New Jersey Resources : 3/31/2025 Financial Report
NJR
Published on 05/15/2025 at 20:06
FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2025 AND 2024
(Unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
(Thousands)
2025
2024
2025
2024
OPERATING REVENUES
$
618,645
$
463,201
$
952,410
$
756,631
OPERATING EXPENSES
Natural gas purchases
275,298
206,675
405,303
325,119
Operation and maintenance
61,257
59,554
113,351
114,259
Regulatory rider expense
48,501
29,229
70,977
48,418
Depreciation and amortization
35,713
27,464
67,797
54,381
Total operating expenses
420,769
322,922
657,428
542,177
OPERATING INCOME
197,876
140,279
294,982
214,454
Other income, net
7,144
6,142
12,661
8,818
Interest expense, net of capitalized interest
17,259
14,850
34,713
29,601
INCOME BEFORE INCOME TAXES
187,761
131,571
272,930
193,671
Income tax provision
43,230
24,476
61,491
35,132
NET INCOME
$
144,531
$
107,095
$
211,439
$
158,539
See Note to Unaudited Condensed Financial Statements
(Thousands)
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 211,439
$ 158,539
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization
67,797
54,381
Allowance for equity used during construction
(3,722)
(3,522)
Allowance for doubtful accounts
2,687
(647)
Deferred income taxes
18,493
24,756
Manufactured gas plant remediation costs
(2,592)
(12,577)
Cost of removal - asset retirement obligations
(863)
(763)
Contributions to postemployment benefit plans
(255)
(1,954)
Taxes related to stock-based compensation
391
325
Changes in:
Components of working capital
(11,914)
(40,612)
Other noncurrent assets and liabilities
5,410
5,002
Cash flows from operating activities
286,871
182,928
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant
(183,099)
(160,937)
Cost of removal
(20,137)
(16,488)
Cash flows used in investing activities
(203,236)
(177,425)
CASH FLOWS USED IN FINANCING ACTIVITIES
Proceeds from long-term debt
-
50,000
Payments of long-term debt
(5,810)
(74,673)
(Payments of) proceeds from short-term debt, net
(55,100)
15,200
Proceeds from sale-leaseback transactions
11,714
8,814
Contribution from Parent
50,000
-
Tax withholding payments related to net settled stock compensation
(1,173)
(735)
Cash flows used in financing activities
(369)
(1,394)
Change in cash, cash equivalents and restricted cash
83,266
4,109
Cash, cash equivalents and restricted cash at beginning of period
1,175
1,346
Cash, cash equivalents and restricted cash at end of period
$ 84,441 $
5,455
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables
$ (219,036) $
(144,128)
Inventories
104,514
111,620
Recovery of natural gas costs
9,690
(3,853)
Natural gas purchases payable
32,440
16,267
Accounts payable and other
(19,136)
(9,861)
Prepaid expenses
(3,550)
(2,836)
Prepaid and accrued taxes
42,612
27,877
Restricted broker margin accounts
33,165
(18,935)
Customers' credit balances and deposits
(15,751)
(20,038)
Other current assets and liabilities
23,138
3,275
Total
$ (11,914) $
(40,612)
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)
$ 36,441
$ 30,120
Income taxes
$ 8
$ -
Accrued capital expenditures
$ 6,047
$ 3,022
See Note to Unaudited Condensed Financial Statements
CONDENSED BALANCE SHEETS
ASSETS
(Unaudited)
(Thousands)
March 31,
2025
September 30,
2024
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost
$ 4,316,364
$ 4,220,895
Construction work in progress
317,844
233,295
Nonutility plant and equipment, at cost
500
500
Total property, plant and equipment
4,634,708
4,454,690
Accumulated depreciation and amortization
(831,775)
(786,594)
Property, plant and equipment, net
3,802,933
3,668,096
CURRENT ASSETS
Cash and cash equivalents
83,459
580
Customer accounts receivable:
Billed
212,238
51,613
Unbilled
69,557
11,839
Allowance for doubtful accounts
(6,372)
(4,378)
Regulatory assets
34,839
73,070
Natural gas in storage, at average cost
70,695
177,655
Materials and supplies, at average cost
35,851
33,405
Prepaid expenses
6,288
2,738
Prepaid taxes
5,049
28,014
Derivatives, at fair value
149
21
Restricted broker margin account
7,803
4,975
Other current assets
35,985
58,631
Total current assets
555,541
438,163
NONCURRENT ASSETS
Regulatory assets
597,591
604,097
Postemployment employee benefit assets
59,869
59,645
Other noncurrent assets
68,100
57,295
Total noncurrent assets
725,560
721,037
Total assets
$ 5,084,034
$ 4,827,296
See Note to Unaudited Condensed Financial Statements
CONDENSED BALANCE SHEETS (Continued)
CAPITALIZATION AND LIABILITIES
(Unaudited)
(Thousands)
March 31,
2025
September 30,
2024
CAPITALIZATION
Common stock equity
$ 2,189,540
$ 1,973,236
Long-term debt
1,615,362
1,609,871
Total capitalization
3,804,902
3,583,107
CURRENT LIABILITIES
Current maturities of long-term debt
59,263
58,649
Short-term debt
-
55,100
Natural gas purchases payable
62,536
30,096
Natural gas purchases payable related party
775
775
Accounts payable and other
80,864
105,471
Dividend payable to Parent
45,135
-
Accrued taxes
19,647
-
Regulatory liabilities
52,312
32,457
New Jersey Clean Energy Program
7,649
18,491
Derivatives, at fair value
41
581
Customers' credit balances and deposits
22,821
38,572
Total current liabilities
351,043
340,192
NONCURRENT LIABILITIES
Deferred income taxes
502,257
480,116
Deferred investment tax credits
2,017
2,156
Manufactured gas plant remediation
160,058
161,650
Postemployment employee benefit liability
27,479
21,722
Regulatory liabilities
173,246
175,847
Asset retirement obligations
60,371
59,674
Other noncurrent liabilities
2,661
2,832
Total noncurrent liabilities
928,089
903,997
Total capitalization and liabilities
$ 5,084,034
$ 4,827,296
See Note to Unaudited Condensed Financial Statements
Disclaimer
New Jersey Resources Corporation published this content on May 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 16, 2025 at 00:05 UTC.