New Jersey Resources | 8-K: FY2025 Q3 Revenue Misses Estimate at USD 298.95 M

LB filings
2025.08.04 20:34
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Revenue: As of FY2025 Q3, the actual value is USD 298.95 M, missing the estimate of USD 307 M.

EPS: As of FY2025 Q3, the actual value is USD -0.15, missing the estimate of USD -0.03.

Net Income and Earnings

  • Fiscal 2025 third-quarter consolidated net loss was - $15.1 million, or - $0.15 per share, compared with a net loss of - $11.6 million, or - $0.12 per share, in the third quarter of fiscal 2024.
  • Fiscal 2025 year-to-date net income totaled $320.6 million, or $3.20 per share, compared with $198.6 million, or $2.02 per share, for the same period in fiscal 2024.

Net Financial Earnings (NFE)

  • Fiscal 2025 third-quarter NFE was $6.2 million, or $0.06 per share, compared to a net financial loss of - $8.9 million, or - $0.09 per share, in the third quarter of fiscal 2024.
  • Fiscal 2025 year-to-date NFE totaled $313.4 million, or $3.13 per share, compared with $202.1 million, or $2.05 per share, for the same period in fiscal 2024.

Segment Performance

  • New Jersey Natural Gas: Third-quarter fiscal 2025 NFE of $10.1 million, compared to a net financial loss of - $6.1 million in fiscal 2024. Year-to-date NFE was $221.5 million, up from $152.4 million in fiscal 2024, primarily due to higher utility gross margin.
  • Clean Energy Ventures: Third-quarter fiscal 2025 net financial loss of - $6.9 million, consistent with fiscal 2024. Year-to-date NFE was $37.3 million, compared to a net financial loss of - $1.8 million in fiscal 2024, largely due to the gain on the sale of its residential solar portfolio.
  • Storage and Transportation: Third-quarter fiscal 2025 NFE of $5.9 million, up from $4.1 million in fiscal 2024. Year-to-date NFE was $13.9 million, compared to $9.8 million in fiscal 2024, due to increased operating revenues at Leaf River Energy Center.
  • Energy Services: Third-quarter fiscal 2025 net financial loss of - $3.7 million, compared to a net financial loss of - $2.2 million in fiscal 2024. Year-to-date NFE was $39.4 million, down from $43.2 million in fiscal 2024, due to lower contributions from Asset Management Agreements.
  • Home Services and Other: Third-quarter fiscal 2025 NFE of $0.5 million, compared to $0.9 million in fiscal 2024. Year-to-date NFE was $0.4 million, compared to $0.7 million in fiscal 2024.

Cash Flow and Capital Expenditures

  • Cash flows from operations were $385.2 million for the first nine months of fiscal 2025, compared to $362.9 million in fiscal 2024, primarily due to an increase in base rates at NJNG.
  • Capital expenditures were $456.8 million for the first nine months of fiscal 2025, compared to $396.5 million in fiscal 2024, mainly due to higher expenditures at NJNG and CEV.

Unique Metrics

  • Dividend Growth: Fiscal 2025 dividend is $1.80 per share, reflecting a 7.1% increase in the quarterly dividend rate.

Outlook / Guidance

  • NJR raised the lower end of its fiscal 2025 NFEPS guidance by $0.05 to a range of $3.20 to $3.30. The guidance is higher than the range implied by the 7 to 9 percent long-term NFEPS growth target due to the gain from the sale of NJR’s residential solar portfolio and strong performance from Energy Services.
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