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NewJersey Resources Corporation (NJR+1.33%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in operating revenues to $488.4 million from $467.2 million in the same quarter the previous year. This increase is attributed to higher base rates and increased customer growth.
Operating expenses for the quarter were $298.8 million, compared to $331.4 million in the previous year. The decrease is primarily due to a gain on the sale of assets.
The company reported a net income of $131.3 million for the quarter, compared to $89.4 million in the previous year, with the increase attributed to higher operating revenues and a gain on asset sales.
Cash flows used in operating activities were $9.0 million, while cash used in investing and financing activities was $19.3 million and $29.2 million, respectively.
NewJersey Resources had a working capital of $730.7 million as of December 31, 2024. The company continues to focus on its infrastructure investment program and energy efficiency initiatives.
The filing also details various financial agreements, including a $100 million senior notes issuance and amendments to credit facilities.
NewJersey Resources does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
NewJersey Resources continues to focus on expanding its clean energy ventures and maintaining reliable natural gas distribution services.
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 quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.