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New Jersey Resources Corporation (NJR-0.17%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing operating revenues of $1,796,539,000, a decrease from $1,962,994,000 in the previous year. The decrease is attributed to lower natural gas prices and reduced demand.
Net income for the year was $289,775,000, an increase from $264,724,000 in the previous year. This increase is primarily due to higher earnings from Energy Services and reduced natural gas purchase costs.
The company reported a basic earnings per share of $2.94, up from $2.73 in the previous year. The diluted earnings per share were $2.92, compared to $2.71 in the previous year.
New Jersey Resources Corporation's total assets increased to $6,981,645,000 as of September 30, 2024, from $6,537,496,000 in the previous year, primarily due to increased utility plant expenditures.
The company continues to focus on its four primary reporting segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation.
Natural Gas Distribution reported operating revenues of $1,019,832,000, with a net income of $133,400,000, primarily driven by customer growth and infrastructure investments.
Clean Energy Ventures reported operating revenues of $130,563,000, with a net income of $33,662,000, supported by solar project investments and sales.
Energy Services reported operating revenues of $485,391,000, with a net income of $106,745,000, benefiting from asset management agreements and market opportunities.
Storage and Transportation reported operating revenues of $96,209,000, with a net income of $12,229,000, supported by investments in natural gas storage and transportation facilities.
The company acknowledges various risks, including regulatory changes, market volatility, and operational challenges, which could impact future financial performance.
New Jersey Resources Corporation maintains a strong focus on regulatory compliance, environmental responsibility, and strategic investments to support long-term growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NewJersey Resources Corporation annual 10-K report dated November 26, 2024. To report an error, please email earnings@qz.com.