WALL, N.J.--(BUSINESS WIRE)--
New Jersey Resources (NYSE:NJR) today reported results for the first
quarter of fiscal 2017 and reaffirmed net financial earnings (NFE)
guidance for fiscal 2017 of $1.65 to $1.75 per share.
Net income for the first quarter of fiscal 2017 totaled $34.9 million,
or $.41 per share, compared with $50.3 million, or $.59 per share,
during the same period in fiscal 2016. First-quarter fiscal 2017 NFE
totaled $40.4 million, or $.47 per share, compared with $51.3 million,
or $.60 per share, during the first quarter of fiscal 2016.
"Our results for the first quarter were consistent with our
expectations, and we are confident in our ability to achieve our fiscal
2017 earnings guidance," said Laurence M. Downes, chairman and CEO of
New Jersey Resources. "Our outlook is supported by our new base rates,
continued customer growth and our growing portfolio of clean energy
assets that will allow us to deliver expected performance this year."
A reconciliation of net income to NFE for the first quarter of fiscal
years 2017 and 2016 is provided below.
|
|
|
|
|
|
|
Three Months Ended
|
|
|
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December 31,
|
|
(Thousands)
|
|
2016
|
|
2015
|
|
Net income
|
|
$
|
34,929
|
|
|
$
|
50,282
|
|
|
Add:
|
|
|
|
|
|
Unrealized loss (gain) on derivative instruments and related
transactions
|
|
28,302
|
|
|
(1,135
|
)
|
|
Tax effect
|
|
(9,757
|
)
|
|
413
|
|
|
Effects of economic hedging related to natural gas inventory
|
|
(17,939
|
)
|
|
3,813
|
|
|
Tax effect
|
|
6,204
|
|
|
(1,385
|
)
|
|
Net income to NFE tax adjustment
|
|
(1,356
|
)
|
|
(721
|
)
|
|
Net financial earnings
|
|
$
|
40,383
|
|
|
$
|
51,267
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding
|
|
|
|
|
|
Basic
|
|
86,084
|
|
|
85,675
|
|
|
Diluted
|
|
86,855
|
|
|
86,676
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.41
|
|
|
$
|
0.59
|
|
|
Add:
|
|
|
|
|
|
Unrealized loss (gain) on derivative instruments and related
transactions
|
|
0.33
|
|
|
(0.01
|
)
|
|
Tax effect
|
|
(0.11
|
)
|
|
0.01
|
|
|
Effects of economic hedging related to natural gas inventory
|
|
(0.21
|
)
|
|
0.04
|
|
|
Tax effect
|
|
0.07
|
|
|
(0.02
|
)
|
|
Net income to NFE tax adjustment
|
|
(0.02
|
)
|
|
(0.01
|
)
|
|
Basic NFE per share
|
|
$
|
0.47
|
|
|
$
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
NFE is a financial measure not calculated in accordance with generally
accepted accounting principles (GAAP) of the United States as it
excludes all unrealized, and certain realized, gains and losses
associated with derivative instruments, net of applicable tax
adjustments. For further discussion of this financial measure, please
see the explanation below under "Non-GAAP Financial Information."
A table detailing NFE for the three months ended December 31 of fiscal
years 2017 and 2016 is provided below.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
December 31,
|
|
(Thousands)
|
|
|
|
|
|
|
2016
|
|
2015
|
|
Net Financial Earnings
|
|
|
|
|
|
|
|
|
|
|
New Jersey Natural Gas |
|
|
|
|
|
|
$
|
30,348
|
|
|
$
|
30,926
|
|
|
NJR Energy Services |
|
|
|
|
|
|
3,487
|
|
|
10,304
|
|
|
NJR Clean Energy Ventures |
|
|
|
|
|
|
2,842
|
|
|
7,652
|
|
|
NJR Midstream
|
|
|
|
|
|
|
2,387
|
|
|
2,344
|
|
|
NJR Home Services and Other
|
|
|
|
|
|
|
1,542
|
|
|
259
|
|
|
Sub-total
|
|
|
|
|
|
|
40,606
|
|
|
51,485
|
|
|
Eliminations
|
|
|
|
|
|
|
(223
|
)
|
|
(218
|
)
|
|
Total
|
|
|
|
|
|
|
$
|
40,383
|
|
|
$
|
51,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
NJR Reaffirms Fiscal 2017 NFE Guidance
NJR reaffirmed fiscal 2017 NFE guidance of $1.65 to $1.75 per share,
subject to the risks and uncertainties identified below under
"Forward-Looking Statements." In providing fiscal 2017 NFE guidance,
management is aware there could be differences between reported GAAP
earnings and NFE due to matters such as, but not limited to, the
positions of our energy-related derivatives. Management is not able to
reasonably estimate the aggregate impact of these items on reported
earnings and, therefore, is not able to provide a reconciliation to the
corresponding GAAP equivalent for its operating earnings guidance
without unreasonable efforts.
NJR expects its regulated businesses to generate between 60 to 75
percent of total NFE, with New Jersey Natural Gas (NJNG) continuing to
be the largest contributor. The following chart represents NJR's current
expected contributions from its subsidiaries for fiscal 2017:
|
|
|
|
|
|
Company
|
|
|
Expected Fiscal 2017
Net Financial Earnings
Contribution
|
|
New Jersey Natural Gas |
|
|
55 to 65 percent
|
|
NJR Midstream
|
|
|
5 to 10 percent
|
|
Total Regulated
|
|
|
60 to 75 percent
|
|
NJR Clean Energy Ventures |
|
|
15 to 25 percent
|
|
NJR Energy Services |
|
|
5 to 15 percent
|
|
NJR Home Services
|
|
|
1 to 3 percent
|
|
|
|
|
|
-
New Jersey Natural Gas Reports Steady Performance; Expects Solid
Year-Over-Year Growth
NJNG, the company's regulated utility, reported first-quarter fiscal
2017 NFE of $30.3 million, compared with $30.9 million during the same
period in fiscal 2016. The modestly lower results were driven primarily
by lower Basic Gas Service Supply (BGSS) incentive margin and higher
operating and maintenance expenses, which were mostly offset by
increases in utility gross margin from higher base rates and customer
growth.
Through our Conservation Incentive Program (CIP) rate mechanism, which
insulates the company from declines in utility gross margin related to
weather and customer usage, NJNG earns gross margin on the basis of
throughput. As such, approximately 65 percent of utility firm gross
margin is earned during the heating season of November through March.
NJNG generated 28 percent of its utility gross margin during the first
quarter. NJNG typically earns approximately 42 percent of its utility
gross margin during the second fiscal quarter. As a result, the majority
of the benefit of the base rate case will be realized in the second
fiscal quarter.
For fiscal 2017, using the midpoint of our guidance range for NJNG,
compared with the prior year's financial results, we expect to achieve
year-over-year NFE growth of approximately 10 to 15 percent.
During the first quarter of fiscal 2017, NJNG added 1,866 new customers
compared with 2,046 during the same period of fiscal 2016. The slightly
lower customer additions, compared with the prior year, reflects timing
associated with adding planned residential conversion customers. For
fiscal 2017, NJNG plans to invest $33.3 million to add 8,300 new and
conversion customers, who are expected to contribute approximately $5
million annually to utility gross margin.
NJNG expects to invest between $100 million to $110 million to add a
total of 24,000 to 27,000 new customers between fiscal 2017 and 2019,
representing an annual new customer growth rate of approximately 1.6
percent and an increase in utility gross margin of approximately $15
million. For more information on utility gross margin, please see
"Non-GAAP Financial Information" below.
Safety Acceleration and Facilities Enhancement (SAFE) Program II
During the first quarter of fiscal 2017, NJNG invested $8.6 million in
SAFE II, a five-year program designed to replace the remaining 276 miles
of unprotected steel main and associated services in its distribution
system. As part of this program, NJNG will earn an Allowance for Funds
Used During Construction rate on its invested capital during
construction, and request rate increases for the approved $157.5 million
of SAFE II spending in annual filings, which is consistent with the
company's other regulatory programs. As a condition of the New Jersey
Board of Public Utilities' (BPU) approval, NJNG is required to file a
base rate case no later than November 2019.
New Jersey Reinvestment in System Enhancement (NJ RISE) Program
NJ RISE, a five-year, $102.5 million investment, consists of six capital
projects that will strengthen the overall safety, reliability and
resiliency of NJNG's natural gas distribution systems and improve its
service disruption response. Since the inception of NJ RISE in 2014,
NJNG has invested $19 million in the program, including those
expenditures made during the first quarter of fiscal 2017. These system
enhancements are designed to help reduce the impact of future major
weather events and align with New Jersey's directive for improved energy
resiliency and preparedness.
As part of the six capital projects, NJNG has installed nearly 7,600 of
an expected 35,000 excess flow valves in storm-prone areas of its
service territory to date. These valves restrict the flow of natural gas
when there is a change in pressure on the service line. In addition,
construction of a secondary feed into Sea Bright is expected to be
completed in fiscal 2017. The remaining four projects are in the design
and/or permitting phases with all projects scheduled for completion by
fiscal 2019.
Southern Reliability Link (SRL)
The SRL, approved by the BPU in Board Orders issued in January and March
2016, continues to progress through the permitting process. The 30-mile
transmission pipeline project will serve as a second major feed into
NJNG's system to support the safe, reliable delivery of natural gas to
our customers. The SRL will diversify NJNG's supplier base and
strengthen overall system resiliency, benefiting over one million people
in Ocean, Monmouth and Burlington counties.
-
The SAVEGREEN Project® (SAVEGREEN) Saves
Customers Energy and Money
In the first quarter of fiscal 2017, SAVEGREEN, NJNG's energy-efficiency
program, invested $3.7 million in grants and financing options to help
customers make affordable upgrades to high-efficiency natural gas
equipment. Since its inception in 2009, NJNG has invested $140.3 million
in SAVEGREEN, helping more than 46,000 NJNG customers reduce energy
consumption and lower their bills. The program runs through December 31,
2018 and directly supports New Jersey's Energy Master Plan. In addition,
SAVEGREEN has generated over $345 million in economic activity by
working with the more than 2,500 contractors who have participated in
the project.
Over the life of the program, NJNG has approval to invest nearly $220
million in SAVEGREEN and is authorized to earn an overall return on its
investments, ranging from 6.69 to 7.76 percent, with a return on equity
(ROE) that ranges from 9.75 to 10.3 percent. The recovery period varies
from two to 10 years, depending on the type of investment.
-
Basic Gas Supply Service Incentive Programs Contribute to Earnings
In the first quarter of fiscal 2017, NJNG's gross margin-sharing BGSS
incentive programs, which include off-system sales, capacity release and
storage incentives, contributed $3.8 million to utility gross margin,
compared with $4.5 million during the same period in fiscal 2016. The
lower results were due to a decrease in the value of capacity and lower
volumes associated with the capacity release program, compared with the
previous year.
NJNG shares the utility gross margin earned from these incentive
programs with customers and shareowners, following formula authorized by
the BPU. Since their inception in 1992, these incentive programs have
saved customers approximately $894 million and added an average of $.05
per share annually.
-
NJR Energy Services Annual Results Expected Within Guidance Range
NJR Energy Services (NJRES), NJR's wholesale energy services provider,
reported first-quarter fiscal 2017 NFE of $3.5 million, compared with
$10.3 million during the same period in fiscal 2016. The weather in the
first quarter of fiscal 2017 was approximately 6 percent warmer than
normal, which combined with the timing of hedges, led to the
quarter-over-quarter decline.
We remain confident that NJRES will contribute to NFE within its fiscal
2017 guidance range.
-
NJR Clean Energy Ventures Contributes to Earnings; Strong Demand
for Residential Solar Continues
NJR Clean Energy Ventures (NJRCEV), the unregulated clean energy
subsidiary of NJR, reported NFE of $2.8 million in the first quarter of
fiscal 2017 compared with $7.7 million during the same period in fiscal
2016. The results for the quarter reflect higher depreciation and
interest expense, as well as the timing of tax credits recognized
compared with the same period last year. A further discussion of tax
credits, which is the largest contributor to the decline, and NJR's
effective tax rate are provided below.
NJRCEV expects solar-related capital expenditures for investment tax
credit (ITC) eligible projects during fiscal 2017 to be between $90
million and $110 million, compared with $85.6 million ITC-eligible
projects during fiscal 2016. The higher level of solar capital
investment will deliver increased ITCs for fiscal 2017.
Importantly, nearly all of the solar renewable energy credit (SREC)
sales in fiscal 2017 from our in-service solar facilities are hedged.
NJRCEV expects fiscal 2017 revenue from SREC sales to be 17 percent
higher, compared with fiscal 2016.
Taken together, our increasing number of SRECs, tax credits, hedging
strategy and earnings from wind investments, support our belief that
NJRCEV will perform within the expected guidance range for fiscal 2017,
representing year-over-year growth of approximately 5 to 10 percent.
NJRCEV's commercial solar capital expenditures for fiscal 2017 are fully
committed and construction has begun on a series of new commercial solar
projects for the Brick Township Board of Education in Ocean County, New
Jersey. In total, the $6.6 million investment represents 2.5 megawatts
(MWs) of capacity and is expected to be completed in the summer of 2017.
Additionally, three new commercial projects, totaling 24.4 MW, are
planned for completion during fiscal 2017.
Demand remains strong for NJRCEV's residential solar program. The
Sunlight Advantage® added 314 residential customers during
the first three months of fiscal 2017, totaling 2.8 MWs of capacity,
compared with 84 customers and 0.7 MWs of capacity during the same
period in fiscal 2016. The Sunlight Advantage currently provides savings
to approximately 5,400 eligible homeowners through both roof- and
ground-mounted solar systems, with no upfront installation or
maintenance costs. NJRCEV plans to invest $35.4 million in residential
solar systems in fiscal 2017, compared with $34.3 million in fiscal 2016.
-
Ringer Hill Wind Farm Completed
Construction was completed at the Ringer Hill Wind Farm in December
2016. NJRCEV invested $88.9 million to construct, own and operate the
Somerset County, Pennsylvania wind farm, which consists of 14 General
Electric turbines, with a total capacity of 39.9 MWs. The majority of
the energy produced is hedged under a 15-year agreement. We expect to
earn a total return of approximately 15 percent on this investment.
NJRCEV's onshore wind capacity now totals 126.6 MWs.
-
Steady NJR Midstream Results
NJR Midstream, the company's natural gas midstream asset segment,
reported NFE of $2.4 million in the first quarter of fiscal 2017,
compared with $2.3 million during the same period in fiscal 2016. These
results were due primarily to slightly higher dividend income from its
investment in Dominion Midstream Partners, LP (NYSE: DM), a master
limited partnership that owns several Federal Energy Regulatory
Commission (FERC)-regulated assets.
NJR Midstream's investments include its 50 percent equity ownership in
Steckman Ridge, jointly owned with Spectra Energy, as well as a 20
percent interest in the proposed PennEast Pipeline. This 120-mile
pipeline is designed to bring lower cost natural gas produced in the
Marcellus Shale region to homes and businesses in Pennsylvania and New
Jersey, and provide greater system reliability for local utilities.
PennEast filed a formal application with FERC in the fourth quarter of
fiscal 2015 and currently estimates the system will be in service by the
first quarter of fiscal 2019. Based on FERC's most recent schedule for
the completion of the final Environmental Impact Statement (EIS) for
PennEast, FERC has scheduled the Notice of Availability of the final EIS
for April 7, 2017, and the 90-day Federal Authorization Decision
Deadline for July 7, 2017.
-
NJR Home Services Reports Results
NJR Home Services (NJRHS), the company's unregulated retail and
appliance service subsidiary, reported a net financial loss of $848,000
in the first quarter of fiscal 2017, compared with a net financial loss
of $443,000 during the same period in fiscal 2016. Net financial losses
are typical for NJRHS during the first six months of the fiscal year due
to the timing of service contract revenue recognition.
NJRHS offers home comfort solutions including service contracts for
heating and cooling systems, HVAC installations, plumbing and electrical
services, standby generators and solar lease and purchase plans. NJRHS'
service territory includes Monmouth, Ocean, Middlesex, Morris, Sussex,
Warren and Hunterdon counties in New Jersey.
-
Tax Credits and NJR's Effective Tax Rate
NJR's effective tax rate is significantly impacted by the amount of tax
credits that are forecasted to be earned during the fiscal year. GAAP
requires NJR to estimate its annual effective tax rate and use this rate
to calculate its year-to-date tax provision. Based on projects completed
in the first quarter, NJRCEV's forecast of projects to be completed for
the balance of the fiscal year and related ITCs, as well as projected
GAAP pre-tax income for the year, NJR's estimated annual effective tax
rate is 8.7 percent, compared with 14.7 percent during the same period
the previous year. Accordingly, $7.4 million related to tax credits, net
of deferred taxes, were recognized in the first quarter of fiscal 2017,
compared with $10.1 million, net of deferred taxes, in the same period
last year.
For NFE purposes, the effective tax rate for fiscal 2017 is estimated at
14.7 percent and $7.1 million of tax credits were recognized in the
first fiscal quarter, compared with $9.6 million last year. For a
further discussion of this tax adjustment and reconciliation to the most
comparable GAAP measure, please see the explanation below under
"Non-GAAP Financial Information."
The estimated effective tax rate is based on information and assumptions
that are subject to change, and may have a material impact on quarterly
and annual NFE. Factors considered by management in estimating
completion of projects during the fiscal year include, but are not
limited to, board of directors' approval, regulatory approval, execution
of various contracts, including power purchase agreements, construction
logistics, permitting and interconnection completion. See the
"Forward-Looking Statements" section of this news release for further
information regarding the inherent risks associated with solar
investments.
Webcast Information
NJR will host a live webcast to discuss its financial results today at
10 a.m. EST. A few minutes prior to the webcast, go to njresources.com
and select "Investor Relations," then scroll down to the "Events &
Presentations" section and click on the webcast link.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, Section 21E of
the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. New Jersey Resources (NJR or
the Company) cautions readers that the assumptions forming the basis for
forward-looking statements include many factors that are beyond NJR's
ability to control or estimate precisely, such as estimates of future
market conditions and the behavior of other market participants. Words
such as "anticipates," "estimates," "expects," "projects," "may,"
"will," "intends," "plans," "believes," "should" and similar expressions
may identify forward-looking statements and such forward-looking
statements are made based upon management's current expectations,
assumptions and beliefs as of this date concerning future developments
and their potential effect upon NJR. There can be no assurance that
future developments will be in accordance with management's
expectations, assumptions and beliefs or that the effect of future
developments on NJR will be those anticipated by management.
Forward-looking statements in this release include, but are not limited
to, certain statements regarding NJR's NFE guidance for fiscal 2017,
forecasted contribution of business segments to fiscal 2017 NFE, future
NJNG customer growth, future NJNG capital expenditures and
infrastructure investments, NJRCEV's onshore wind and solar investments,
the results of future base rate cases, earnings growth, and the PennEast
Pipeline project.
The factors that could cause actual results to differ materially from
NJR's expectations include, but are not limited to, weather and economic
conditions; demographic changes in NJR's service territory and their
effect on NJR's customer growth; volatility of natural gas and other
commodity prices and their impact on NJNG customer usage, NJNG's BGSS
incentive programs, NJRES operations and on our risk management efforts;
changes in rating agency requirements and/or credit ratings and their
effect on availability and cost of capital to our Company; the impact of
volatility in the credit markets on our access to capital; the ability
to comply with debt covenants; the impact to the asset values and
resulting higher costs and funding obligations of our pension and
postemployment benefit plans as a result of potential downturns in the
financial markets, lower discount rates, revised actuarial assumptions
or impacts associated with the Patient Protection and Affordable Care
Act; accounting effects and other risks associated with hedging
activities and use of derivatives contracts; commercial and wholesale
credit risks, including the availability of creditworthy customers and
counterparties, and liquidity in the wholesale energy trading market;
the ability to obtain governmental and regulatory approvals such as the
PennEast Pipeline project, land-use rights, electric grid connection (in
the case of clean energy projects) and/or financing for the
construction, development and operation of our unregulated energy
investments and NJNG's infrastructure projects in a timely manner; risks
associated with the management of our joint ventures and partnerships,
and investment in a master limited partnership; risks associated with
our investments in clean energy projects, including the availability of
regulatory and tax incentives, the availability of viable projects, our
eligibility for ITCs and PTCs, the future market for Solar Renewable
Energy Credits (SRECs) and electricity prices, and operational risks
related to projects in service; timing of qualifying for ITCs and PTCs
due to delays or failures to complete planned solar and wind energy
projects and the resulting effect on our effective tax rate and
earnings; the level and rate at which NJNG's costs and expenses are
incurred and the extent to which they are allowed to be recovered from
customers through the regulatory process, including through future base
rate case filings; access to adequate supplies of natural gas and
dependence on third-party storage and transportation facilities for
natural gas supply; operating risks incidental to handling, storing,
transporting and providing customers with natural gas; risks related to
our employee workforce; the regulatory and pricing policies of federal
and state regulatory agencies; the costs of compliance with present and
future environmental laws, including potential climate change-related
legislation; the impact of a disallowance of recovery of
environmental-related expenditures and other regulatory changes;
environmental-related and other litigation and other uncertainties;
risks related to cyber-attack or failure of information technology
systems; and the impact of natural disasters, terrorist activities and
other extreme events on our operations and customers. The aforementioned
factors are detailed in the "Risk Factors" sections of our Form
10-K that we filed with the Securities and Exchange Commission (SEC) on
November 22, 2016, which is available on the SEC's website at sec.gov.
Information included in this release is representative as of today only,
and while NJR periodically reassesses material trends and uncertainties
affecting NJR's results of operations and financial condition in
connection with its preparation of management's discussion and analysis
of results of operations and financial condition contained in its
Quarterly and Annual Reports filed with the SEC, NJR does not, by
including this statement, assume any obligation to review or revise any
particular forward-looking statement referenced herein in light of
future events.
Non-GAAP Financial Information
This news release includes the non-GAAP financial measures NFE (losses),
financial margin and utility gross margin. A reconciliation of these
non-GAAP financial measures to the most directly comparable financial
measures calculated and reported in accordance with GAAP can be found
below. As an indicator of the NJR's operating performance, these
measures should not be considered an alternative to, or more meaningful
than, net income or operating revenues as determined in accordance with
GAAP. This information has been provided pursuant to the requirements of
SEC Regulation G.
NFE (losses) and financial margin exclude unrealized gains or losses on
derivative instruments related to the company's unregulated subsidiaries
and certain realized gains and losses on derivative instruments related
to natural gas that has been placed into storage at NJRES, net of
applicable tax adjustments as described below. Volatility associated
with the change in value of these financial instruments and physical
commodity contracts is reported on the income statement in the current
period. In order to manage its business, NJR views its results without
the impacts of the unrealized gains and losses, and certain realized
gains and losses, caused by changes in value of these financial
instruments and physical commodity contracts prior to the completion of
the planned transaction because it shows changes in value currently
instead of when the planned transaction ultimately is settled. An annual
estimated effective tax rate is calculated for NFE purposes and any
necessary quarterly tax adjustment is applied to NJRCEV, as such
adjustment is related to tax credits generated by NJRCEV.
NJNG's utility gross margin represents the results of revenues less
natural gas costs, sales, expenses and other taxes and regulatory rider
expenses, which are key components of NJR's operations that move in
relation to each other. Natural gas costs, sales, expenses and other
taxes and regulatory rider expenses are passed through to customers and,
therefore, have no effect on gross margin. Management uses these
non-GAAP financial measures as supplemental measures to other GAAP
results to provide a more complete understanding of NJR's performance.
Management believes these non-GAAP financial measures are more
reflective of NJR's business model, provide transparency to investors
and enable period-to-period comparability of financial performance. A
reconciliation of all non-GAAP financial measures to the most directly
comparable financial measures calculated and reported in accordance with
GAAP, can be found below. For a full discussion of NJR's non-GAAP
financial measures, please see NJR's 2016 Form 10-K, Item 7.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that,
through its subsidiaries, provides safe and reliable natural gas and
clean energy services, including transportation, distribution, asset
management and home services. NJR is comprised of five primary
businesses:
-
New Jersey Natural Gas, NJR's principal subsidiary, operates
and maintains over 7,300 miles of natural gas transportation and
distribution infrastructure to serve over half a million customers in
New Jersey's Monmouth, Ocean and parts of Burlington, Morris and
Middlesex counties.
-
NJR Energy Services manages a diversified portfolio of natural
gas transportation and storage assets and provides physical natural
gas services and customized energy solutions to its customers across
North America.
-
NJR Clean Energy Ventures invests in, owns and operates solar
and onshore wind projects with a total capacity of nearly 280
megawatts, providing residential and commercial customers with
low-carbon solutions.
-
NJR Midstream serves customers from local distributors and
producers to electric generators and wholesale marketers through its
50 percent equity ownership in the Steckman Ridge natural gas storage
facility and its stake in Dominion Midstream Partners, L.P., as well
as its 20 percent equity interest in the PennEast Pipeline Project.
-
NJR Home Services provides service contracts as well as
heating, central air conditioning, water heaters, standby generators,
solar and other indoor and outdoor comfort products to residential
homes throughout New Jersey.
NJR and its more than 1,000 employees are committed to helping customers
save energy and money by promoting conservation and encouraging
efficiency through Conserve to Preserve® and initiatives such
as The SAVEGREEN Project® and The Sunlight Advantage®.
For more information about NJR:
Visit www.njresources.com.
Follow us on Twitter @NJNaturalGas.
"Like" us on facebook.com/NewJerseyNaturalGas.
Download our free NJR investor relations app for iPad, iPhone and
Android.
NJR-E
|
|
|
|
|
|
|
NEW JERSEY RESOURCES
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
December 31,
|
|
(Thousands, except per share data)
|
|
2016
|
|
2015
|
|
OPERATING REVENUES
|
|
|
|
|
|
Utility
|
|
$
|
185,556
|
|
|
$
|
151,606
|
|
Nonutility
|
|
355,472
|
|
|
292,652
|
|
Total operating revenues
|
|
541,028
|
|
|
444,258
|
|
OPERATING EXPENSES
|
|
|
|
|
|
Gas purchases
|
|
|
|
|
|
Utility
|
|
61,320
|
|
|
46,665
|
|
Nonutility
|
|
337,932
|
|
|
254,088
|
|
Related parties
|
|
2,111
|
|
|
2,074
|
|
Operation and maintenance
|
|
52,228
|
|
|
46,233
|
|
Regulatory rider expenses
|
|
12,601
|
|
|
9,628
|
|
Depreciation and amortization
|
|
19,260
|
|
|
16,482
|
|
Energy and other taxes
|
|
14,101
|
|
|
9,637
|
|
Total operating expenses
|
|
499,553
|
|
|
384,807
|
|
OPERATING INCOME
|
|
41,475
|
|
|
59,451
|
|
Other income, net
|
|
3,776
|
|
|
1,924
|
|
Interest expense, net
|
|
10,615
|
|
|
6,777
|
|
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
|
|
34,636
|
|
|
54,598
|
|
Income tax provision
|
|
2,018
|
|
|
6,722
|
|
Equity in earnings of affiliates
|
|
2,311
|
|
|
2,406
|
|
NET INCOME
|
|
$
|
34,929
|
|
|
$
|
50,282
|
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE
|
|
|
|
|
|
Basic
|
|
$
|
0.41
|
|
|
$
|
0.59
|
|
Diluted
|
|
$
|
0.40
|
|
|
$
|
0.58
|
|
|
|
|
|
|
|
DIVIDENDS DECLARED PER COMMON SHARE
|
|
$
|
0.255
|
|
|
$
|
0.240
|
|
|
|
|
|
|
|
AVERAGE SHARES OUTSTANDING
|
|
|
|
|
|
Basic
|
|
86,084
|
|
|
85,675
|
|
Diluted
|
|
86,855
|
|
|
86,676
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
December 31,
|
|
(Thousands)
|
|
2016
|
|
2015
|
|
NEW JERSEY RESOURCES
|
|
|
|
|
|
|
A reconciliation of net income, the closest GAAP financial
measurement,
to net financial earnings, is as follows:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
34,929
|
|
|
$
|
50,282
|
|
|
Add:
|
|
|
|
|
|
Unrealized loss (gain) on derivative instruments and related
transactions
|
|
28,302
|
|
|
(1,135
|
)
|
|
Tax effect
|
|
(9,757
|
)
|
|
413
|
|
|
Effects of economic hedging related to natural gas inventory
|
|
(17,939
|
)
|
|
3,813
|
|
|
Tax effect
|
|
6,204
|
|
|
(1,385
|
)
|
|
Net income to NFE tax adjustment
|
|
(1,356
|
)
|
|
(721
|
)
|
|
Net financial earnings
|
|
$
|
40,383
|
|
|
$
|
51,267
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding
|
|
|
|
|
|
Basic
|
|
86,084
|
|
|
85,675
|
|
|
Diluted
|
|
86,855
|
|
|
86,676
|
|
|
|
|
|
|
|
|
A reconciliation of basic earnings per share, the closest GAAP
financial measurement,
to basic net financial earnings per share, is as follows:
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.41
|
|
|
$
|
0.59
|
|
|
Add:
|
|
|
|
|
|
Unrealized loss (gain) on derivative instruments and related
transactions
|
|
$
|
0.33
|
|
|
$
|
(0.01
|
)
|
|
Tax effect
|
|
$
|
(0.11
|
)
|
|
$
|
0.01
|
|
|
Effects of economic hedging related to natural gas inventory
|
|
$
|
(0.21
|
)
|
|
$
|
0.04
|
|
|
Tax effect
|
|
$
|
0.07
|
|
|
$
|
(0.02
|
)
|
|
Net income to NFE tax adjustment
|
|
$
|
(0.02
|
)
|
|
$
|
(0.01
|
)
|
|
Basic NFE per share
|
|
$
|
0.47
|
|
|
$
|
0.60
|
|
|
|
|
|
|
|
|
NATURAL GAS DISTRIBUTION
|
|
|
|
|
|
|
|
|
|
|
A reconciliation of operating revenue, the closest GAAP
financial measurement,
to utility gross margin is as follows:
|
|
|
|
|
|
|
|
Operating revenues
|
|
$
|
185,556
|
|
|
$
|
151,606
|
|
|
Less:
|
|
|
|
|
|
Gas purchases
|
|
64,186
|
|
|
45,243
|
|
|
Energy and other taxes
|
|
10,882
|
|
|
6,908
|
|
|
Regulatory rider expense
|
|
12,601
|
|
|
9,628
|
|
|
Utility gross margin
|
|
$
|
97,887
|
|
|
$
|
89,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
December 31,
|
|
(Thousands)
|
|
2016
|
|
2015
|
|
NJR ENERGY SERVICES
|
|
|
|
|
|
|
|
|
|
|
|
The following table is a computation of financial margin:
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues
|
|
$
|
337,181
|
|
|
$
|
278,693
|
|
|
Less: Gas purchases
|
|
339,087
|
|
|
260,239
|
|
|
Add:
|
|
|
|
|
|
Unrealized loss (gain) on derivative instruments and related
transactions
|
|
30,592
|
|
|
(2,387
|
)
|
|
Effects of economic hedging related to natural gas inventory
|
|
(17,939
|
)
|
|
3,813
|
|
|
Financial margin
|
|
$
|
10,747
|
|
|
$
|
19,880
|
|
|
|
|
|
|
|
|
A reconciliation of operating income, the closest GAAP
financial measurement,
to financial margin is as follows:
|
|
|
|
|
|
Operating (loss) income
|
|
$
|
(7,395
|
)
|
|
$
|
14,437
|
|
|
Add:
|
|
|
|
|
|
Operation and maintenance expense
|
|
5,018
|
|
|
3,757
|
|
|
Depreciation and amortization
|
|
16
|
|
|
23
|
|
|
Other taxes
|
|
455
|
|
|
237
|
|
|
Subtotal
|
|
(1,906
|
)
|
|
18,454
|
|
|
Add:
|
|
|
|
|
|
Unrealized loss (gain) on derivative instruments and related
transactions
|
|
30,592
|
|
|
(2,387
|
)
|
|
Effects of economic hedging related to natural gas inventory
|
|
(17,939
|
)
|
|
3,813
|
|
|
Financial margin
|
|
$
|
10,747
|
|
|
$
|
19,880
|
|
|
|
|
|
|
|
|
A reconciliation of net income to net financial earnings,
is as follows:
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(4,790
|
)
|
|
$
|
9,396
|
|
|
Add:
|
|
|
|
|
|
Unrealized loss (gain) on derivative instruments and related
transactions
|
|
30,592
|
|
|
(2,387
|
)
|
|
Tax effect
|
|
(10,580
|
)
|
|
867
|
|
|
Effects of economic hedging related to natural gas, net of taxes
|
|
(17,939
|
)
|
|
3,813
|
|
|
Tax effect
|
|
6,204
|
|
|
(1,385
|
)
|
|
Net financial earnings
|
|
$
|
3,487
|
|
|
$
|
10,304
|
|
|
|
|
|
|
|
|
CLEAN ENERGY VENTURES
|
|
|
|
|
|
|
|
|
|
|
|
A reconciliation of net income to net financial earnings,
is as follows:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
4,198
|
|
|
$
|
8,373
|
|
|
Add:
|
|
|
|
|
|
Net income to NFE tax adjustment
|
|
(1,356
|
)
|
|
(721
|
)
|
|
Net financial earnings
|
|
$
|
2,842
|
|
|
$
|
7,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
December 31,
|
|
(Thousands, except per share data)
|
|
|
|
|
|
|
2016
|
|
2015
|
|
NEW JERSEY RESOURCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Distribution
|
|
|
|
|
|
|
$
|
185,556
|
|
|
$
|
151,606
|
|
|
Energy Services
|
|
|
|
|
|
|
337,181
|
|
|
278,693
|
|
|
Clean Energy Ventures
|
|
|
|
|
|
|
7,567
|
|
|
7,794
|
|
|
Midstream
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
Home Services and Other
|
|
|
|
|
|
|
10,006
|
|
|
9,573
|
|
|
Sub-total
|
|
|
|
|
|
|
540,310
|
|
|
447,666
|
|
|
Eliminations
|
|
|
|
|
|
|
718
|
|
|
(3,408
|
)
|
|
Total
|
|
|
|
|
|
|
$
|
541,028
|
|
|
$
|
444,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Distribution
|
|
|
|
|
|
|
$
|
51,372
|
|
|
$
|
47,707
|
|
|
Energy Services
|
|
|
|
|
|
|
(7,395
|
)
|
|
14,437
|
|
|
Clean Energy Ventures
|
|
|
|
|
|
|
(4,293
|
)
|
|
(1,426
|
)
|
|
Midstream
|
|
|
|
|
|
|
(156
|
)
|
|
(151
|
)
|
|
Home Services and Other
|
|
|
|
|
|
|
(1,456
|
)
|
|
(1,030
|
)
|
|
Sub-total
|
|
|
|
|
|
|
38,072
|
|
|
59,537
|
|
|
Eliminations
|
|
|
|
|
|
|
3,403
|
|
|
(86
|
)
|
|
Total
|
|
|
|
|
|
|
$
|
41,475
|
|
|
$
|
59,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in Earnings of Affiliates
|
|
|
|
|
|
|
|
|
|
|
Midstream
|
|
|
|
|
|
|
$
|
3,331
|
|
|
$
|
3,545
|
|
|
Eliminations
|
|
|
|
|
|
|
(1,020
|
)
|
|
(1,139
|
)
|
|
Total
|
|
|
|
|
|
|
$
|
2,311
|
|
|
$
|
2,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Distribution
|
|
|
|
|
|
|
$
|
30,348
|
|
|
$
|
30,926
|
|
|
Energy Services
|
|
|
|
|
|
|
(4,790
|
)
|
|
9,396
|
|
|
Clean Energy Ventures
|
|
|
|
|
|
|
4,198
|
|
|
8,373
|
|
|
Midstream
|
|
|
|
|
|
|
2,387
|
|
|
2,344
|
|
|
Home Services and Other
|
|
|
|
|
|
|
1,542
|
|
|
259
|
|
|
Sub-total
|
|
|
|
|
|
|
33,685
|
|
|
51,298
|
|
|
Eliminations
|
|
|
|
|
|
|
1,244
|
|
|
(1,016
|
)
|
|
Total
|
|
|
|
|
|
|
$
|
34,929
|
|
|
$
|
50,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Financial Earnings
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Distribution
|
|
|
|
|
|
|
$
|
30,348
|
|
|
$
|
30,926
|
|
|
Energy Services
|
|
|
|
|
|
|
3,487
|
|
|
10,304
|
|
|
Clean Energy Ventures
|
|
|
|
|
|
|
2,842
|
|
|
7,652
|
|
|
Midstream
|
|
|
|
|
|
|
2,387
|
|
|
2,344
|
|
|
Home Services and Other
|
|
|
|
|
|
|
1,542
|
|
|
259
|
|
|
Sub-total
|
|
|
|
|
|
|
40,606
|
|
|
51,485
|
|
|
Eliminations
|
|
|
|
|
|
|
(223
|
)
|
|
(218
|
)
|
|
Total
|
|
|
|
|
|
|
$
|
40,383
|
|
|
$
|
51,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Throughput (Bcf)
|
|
|
|
|
|
|
|
|
|
|
NJNG, Core Customers
|
|
|
|
|
|
|
32.8
|
|
|
30.0
|
|
|
NJNG, Off System/Capacity Management
|
|
|
|
|
|
|
43.6
|
|
|
55.9
|
|
|
NJRES Fuel Mgmt. and Wholesale Sales
|
|
|
|
|
|
|
126.2
|
|
|
132.7
|
|
|
Total
|
|
|
|
|
|
|
202.6
|
|
|
218.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Data
|
|
|
|
|
|
|
|
|
|
|
Yield at December 31 |
|
|
|
|
|
|
2.9
|
%
|
|
2.9
|
%
|
|
Market Price
|
|
|
|
|
|
|
|
|
|
|
High
|
|
|
|
|
|
|
$
|
37.30
|
|
|
$
|
34.07
|
|
|
Low
|
|
|
|
|
|
|
$
|
30.46
|
|
|
$
|
28.02
|
|
|
Close at December 31 |
|
|
|
|
|
|
$
|
35.50
|
|
|
$
|
32.96
|
|
|
Shares Out. at December 31 |
|
|
|
|
|
|
86,196
|
|
|
85,809
|
|
|
Market Cap. at December 31 |
|
|
|
|
|
|
$
|
3,059,966
|
|
|
$
|
2,828,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
(Unaudited)
|
|
December 31,
|
|
(Thousands, except customer & weather data)
|
|
2016
|
|
2015
|
|
NATURAL GAS DISTRIBUTION
|
|
|
|
|
|
|
|
|
|
|
|
Utility Gross Margin
|
|
|
|
|
|
Operating revenues
|
|
$
|
185,556
|
|
|
$
|
151,606
|
|
|
Less:
|
|
|
|
|
|
Gas purchases
|
|
64,186
|
|
|
45,243
|
|
|
Energy and other taxes
|
|
10,882
|
|
|
6,908
|
|
|
Regulatory rider expense
|
|
12,601
|
|
|
9,628
|
|
|
Total Utility Gross Margin
|
|
$
|
97,887
|
|
|
$
|
89,827
|
|
|
|
|
|
|
|
|
Utility Gross Margin, Operating Income and Net Income
|
|
|
|
|
|
Residential
|
|
$
|
62,498
|
|
|
$
|
55,076
|
|
|
Commercial, Industrial & Other
|
|
13,696
|
|
|
13,279
|
|
|
Firm Transportation
|
|
16,285
|
|
|
15,547
|
|
|
Total Firm Margin
|
|
92,479
|
|
|
83,902
|
|
|
Interruptible
|
|
1,624
|
|
|
1,390
|
|
|
Total System Margin
|
|
94,103
|
|
|
85,292
|
|
|
Off System/Capacity Management/FRM/Storage Incentive
|
|
3,784
|
|
|
4,535
|
|
|
Total Utility Gross Margin
|
|
97,887
|
|
|
89,827
|
|
|
Operation and maintenance expense
|
|
33,218
|
|
|
29,628
|
|
|
Depreciation and amortization
|
|
12,030
|
|
|
11,238
|
|
|
Other taxes not reflected in gross margin
|
|
1,267
|
|
|
1,254
|
|
|
Operating Income
|
|
$
|
51,372
|
|
|
$
|
47,707
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
30,348
|
|
|
$
|
30,926
|
|
|
|
|
|
|
|
|
Throughput (Bcf)
|
|
|
|
|
|
Residential
|
|
12.6
|
|
|
8.9
|
|
|
Commercial, Industrial & Other
|
|
2.4
|
|
|
1.7
|
|
|
Firm Transportation
|
|
4.5
|
|
|
3.4
|
|
|
Total Firm Throughput
|
|
19.5
|
|
|
14.0
|
|
|
Interruptible
|
|
13.3
|
|
|
16.0
|
|
|
Total System Throughput
|
|
32.8
|
|
|
30.0
|
|
|
Off System/Capacity Management
|
|
43.6
|
|
|
55.9
|
|
|
Total Throughput
|
|
76.4
|
|
|
85.9
|
|
|
|
|
|
|
|
|
Customers
|
|
|
|
|
|
Residential
|
|
451,587
|
|
|
441,464
|
|
|
Commercial, Industrial & Other
|
|
27,995
|
|
|
27,240
|
|
|
Firm Transportation
|
|
45,847
|
|
|
47,536
|
|
|
Total Firm Customers
|
|
525,429
|
|
|
516,240
|
|
|
Interruptible
|
|
34
|
|
|
35
|
|
|
Total System Customers
|
|
525,463
|
|
|
516,275
|
|
|
Off System/Capacity Management*
|
|
30
|
|
|
27
|
|
|
Total Customers
|
|
525,493
|
|
|
516,302
|
|
|
*The number of customers represents those active
during the last month of the period.
|
|
|
|
|
Degree Days
|
|
|
|
|
|
Actual
|
|
1,494
|
|
|
1,082
|
|
|
Normal
|
|
1,589
|
|
|
1,629
|
|
|
Percent of Normal
|
|
94.0
|
%
|
|
66.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
(Unaudited)
|
|
|
|
|
|
|
December 31,
|
|
(Thousands, except customer, SREC and megawatt)
|
|
|
|
|
|
|
2016
|
|
2015
|
|
ENERGY SERVICES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
Operating revenues
|
|
|
|
|
|
|
$
|
337,181
|
|
|
$
|
278,693
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Gas purchases
|
|
|
|
|
|
|
339,087
|
|
|
260,239
|
|
|
Operation and maintenance expense
|
|
|
|
|
|
|
5,018
|
|
|
3,757
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
16
|
|
|
23
|
|
|
Energy and other taxes
|
|
|
|
|
|
|
455
|
|
|
237
|
|
|
Operating (Loss) Income
|
|
|
|
|
|
|
$
|
(7,395
|
)
|
|
$
|
14,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income
|
|
|
|
|
|
|
$
|
(4,790
|
)
|
|
$
|
9,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Margin
|
|
|
|
|
|
|
$
|
10,747
|
|
|
$
|
19,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Financial Earnings
|
|
|
|
|
|
|
$
|
3,487
|
|
|
$
|
10,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sold and Managed (Bcf)
|
|
|
|
|
|
|
126.2
|
|
|
132.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLEAN ENERGY VENTURES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
SREC sales
|
|
|
|
|
|
|
$
|
2,486
|
|
|
$
|
4,604
|
|
|
Electricity sales
|
|
|
|
|
|
|
3,789
|
|
|
2,133
|
|
|
Other
|
|
|
|
|
|
|
1,292
|
|
|
1,057
|
|
|
Total Operating Revenues
|
|
|
|
|
|
|
$
|
7,567
|
|
|
$
|
7,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
|
|
|
$
|
7,041
|
|
|
$
|
5,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss)
|
|
|
|
|
|
|
$
|
(4,293
|
)
|
|
$
|
(1,426
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
|
|
|
|
|
|
|
$
|
11,887
|
|
|
$
|
11,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
$
|
4,198
|
|
|
$
|
8,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Financial Earnings
|
|
|
|
|
|
|
$
|
2,842
|
|
|
$
|
7,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solar Renewable Energy Certificates Generated
|
|
|
|
|
|
|
41,443
|
|
|
35,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solar Renewable Energy Certificates Sold
|
|
|
|
|
|
|
10,319
|
|
|
21,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solar Megawatts Eligible for ITCs
|
|
|
|
|
|
|
2.8
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solar Megawatts Under Construction
|
|
|
|
|
|
|
3.9
|
|
|
18.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wind Megawatts Installed/Acquired
|
|
|
|
|
|
|
39.9
|
|
|
50.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wind Megawatts Under Construction
|
|
|
|
|
|
|
—
|
|
|
39.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDSTREAM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in Earnings of Affiliates
|
|
|
|
|
|
|
$
|
3,331
|
|
|
$
|
3,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
|
|
|
|
|
|
|
$
|
917
|
|
|
$
|
632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
|
|
|
|
$
|
1,649
|
|
|
$
|
1,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
$
|
2,387
|
|
|
$
|
2,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME SERVICES AND OTHER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues
|
|
|
|
|
|
|
$
|
10,006
|
|
|
$
|
9,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss)
|
|
|
|
|
|
|
$
|
(1,456
|
)
|
|
$
|
(1,030
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net
|
|
|
|
|
|
|
$
|
2,827
|
|
|
$
|
159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
$
|
1,542
|
|
|
$
|
259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Service Contract Customers at December 31
|
|
|
|
|
|
|
113,285
|
|
|
116,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170208005365/en/
New Jersey Resources
Media:
Michael Kinney,
732-938-1031
mkinney@njresources.com
or
Investor:
Joanne
Fairechio, 732-378-4967
jfairechio@njresources.com
or
Dennis Puma, 732-938-1229
dpuma@njresources.com
Source: New Jersey Resources
News Provided by Acquire Media