New Jersey Resources Corporation (NJR) reported a significant increase in financial performance for the three months ended December 31, 2024, with net income rising to $131.3 million, compared to $89.4 million in the same period last year. This translates to earnings per share of $1.32, up from $0.91. The company's total operating revenues reached $488.4 million, a 4.4% increase from $467.2 million in the prior year, driven primarily by higher utility revenues, which increased by 13.8% to $333.4 million, reflecting the impact of increased base rates.
The financial results were bolstered by a $54.9 million gain from the sale of CEV's residential solar asset portfolio, which was completed on November 25, 2024. This sale contributed significantly to the Clean Energy Ventures (CEV) segment, where net income rose to $48.1 million from $10.5 million in the previous year. However, the Energy Services (ES) segment experienced a decline in net income, dropping to $10.3 million from $23.9 million, attributed to lower revenues related to asset management agreements and increased natural gas costs.
Operationally, NJR's customer base grew, with total firm customers increasing to 586,092 as of December 31, 2024, compared to 579,600 a year earlier. The company also reported a notable increase in customer accounts receivable, which rose to $211 million from $170.5 million, indicating higher sales volumes. Additionally, NJR's capital expenditures for the quarter were approximately $151.9 million, reflecting ongoing investments in utility infrastructure and clean energy projects.
Looking ahead, NJR anticipates continued growth driven by its strategic initiatives, including the expansion of its clean energy portfolio and infrastructure investments. The company has projected capital expenditures between $365 million and $415 million for fiscal 2025, with a focus on enhancing its natural gas distribution and clean energy capabilities. However, NJR also faces challenges, including fluctuating natural gas prices and regulatory changes, which could impact future earnings and operational performance.
About NEW JERSEY RESOURCES CORP
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