4,021
|
)
|
92,000
|
(4,021
|
)
|
92,000
|
||||||||||
Tax effect
|
1,003
|
(11,934
|
)
|
1,003
|
(11,934
|
)
|
||||||||||
NFE tax adjustment
|
(274
|
)
|
(942
|
)
|
113
|
980
|
||||||||||
Net financial (loss) earnings
|
$
|
(3,551
|
)
|
$
|
(14,148
|
)
|
$
|
192,425
|
$
|
201,113
|
||||||
Weighted Average Shares Outstanding
|
||||||||||||||||
Basic
|
96,154
|
96,348
|
96,055
|
96,237
|
||||||||||||
Diluted
|
96,620
|
96,348
|
96,527
|
96,629
|
||||||||||||
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:
|
||||||||||||||||
Basic earnings (loss) per share
|
$
|
0.14
|
$
|
(1.16
|
)
|
$
|
2.29
|
$
|
1.24
|
|||||||
Add:
|
||||||||||||||||
Unrealized (gain) loss on derivative instruments and related transactions
|
$
|
(0.19
|
)
|
$
|
0.22
|
$
|
(0.60
|
)
|
$
|
0.14
|
||||||
Tax effect
|
$
|
0.04
|
$
|
(0.05
|
)
|
$
|
0.14
|
$
|
(0.03
|
)
|
||||||
Effects of economic hedging related to natural gas inventory
|
$
|
—
|
$
|
0.03
|
$
|
0.26
|
$
|
(0.13
|
)
|
|||||||
Tax effect
|
$
|
—
|
$
|
(0.01
|
)
|
$
|
(0.06
|
)
|
$
|
0.03
|
||||||
(Gain on) impairment of equity method investment
|
$
|
(0.04
|
)
|
$
|
0.95
|
$
|
(0.04
|
)
|
$
|
0.95
|
||||||
Tax effect
|
$
|
0.01
|
$
|
(0.12
|
)
|
$
|
0.01
|
$
|
(0.12
|
)
|
||||||
NFE tax adjustment
|
$
|
—
|
$
|
(0.01
|
)
|
$
|
—
|
$
|
0.01
|
|||||||
Basic NFE per share
|
$
|
(0.04
|
)
|
$
|
(0.15
|
)
|
$
|
2.00
|
$
|
2.09
|
||||||
NATURAL GAS DISTRIBUTION
|
||||||||||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:
|
||||||||||||||||
Operating revenues
|
$
|
199,695
|
$
|
127,626
|
$
|
938,279
|
$
|
633,522
|
||||||||
Less:
|
||||||||||||||||
Natural gas purchases
|
102,624
|
44,111
|
442,441
|
221,872
|
||||||||||||
Operating and maintenance (1)
|
25,034
|
29,437
|
64,924
|
80,544
|
||||||||||||
Regulatory rider expense
|
8,360
|
5,456
|
55,941
|
34,570
|
||||||||||||
Depreciation and amortization
|
23,951
|
19,894
|
70,188
|
58,538
|
||||||||||||
Gross margin
|
39,726
|
28,728
|
304,785
|
237,998
|
||||||||||||
Add:
|
||||||||||||||||
Operating and maintenance (1)
|
25,034
|
29,437
|
64,924
|
80,544
|
||||||||||||
Depreciation and amortization
|
23,951
|
19,894
|
70,188
|
58,538
|
||||||||||||
Utility gross margin
|
$
|
88,711
|
$
|
78,059
|
$
|
439,897
|
$
|
377,080
|
NJR Reports Third Quarter Fiscal 2022 Results
Page 10
of 13
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(Unaudited)
|
June 30,
|
June 30,
|
||||||||||||||
(Thousands)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
ENERGY SERVICES
|
||||||||||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:
|
||||||||||||||||
Operating revenues
|
$
|
307,815
|
$
|
201,594
|
$
|
1,089,704
|
$
|
893,640
|
||||||||
Less:
|
||||||||||||||||
Natural Gas purchases
|
290,767
|
237,011
|
980,600
|
741,128
|
||||||||||||
Operation and maintenance (1)
|
5,617
|
3,663
|
12,864
|
28,271
|
||||||||||||
Depreciation and amortization
|
34
|
28
|
94
|
83
|
||||||||||||
Gross margin
|
11,397
|
(39,108
|
)
|
96,146
|
124,158
|
|||||||||||
Add:
|
||||||||||||||||
Operation and maintenance (1)
|
5,617
|
3,663
|
12,864
|
28,271
|
||||||||||||
Depreciation and amortization
|
34
|
28
|
94
|
83
|
||||||||||||
Unrealized (gain) loss on derivative instruments and related transactions
|
(16,470
|
)
|
22,784
|
(61,671
|
)
|
13,351
|
||||||||||
Effects of economic hedging related to natural gas inventory
|
428
|
2,486
|
25,160
|
(12,255
|
)
|
|||||||||||
Financial margin
|
$
|
1,006
|
$
|
(10,147
|
)
|
$
|
72,593
|
$
|
153,608
|
A reconciliation of net income (loss) to net financial (loss) earnings is as follows:
|
||||||||||||||||
Net income (loss)
|
$
|
7,501
|
$
|
(30,846
|
)
|
$
|
70,214
|
$
|
83,688
|
|||||||
Add:
|
||||||||||||||||
Unrealized (gain) loss on derivative instruments and related transactions
|
(16,470
|
)
|
22,784
|
(61,671
|
)
|
13,351
|
||||||||||
Tax effect
|
3,914
|
(5,418
|
)
|
14,667
|
(3,175
|
)
|
||||||||||
Effects of economic hedging related to natural gas
|
428
|
2,486
|
25,160
|
(12,255
|
)
|
|||||||||||
Tax effect
|
(102
|
)
|
(591
|
)
|
(5,979
|
)
|
2,912
|
|||||||||
NFE tax adjustment
|
(274
|
)
|
(942
|
)
|
113
|
980
|
||||||||||
Net financial (loss) earnings
|
$
|
(5,003
|
)
|
$
|
(12,527
|
)
|
$
|
42,504
|
$
|
85,501
|
||||||
NJR Reports Third Quarter Fiscal 2022 Results
Page 11
of 13
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Thousands, except per share data)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
NEW JERSEY RESOURCES
|
||||||||||||||||
Operating Revenues
|
||||||||||||||||
Natural Gas Distribution
|
$
|
199,695
|
$
|
127,626
|
$
|
938,279
|
$
|
633,522
|
||||||||
Clean Energy Ventures
|
13,795
|
13,381
|
35,805
|
26,227
|
||||||||||||
Energy Services
|
307,815
|
201,594
|
1,089,704
|
893,640
|
||||||||||||
Storage and Transportation
|
16,390
|
11,649
|
41,875
|
38,679
|
||||||||||||
Home Services and Other
|
14,220
|
13,312
|
41,393
|
38,662
|
||||||||||||
Sub-total
|
551,915
|
367,562
|
2,147,056
|
1,630,730
|
||||||||||||
Eliminations
|
420
|
31
|
(6,563
|
)
|
(6,645
|
)
|
||||||||||
Total
|
$
|
552,335
|
$
|
367,593
|
$
|
2,140,493
|
$
|
1,624,085
|
||||||||
Operating Income (Loss)
|
||||||||||||||||
Natural Gas Distribution
|
$
|
13,200
|
$
|
6,486
|
$
|
228,694
|
$
|
170,274
|
||||||||
Clean Energy Ventures
|
(1,209
|
)
|
(1,288
|
)
|
(7,877
|
)
|
(16,021
|
)
|
||||||||
Energy Services
|
10,833
|
(39,511
|
)
|
94,479
|
111,349
|
|||||||||||
Storage and Transportation
|
4,240
|
2,190
|
9,296
|
10,064
|
||||||||||||
Home Services and Other
|
477
|
2,836
|
2,240
|
8,124
|
||||||||||||
Sub-total
|
27,541
|
(29,287
|
)
|
326,832
|
283,790
|
|||||||||||
Eliminations
|
2,268
|
1,831
|
(1,263
|
)
|
1,442
|
|||||||||||
Total
|
$
|
29,809
|
$
|
(27,456
|
)
|
$
|
325,569
|
$
|
285,232
|
|||||||
Equity in Earnings of Affiliates
|
||||||||||||||||
Storage and Transportation
|
$
|
5,274
|
$
|
(88,615
|
)
|
$
|
7,586
|
$
|
(82,036
|
)
|
||||||
Eliminations
|
(473
|
)
|
(618
|
)
|
(1,441
|
)
|
(1,718
|
)
|
||||||||
Total
|
$
|
4,801
|
$
|
(89,233
|
)
|
$
|
6,145
|
$
|
(83,754
|
)
|
||||||
Net Income (Loss)
|
||||||||||||||||
Natural Gas Distribution
|
$
|
2,648
|
$
|
1,581
|
$
|
156,511
|
$
|
131,589
|
||||||||
Clean Energy Ventures
|
(5,098
|
)
|
(4,926
|
)
|
(18,410
|
)
|
(24,072
|
)
|
||||||||
Energy Services
|
7,501
|
(30,846
|
)
|
70,214
|
83,688
|
|||||||||||
Storage and Transportation
|
6,544
|
(77,679
|
)
|
14,131
|
(69,460
|
)
|
||||||||||
Home Services and Other
|
215
|
(384
|
)
|
1,113
|
301
|
|||||||||||
Sub-total
|
11,810
|
(112,254
|
)
|
223,559
|
122,046
|
|||||||||||
Eliminations
|
1,243
|
423
|
(3,159
|
)
|
(3,023
|
)
|
||||||||||
Total
|
$
|
13,053
|
$
|
(111,831
|
)
|
$
|
220,400
|
$
|
119,023
|
|||||||
Net Financial Earnings (Loss)
|
||||||||||||||||
Natural Gas Distribution
|
$
|
2,648
|
$
|
1,581
|
$
|
156,511
|
$
|
131,589
|
||||||||
Clean Energy Ventures
|
(5,098
|
)
|
(4,926
|
)
|
(18,410
|
)
|
(24,072
|
)
|
||||||||
Energy Services
|
(5,003
|
)
|
(12,527
|
)
|
42,504
|
85,501
|
||||||||||
Storage and Transportation
|
3,526
|
2,387
|
11,113
|
10,606
|
||||||||||||
Home Services and Other
|
215
|
(384
|
)
|
1,113
|
301
|
|||||||||||
Sub-total
|
(3,712
|
)
|
(13,869
|
)
|
192,831
|
203,925
|
||||||||||
Eliminations
|
161
|
(279
|
)
|
(406
|
)
|
(2,812
|
)
|
|||||||||
Total
|
$
|
(3,551
|
)
|
$
|
(14,148
|
)
|
$
|
192,425
|
$
|
201,113
|
||||||
Throughput (Bcf)
|
||||||||||||||||
NJNG, Core Customers
|
20.0
|
15.7
|
78.6
|
73.6
|
||||||||||||
NJNG, Off System/Capacity Management
|
20.3
|
24.9
|
69.4
|
74.4
|
||||||||||||
Energy Services Fuel Mgmt. and Wholesale Sales
|
40.7
|
75.0
|
180.9
|
292.5
|
||||||||||||
Total
|
81.0
|
115.6
|
328.9
|
440.5
|
||||||||||||
Common Stock Data
|
||||||||||||||||
Yield at June 30,
|
3.3
|
%
|
3.4
|
%
|
3.3
|
%
|
3.4
|
%
|
||||||||
Market Price at June 30,
|
$
|
44.53
|
$
|
39.57
|
$
|
44.53
|
$
|
39.57
|
||||||||
Shares Out. at June 30,
|
96,160
|
96,361
|
96,160
|
96,361
|
||||||||||||
Market Cap. at June 30,
|
$
|
4,282,015
|
$
|
3,813,022
|
$
|
4,282,015
|
$
|
3,813,022
|
||||||||
NJR Reports Third Quarter Fiscal 2022 Results
Page 12
of 13
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(Unaudited)
|
June 30,
|
June 30,
|
||||||||||||||
(Thousands, except customer and weather data)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
NATURAL GAS DISTRIBUTION
|
||||||||||||||||
Utility Gross Margin
|
||||||||||||||||
Operating revenues
|
$
|
199,695
|
$
|
127,626
|
$
|
938,279
|
$
|
633,522
|
||||||||
Less:
|
||||||||||||||||
Natural gas purchases
|
102,624
|
44,111
|
442,441
|
221,872
|
||||||||||||
Operating and maintenance (1)
|
25,034
|
29,437
|
64,924
|
80,544
|
||||||||||||
Regulatory rider expense
|
8,360
|
5,456
|
55,941
|
34,570
|
||||||||||||
Depreciation and amortization
|
23,951
|
19,894
|
70,188
|
58,538
|
||||||||||||
Gross margin
|
39,726
|
28,728
|
304,785
|
237,998
|
||||||||||||
Add:
|
||||||||||||||||
Operating and maintenance (1)
|
25,034
|
29,437
|
64,924
|
80,544
|
||||||||||||
Depreciation and amortization
|
23,951
|
19,894
|
70,188
|
58,538
|
||||||||||||
Total Utility Gross Margin
|
$
|
88,711
|
$
|
78,059
|
$
|
439,897
|
$
|
377,080
|
Utility Gross Margin, Operating Income and Net Income
|
||||||||||||||||
Residential
|
$
|
55,597
|
$
|
48,333
|
$
|
303,716
|
$
|
258,776
|
||||||||
Commercial, Industrial & Other
|
15,387
|
14,282
|
64,609
|
54,372
|
||||||||||||
Firm Transportation
|
14,729
|
11,186
|
57,101
|
51,352
|
||||||||||||
Total Firm Margin
|
85,713
|
73,801
|
425,426
|
364,500
|
||||||||||||
Interruptible
|
1,060
|
998
|
2,420
|
2,628
|
||||||||||||
Total System Margin
|
86,773
|
74,799
|
427,846
|
367,128
|
||||||||||||
Off System/Capacity Management/FRM/Storage Incentive
|
1,938
|
3,260
|
12,051
|
9,952
|
||||||||||||
Total Utility Gross Margin
|
88,711
|
78,059
|
439,897
|
377,080
|
||||||||||||
Operation and maintenance expense
|
51,560
|
51,679
|
141,015
|
148,268
|
||||||||||||
Depreciation and amortization
|
23,951
|
19,894
|
70,188
|
58,538
|
||||||||||||
Operating Income
|
$
|
13,200
|
$
|
6,486
|
$
|
228,694
|
$
|
170,274
|
||||||||
Net Income
|
$
|
2,648
|
$
|
1,581
|
$
|
156,511
|
$
|
131,589
|
||||||||
Net Financial Earnings
|
$
|
2,648
|
$
|
1,581
|
$
|
156,511
|
$
|
131,589
|
||||||||
Throughput (Bcf)
|
||||||||||||||||
Residential
|
6.7
|
6.6
|
42.3
|
42.9
|
||||||||||||
Commercial, Industrial & Other
|
1.3
|
1.2
|
7.9
|
7.9
|
||||||||||||
Firm Transportation
|
2.3
|
2.5
|
11.5
|
12.1
|
||||||||||||
Total Firm Throughput
|
10.3
|
10.3
|
61.7
|
62.9
|
||||||||||||
Interruptible
|
9.7
|
5.4
|
16.9
|
10.7
|
||||||||||||
Total System Throughput
|
20.0
|
15.7
|
78.6
|
73.6
|
||||||||||||
Off System/Capacity Management
|
20.3
|
24.9
|
69.4
|
74.4
|
||||||||||||
Total Throughput
|
40.3
|
40.6
|
148.0
|
148.0
|
||||||||||||
Customers
|
||||||||||||||||
Residential
|
510,931
|
500,923
|
510,931
|
500,923
|
||||||||||||
Commercial, Industrial & Other
|
31,469
|
30,789
|
31,469
|
30,789
|
||||||||||||
Firm Transportation
|
26,152
|
30,925
|
26,152
|
30,925
|
||||||||||||
Total Firm Customers
|
568,552
|
562,637
|
568,552
|
562,637
|
||||||||||||
Interruptible
|
29
|
27
|
29
|
27
|
||||||||||||
Total System Customers
|
568,581
|
562,664
|
568,581
|
562,664
|
||||||||||||
Off System/Capacity Management*
|
19
|
79
|
19
|
79
|
||||||||||||
Total Customers
|
568,600
|
562,743
|
568,600
|
562,743
|
||||||||||||
*The number of customers represents those active during the last month of the period.
|
||||||||||||||||
Degree Days
|
||||||||||||||||
Actual
|
452
|
466
|
4,097
|
4,239
|
||||||||||||
Normal
|
483
|
481
|
4,477
|
4,512
|
||||||||||||
Percent of Normal
|
93.6
|
%
|
96.9
|
%
|
91.5
|
%
|
93.9
|
%
|
||||||||
NJR Reports Third Quarter Fiscal 2022 Results
Page 13
of 13
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(Unaudited)
|
June 30,
|
June 30,
|
||||||||||||||
(Thousands, except customer, SREC, TREC and megawatt)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
CLEAN ENERGY VENTURES
|
||||||||||||||||
Operating Revenues
|
||||||||||||||||
SREC sales
|
$
|
1,010
|
$
|
4,467
|
$
|
7,839
|
$
|
6,536
|
||||||||
TREC sales
|
1,709
|
1,568
|
3,574
|
3,075
|
||||||||||||
Solar electricity sales and other
|
8,128
|
4,625
|
15,839
|
8,613
|
||||||||||||
Sunlight Advantage
|
2,948
|
2,721
|
8,553
|
8,003
|
||||||||||||
Total Operating Revenues
|
$
|
13,795
|
$
|
13,381
|
$
|
35,805
|
$
|
26,227
|
||||||||
Depreciation and Amortization
|
$
|
5,358
|
$
|
5,200
|
$
|
15,902
|
$
|
15,318
|
||||||||
Operating (Loss)
|
$
|
(1,209
|
)
|
$
|
(1,288
|
)
|
$
|
(7,877
|
)
|
$
|
(16,021
|
)
|
||||
Income Tax (Benefit)
|
$
|
(1,526
|
)
|
$
|
(1,448
|
)
|
$
|
(5,524
|
)
|
$
|
(7,248
|
)
|
||||
Net (Loss)
|
$
|
(5,098
|
)
|
$
|
(4,926
|
)
|
$
|
(18,410
|
)
|
$
|
(24,072
|
)
|
||||
Net Financial (Loss)
|
$
|
(5,098
|
)
|
$
|
(4,926
|
)
|
$
|
(18,410
|
)
|
$
|
(24,072
|
)
|
||||
Solar Renewable Energy Certificates Generated
|
120,779
|
134,200
|
278,681
|
275,271
|
||||||||||||
Solar Renewable Energy Certificates Sold
|
6,573
|
23,000
|
38,773
|
32,495
|
||||||||||||
Transition Renewable Energy Certificates Generated
|
12,210
|
10,896
|
25,471
|
21,206
|
||||||||||||
Solar Megawatts Under Construction
|
75.5
|
12.6
|
75.5
|
12.6
|
||||||||||||
ENERGY SERVICES
|
||||||||||||||||
Operating Income
|
||||||||||||||||
Operating revenues
|
$
|
307,815
|
$
|
201,594
|
$
|
1,089,704
|
$
|
893,640
|
||||||||
Less:
|
||||||||||||||||
Gas purchases
|
290,767
|
237,011
|
980,600
|
741,128
|
||||||||||||
Operation and maintenance expense
|
6,181
|
4,066
|
14,531
|
41,080
|
||||||||||||
Depreciation and amortization
|
34
|
28
|
94
|
83
|
||||||||||||
Total Operating Income (Loss)
|
$
|
10,833
|
$
|
(39,511
|
)
|
$
|
94,479
|
$
|
111,349
|
|||||||
Net Income (Loss)
|
$
|
7,501
|
$
|
(30,846
|
)
|
$
|
70,214
|
$
|
83,688
|
|||||||
Financial Margin
|
$
|
1,006
|
$
|
(10,147
|
)
|
$
|
72,593
|
$
|
153,608
|
|||||||
Net Financial (Loss) Earnings
|
$
|
(5,003
|
)
|
$
|
(12,527
|
)
|
$
|
42,504
|
$
|
85,501
|
||||||
Gas Sold and Managed (Bcf)
|
40.7
|
75.0
|
180.9
|
292.5
|
||||||||||||
STORAGE AND TRANSPORTATION
|
||||||||||||||||
Operating Revenues
|
$
|
16,390
|
$
|
11,649
|
$
|
41,875
|
$
|
38,679
|
||||||||
Equity in Earnings of Affiliates
|
$
|
5,274
|
$
|
(88,615
|
)
|
$
|
7,586
|
$
|
(82,036
|
)
|
||||||
Operation and Maintenance Expense
|
$
|
7,840
|
$
|
6,689
|
$
|
22,524
|
$
|
20,370
|
||||||||
Other Income, Net
|
$
|
1,882
|
$
|
1,290
|
$
|
7,141
|
$
|
4,135
|
||||||||
Interest Expense
|
$
|
3,177
|
$
|
2,937
|
$
|
7,160
|
$
|
10,497
|
||||||||
Income Tax Provision (Benefit)
|
$
|
1,675
|
$
|
(10,393
|
)
|
$
|
2,732
|
$
|
(8,874
|
)
|
||||||
Net Income (Loss)
|
$
|
6,544
|
$
|
(77,679
|
)
|
$
|
14,131
|
$
|
(69,460
|
)
|
||||||
Net Financial Earnings
|
$
|
3,526
|
$
|
2,387
|
$
|
11,113
|
$
|
10,606
|
||||||||
HOME SERVICES AND OTHER
|
||||||||||||||||
Operating Revenues
|
$
|
14,220
|
$
|
13,312
|
$
|
41,393
|
$
|
38,662
|
||||||||
Operating Income
|
$
|
477
|
$
|
2,836
|
$
|
2,240
|
$
|
8,124
|
||||||||
Net Income (Loss)
|
$
|
215
|
$
|
(384
|
)
|
$
|
1,113
|
$
|
301
|
|||||||
Net Financial Earnings (Loss)
|
$
|
215
|
$
|
(384
|
)
|
$
|
1,113
|
$
|
301
|
|||||||
Total Service Contract Customers at June 30
|
103,819
|
106,131
|
103,819
|
106,131
|
||||||||||||