|
|
|
|
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
||
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on
which registered
|
|
|
| Item 2.02 |
Results of Operations and Financial Condition.
|
| Item 7.01 |
Regulation FD Disclosure.
|
| Item 9.01 |
Financial Statements and Exhibits.
|
|
Exhibit Number
|
Exhibit
|
|
|
Press Release dated August 3, 2026 (furnished, not filed)
|
||
|
Presentation dated August 3, 2026 (furnished, not filed)
|
||
|
104
|
Cover page in Inline XBRL format
|
|
NEW JERSEY RESOURCES CORPORATION
|
||
|
Date: August 3, 2026
|
By:
|
/s/ Roberto F. Bel
|
|
Roberto F. Bel
|
||
|
Senior Vice President and Chief Financial
|
||
|
Officer
|
||
| • |
Fiscal 2026 third-quarter
consolidated net income of $9.7 million, or $0.10 per
share, compared with net loss of $(15.1) million, or $(0.15) per
share, in the third quarter of fiscal 2025
|
| • |
Fiscal 2026 third-quarter
consolidated net financial earnings (NFE), a non-GAAP financial measure, of $11.3 million, or $0.11 per share, compared with $6.2 million, or $0.06 per share, in the third quarter of fiscal
2025
|
| • |
Fiscal 2026 year-to-date net income totaled $351.1 million, or $3.48 per share, compared with $320.6 million, or $3.20 per share, for the same period in fiscal 2025
|
| • |
Fiscal 2026 year-to-date NFE totaled $350.9 million, or $3.48 per share, compared with $313.4 million, or $3.13 per share, for the same period in fiscal 2025
|
| • |
Tightens fiscal 2026 net financial earnings per share (NFEPS) guidance to a range of $3.52 to $3.62, from its previous range of $3.48 to $3.63
|
| • |
Maintains 7 to 9 percent long-term NFEPS growth target, starting from a fiscal 2025 base of $2.83 per share* * 7% - 9% growth would imply a NFEPS range of $3.03
- $3.08 in fiscal 2026
|
|
Segment
|
Expected fiscal 2026
net financial earnings
contribution
|
|
|
New Jersey Natural Gas
|
59 to 62 percent
|
|
|
Clean Energy Ventures
|
10 to 13 percent
|
|
|
Storage and Transportation
|
8 to 11 percent
|
|
|
Energy Services
|
21 to 23 percent
|
|
|
Home Services and Other
|
0 to 1 percent
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
($ in Thousands, except per share data)
|
2026
|
2025
|
2026
|
2025
|
||||||||||||
|
Net income (loss)
|
$
|
9,689
|
$
|
(15,051
|
)
|
$
|
351,091
|
$
|
320,555
|
|||||||
|
Basic EPS
|
$
|
0.10
|
$
|
(0.15
|
)
|
$
|
3.48
|
$
|
3.20
|
|||||||
|
Net financial earnings*
|
$
|
11,304
|
$
|
6,198
|
$
|
350,940
|
$
|
313,388
|
||||||||
|
Basic net financial earnings per share*
|
$
|
0.11
|
$
|
0.06
|
$
|
3.48
|
$
|
3.13
|
||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
($ in Thousands)
|
2026
|
2025
|
2026
|
2025
|
||||||||||||
|
New Jersey Natural Gas
|
$
|
6,087
|
$
|
10,079
|
$
|
238,429
|
$
|
221,518
|
||||||||
|
Clean Energy Ventures
|
(312
|
)
|
(6,857
|
)
|
4,055
|
37,315
|
||||||||||
|
Storage and Transportation
|
8,762
|
5,898
|
23,833
|
13,905
|
||||||||||||
|
Energy Services
|
(4,035
|
)
|
(3,734
|
)
|
84,531
|
39,400
|
||||||||||
|
Home Services and Other
|
579
|
481
|
839
|
418
|
||||||||||||
|
Subtotal
|
11,081
|
5,867
|
351,687
|
312,556
|
||||||||||||
|
Eliminations
|
223
|
331
|
(747
|
)
|
832
|
|||||||||||
|
Total
|
$
|
11,304
|
$
|
6,198
|
$
|
350,940
|
$
|
313,388
|
||||||||
| • |
At June 30, 2026, NJNG serviced approximately 595,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 589,000 customers as of September 30, 2025.
|
| • |
On June 1, 2026, NJNG submitted its annual Basic Gas Supply Service (BGSS), Conservation
Incentive Program (CIP) and Energy-Efficiency filings to the New Jersey Board of Public Utilities (BPU) that, taken together, would provide customers with an 8.9% reduction in customer bills in advance of the 2026-2027 winter season – a
$158 annual savings for the average residential customer – and bill stability while seeking recovery for investments in the continued delivery of safe, reliable natural gas service, which is the most affordable energy to heat homes and
businesses.
|
| • |
Also, on June 1, 2026, NJNG filed a base rate case with the BPU, seeking a $157.6 million
increase to its base rates. The filing is based on an overall rate of return on rate base of 7.60 percent with a return on common equity of 10.10 percent. The proposed increase reflects a 55.50 percent common equity component.
|
| • |
Once all filings are implemented, NJNG anticipates that the overall net result will leave NJNG annualized average customer bills nearly flat compared to today’s rates. Unless
otherwise noted, NJNG cannot predict the outcome or ultimate resolution for open regulatory matters.
|
| • |
BGSS incentive programs contributed $20.4 million to utility gross margin during the first nine months of fiscal 2026, compared with $14.5 million for the same period in fiscal 2025. This increase was primarily driven by
increased margins from off-system sales and capacity release due to market volatility as a result of colder weather.
|
| • |
SAVEGREEN® invested $78.8 million in the first nine months of fiscal 2026 in energy-efficiency upgrades for customers' homes and businesses. Investments in SAVEGREEN® are incremental to rate base and earn near-real
time returns through an annual recovery mechanism.
|
| • |
More than 115,000 customers have taken part in SAVEGREEN® to date, with those utilizing our whole home offerings realizing bill savings of up to 30%.
|
| • |
During the first nine months of fiscal 2026, CEV placed eight commercial projects into service, adding 57.8 megawatts (MW)* to installed capacity.
|
| • |
As of June 30, 2026, CEV had approximately 537MW of commercial solar capacity in service across New Jersey, New York, Connecticut, Pennsylvania, Rhode Island, Indiana, and Michigan.
|
| • |
During the first nine months of fiscal 2026, capital expenditures were $553.0 million, including accruals, compared with $456.8 million during the same period in fiscal 2025. The increase in capital expenditures was
primarily due to higher expenditures at NJNG and CEV.
|
| • |
NJR expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030, with utility spending at NJNG representing over 60% of the investment, all planned CEV capital expenditures safe-harbored to preserve tax credit
eligibility, and strategic growth opportunities at S&T supporting long-term value creation.
|
| • |
During the first nine months of fiscal 2026, cash flows from operations increased to $577.8 million, compared to cash flows from operations of $385.2 million in the same period in fiscal 2025, due primarily to an increase in financial margin at ES and higher base rates at NJNG.
|
| • |
New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington
counties.
|
| • |
Clean Energy Ventures invests in, owns and operates solar projects, providing customers
with low-carbon solutions.
|
| • |
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.
|
| • |
Storage and Transportation serves customers from local distributors and producers to
electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway pipeline, as well as our 50% equity ownership in
the Steckman Ridge natural gas storage facility.
|
| • |
Home Services provides service contracts as well as heating, central air conditioning,
water heaters, standby generators and other indoor and outdoor comfort products to residential homes throughout New Jersey.
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
(Thousands, except per share data)
|
2026
|
2025
|
2026
|
2025
|
||||||||||||
|
OPERATING REVENUES
|
||||||||||||||||
|
Utility
|
$
|
200,869
|
$
|
204,790
|
$
|
1,251,692
|
$
|
1,156,558
|
||||||||
|
Nonutility
|
148,311
|
94,156
|
641,743
|
543,776
|
||||||||||||
|
Total operating revenues
|
349,180
|
298,946
|
1,893,435
|
1,700,334
|
||||||||||||
|
OPERATING EXPENSES
|
||||||||||||||||
|
Gas purchases
|
||||||||||||||||
|
Utility
|
64,255
|
73,321
|
508,306
|
473,975
|
||||||||||||
|
Nonutility
|
82,200
|
67,852
|
308,164
|
287,277
|
||||||||||||
|
Related parties
|
1,280
|
1,268
|
3,799
|
4,652
|
||||||||||||
|
Operation and maintenance
|
105,574
|
100,133
|
304,751
|
299,806
|
||||||||||||
|
Regulatory rider expenses
|
10,434
|
10,979
|
103,038
|
81,956
|
||||||||||||
|
Depreciation and amortization
|
53,545
|
47,000
|
153,250
|
140,296
|
||||||||||||
|
Gain on sale of assets
|
—
|
(545
|
)
|
—
|
(56,092
|
)
|
||||||||||
|
Total operating expenses
|
317,288
|
300,008
|
1,381,308
|
1,231,870
|
||||||||||||
|
OPERATING INCOME (LOSS)
|
31,892
|
(1,062
|
)
|
512,127
|
468,464
|
|||||||||||
|
Other income, net
|
14,772
|
11,040
|
42,427
|
39,663
|
||||||||||||
|
Interest expense, net of capitalized interest
|
35,199
|
31,694
|
105,850
|
98,112
|
||||||||||||
|
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
|
11,465
|
(21,716
|
)
|
448,704
|
410,015
|
|||||||||||
|
Income tax provision (benefit)
|
3,353
|
(5,142
|
)
|
103,754
|
93,835
|
|||||||||||
|
Equity in earnings of affiliates
|
1,577
|
1,523
|
6,141
|
4,375
|
||||||||||||
|
NET INCOME (LOSS)
|
$
|
9,689
|
$
|
(15,051
|
)
|
$
|
351,091
|
$
|
320,555
|
|||||||
|
EARNINGS (LOSS) PER COMMON SHARE
|
||||||||||||||||
|
Basic
|
$
|
0.10
|
$
|
(0.15
|
)
|
$
|
3.48
|
$
|
3.20
|
|||||||
|
Diluted
|
$
|
0.10
|
$
|
(0.15
|
)
|
$
|
3.46
|
$
|
3.18
|
|||||||
|
WEIGHTED AVERAGE SHARES OUTSTANDING
|
||||||||||||||||
|
Basic
|
101,092
|
100,373
|
100,881
|
100,173
|
||||||||||||
|
Diluted
|
101,780
|
100,373
|
101,526
|
100,813
|
||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
(Thousands)
|
2026
|
2025
|
2026
|
2025
|
||||||||||||
|
NEW JERSEY RESOURCES
|
||||||||||||||||
|
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
|
||||||||||||||||
|
Net income (loss)
|
$
|
9,689
|
$
|
(15,051
|
)
|
$
|
351,091
|
$
|
320,555
|
|||||||
|
Add:
|
||||||||||||||||
|
Unrealized loss (gain) on derivative instruments and related transactions
|
2,749
|
10,766
|
4,460
|
(10,072
|
)
|
|||||||||||
|
Tax effect
|
(653
|
)
|
(2,559
|
)
|
(1,060
|
)
|
2,394
|
|||||||||
|
Effects of economic hedging related to natural gas inventory
|
(654
|
)
|
16,924
|
(4,657
|
)
|
747
|
||||||||||
|
Tax effect
|
156
|
(4,022
|
)
|
1,107
|
(178
|
)
|
||||||||||
|
NFE tax adjustment
|
17
|
140
|
(1
|
)
|
(58
|
)
|
||||||||||
|
Net financial earnings
|
$
|
11,304
|
$
|
6,198
|
$
|
350,940
|
$
|
313,388
|
||||||||
|
Weighted Average Shares Outstanding
|
||||||||||||||||
|
Basic
|
101,092
|
100,373
|
100,881
|
100,173
|
||||||||||||
|
Diluted
|
101,780
|
100,373
|
101,526
|
100,813
|
||||||||||||
|
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per
share is as follows:
|
||||||||||||||||
|
Basic earnings (loss) per share
|
$
|
0.10
|
$
|
(0.15
|
)
|
$
|
3.48
|
$
|
3.20
|
|||||||
|
Add:
|
||||||||||||||||
|
Unrealized loss (gain) on derivative instruments and related transactions
|
0.02
|
0.11
|
0.04
|
(0.10
|
)
|
|||||||||||
|
Tax effect
|
—
|
(0.03
|
)
|
(0.01
|
)
|
0.02
|
||||||||||
|
Effects of economic hedging related to natural gas inventory
|
(0.01
|
)
|
0.17
|
(0.04
|
)
|
0.01
|
||||||||||
|
Tax effect
|
—
|
(0.04
|
)
|
0.01
|
—
|
|||||||||||
|
Basic net financial earnings per share
|
$
|
0.11
|
$
|
0.06
|
$
|
3.48
|
$
|
3.13
|
||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
(Thousands)
|
2026
|
2025
|
2026
|
2025
|
||||||||||||
|
NATURAL GAS DISTRIBUTION
|
||||||||||||||||
|
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:
|
||||||||||||||||
|
Operating revenues
|
$
|
201,107
|
$
|
205,029
|
$
|
1,252,405
|
$
|
1,157,439
|
||||||||
|
Less:
|
||||||||||||||||
|
Natural gas purchases
|
65,875
|
74,941
|
513,166
|
480,244
|
||||||||||||
|
Operating and maintenance (1)
|
36,854
|
34,719
|
96,463
|
90,238
|
||||||||||||
|
Regulatory rider expense
|
10,434
|
10,979
|
103,038
|
81,956
|
||||||||||||
|
Depreciation and amortization
|
40,385
|
35,987
|
114,854
|
103,784
|
||||||||||||
|
Gross margin
|
47,559
|
48,403
|
424,884
|
401,217
|
||||||||||||
|
Add:
|
||||||||||||||||
|
Operating and maintenance (1)
|
36,854
|
34,719
|
96,463
|
90,238
|
||||||||||||
|
Depreciation and amortization
|
40,385
|
35,987
|
114,854
|
103,784
|
||||||||||||
|
Utility gross margin
|
$
|
124,798
|
$
|
119,109
|
$
|
636,201
|
$
|
595,239
|
||||||||
|
(1) Excludes selling, general and administrative
expenses of $27.8 million and $27.1 million for the three months ended June 30, 2026 and 2025, respectively, and $82.9 million and $85.0 million for
the nine months ended June 30, 2026 and 2025, respectively.
|
||||||||||||||||
|
ENERGY SERVICES
|
||||||||||||||||
|
A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:
|
||||||||||||||||
|
Operating revenues
|
$
|
79,962
|
$
|
38,850
|
$
|
443,224
|
$
|
371,548
|
||||||||
|
Less:
|
||||||||||||||||
|
Natural Gas purchases
|
82,091
|
67,781
|
307,803
|
287,496
|
||||||||||||
|
Operation and maintenance (1)
|
2,841
|
1,020
|
15,316
|
13,482
|
||||||||||||
|
Depreciation and amortization
|
41
|
30
|
125
|
139
|
||||||||||||
|
Gross margin
|
(5,011
|
)
|
(29,981
|
)
|
119,980
|
70,431
|
||||||||||
|
Add:
|
||||||||||||||||
|
Operation and maintenance (1)
|
2,841
|
1,020
|
15,316
|
13,482
|
||||||||||||
|
Depreciation and amortization
|
41
|
30
|
125
|
139
|
||||||||||||
|
Unrealized loss (gain) on derivative instruments and related transactions
|
2,749
|
10,766
|
4,460
|
(10,072
|
)
|
|||||||||||
|
Effects of economic hedging related to natural gas inventory
|
(654
|
)
|
16,924
|
(4,657
|
)
|
747
|
||||||||||
|
Financial margin
|
$
|
(34
|
)
|
$
|
(1,241
|
)
|
$
|
135,224
|
$
|
74,727
|
||||||
|
(1) Excludes selling, general and administrative
expenses of $0.2 million and $0.3 million during the three months ended June 30, 2026 and 2025, respectively, and $0.7 million and $0.9 million during the nine months ended June 30, 2026 and 2025, respectively.
|
||||||||||||||||
|
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
|
||||||||||||||||
|
Net (loss) income
|
$
|
(5,650
|
)
|
$
|
(24,983
|
)
|
$
|
84,682
|
$
|
46,567
|
||||||
|
Add:
|
||||||||||||||||
|
Unrealized loss (gain) on derivative instruments and related transactions
|
2,749
|
10,766
|
4,460
|
(10,072
|
)
|
|||||||||||
|
Tax effect
|
(653
|
)
|
(2,559
|
)
|
(1,060
|
)
|
2,394
|
|||||||||
|
Effects of economic hedging related to natural gas
|
(654
|
)
|
16,924
|
(4,657
|
)
|
747
|
||||||||||
|
Tax effect
|
156
|
(4,022
|
)
|
1,107
|
(178
|
)
|
||||||||||
|
NFE tax adjustment
|
17
|
140
|
(1
|
)
|
(58
|
)
|
||||||||||
|
Net financial (loss) earnings
|
$
|
(4,035
|
)
|
$
|
(3,734
|
)
|
$
|
84,531
|
$
|
39,400
|
||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
(Thousands, except per share data)
|
2026
|
2025
|
2026
|
2025
|
||||||||||||
|
NEW JERSEY RESOURCES
|
||||||||||||||||
|
Operating Revenues
|
||||||||||||||||
|
Natural Gas Distribution
|
$
|
201,107
|
$
|
205,029
|
$
|
1,252,405
|
$
|
1,157,439
|
||||||||
|
Clean Energy Ventures
|
19,178
|
12,030
|
60,870
|
46,403
|
||||||||||||
|
Energy Services
|
79,962
|
38,850
|
443,224
|
371,548
|
||||||||||||
|
Storage and Transportation
|
31,388
|
27,129
|
88,902
|
79,064
|
||||||||||||
|
Home Services and Other
|
17,758
|
16,177
|
48,722
|
47,089
|
||||||||||||
|
Sub-total
|
349,393
|
299,214
|
1,894,123
|
1,701,543
|
||||||||||||
|
Eliminations
|
(213
|
)
|
(268
|
)
|
(688
|
)
|
(1,209
|
)
|
||||||||
|
Total
|
$
|
349,180
|
$
|
298,946
|
$
|
1,893,435
|
$
|
1,700,334
|
||||||||
|
Operating Income (Loss)
|
||||||||||||||||
|
Natural Gas Distribution
|
$
|
19,731
|
$
|
21,273
|
$
|
341,962
|
$
|
316,255
|
||||||||
|
Clean Energy Ventures
|
1,156
|
(4,353
|
)
|
8,806
|
52,368
|
|||||||||||
|
Energy Services
|
(5,229
|
)
|
(30,240
|
)
|
119,282
|
69,561
|
||||||||||
|
Storage and Transportation
|
14,356
|
10,544
|
37,913
|
26,113
|
||||||||||||
|
Home Services and Other
|
1,219
|
1,065
|
2,198
|
1,667
|
||||||||||||
|
Sub-total
|
31,233
|
(1,711
|
)
|
510,161
|
465,964
|
|||||||||||
|
Eliminations
|
659
|
649
|
1,966
|
2,500
|
||||||||||||
|
Total
|
$
|
31,892
|
$
|
(1,062
|
)
|
$
|
512,127
|
$
|
468,464
|
|||||||
|
Equity in Earnings of Affiliates
|
||||||||||||||||
|
Storage and Transportation
|
$
|
1,039
|
$
|
908
|
$
|
4,561
|
$
|
3,030
|
||||||||
|
Eliminations
|
538
|
615
|
1,580
|
1,345
|
||||||||||||
|
Total
|
$
|
1,577
|
$
|
1,523
|
$
|
6,141
|
$
|
4,375
|
||||||||
|
Net Income (Loss)
|
||||||||||||||||
|
Natural Gas Distribution
|
$
|
6,087
|
$
|
10,079
|
$
|
238,429
|
$
|
221,518
|
||||||||
|
Clean Energy Ventures
|
(312
|
)
|
(6,857
|
)
|
4,055
|
37,315
|
||||||||||
|
Energy Services
|
(5,650
|
)
|
(24,983
|
)
|
84,682
|
46,567
|
||||||||||
|
Storage and Transportation
|
8,762
|
5,898
|
23,833
|
13,905
|
||||||||||||
|
Home Services and Other
|
579
|
481
|
839
|
418
|
||||||||||||
|
Sub-total
|
9,466
|
(15,382
|
)
|
351,838
|
319,723
|
|||||||||||
|
Eliminations
|
223
|
331
|
(747
|
)
|
832
|
|||||||||||
|
Total
|
$
|
9,689
|
$
|
(15,051
|
)
|
$
|
351,091
|
$
|
320,555
|
|||||||
|
Net Financial Earnings (Loss)
|
||||||||||||||||
|
Natural Gas Distribution
|
$
|
6,087
|
$
|
10,079
|
$
|
238,429
|
$
|
221,518
|
||||||||
|
Clean Energy Ventures
|
(312
|
)
|
(6,857
|
)
|
4,055
|
37,315
|
||||||||||
|
Energy Services
|
(4,035
|
)
|
(3,734
|
)
|
84,531
|
39,400
|
||||||||||
|
Storage and Transportation
|
8,762
|
5,898
|
23,833
|
13,905
|
||||||||||||
|
Home Services and Other
|
579
|
481
|
839
|
418
|
||||||||||||
|
Sub-total
|
11,081
|
5,867
|
351,687
|
312,556
|
||||||||||||
|
Eliminations
|
223
|
331
|
(747
|
)
|
832
|
|||||||||||
|
Total
|
$
|
11,304
|
$
|
6,198
|
$
|
350,940
|
$
|
313,388
|
||||||||
|
Throughput (Bcf)
|
||||||||||||||||
|
NJNG, Core Customers
|
14.6
|
19.2
|
86.1
|
82.1
|
||||||||||||
|
NJNG, Off System/Capacity Management
|
10.7
|
15.1
|
60.3
|
51.6
|
||||||||||||
|
Energy Services Fuel Mgmt. and Wholesale Sales
|
25.7
|
18.6
|
82.7
|
82.1
|
||||||||||||
|
Total
|
51.0
|
52.9
|
229.1
|
215.8
|
||||||||||||
|
Common Stock Data
|
||||||||||||||||
|
Yield at June 30,
|
3.4
|
%
|
4.0
|
%
|
3.4
|
%
|
4.0
|
%
|
||||||||
|
Market Price at June 30,
|
$
|
56.04
|
$
|
44.82
|
$
|
56.04
|
$
|
44.82
|
||||||||
|
Shares Out. at June 30,
|
101,411
|
100,378
|
101,411
|
100,378
|
||||||||||||
|
Market Cap. at June 30,
|
$
|
5,683,070
|
$
|
4,498,953
|
$
|
5,683,070
|
$
|
4,498,953
|
||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
(Unaudited)
|
June 30,
|
June 30,
|
||||||||||||||
|
(Thousands, except customer and weather data)
|
2026
|
2025
|
2026
|
2025
|
||||||||||||
|
NATURAL GAS DISTRIBUTION
|
||||||||||||||||
|
Utility Gross Margin
|
||||||||||||||||
|
Operating revenues
|
$
|
201,107
|
$
|
205,029
|
$
|
1,252,405
|
$
|
1,157,439
|
||||||||
|
Less:
|
||||||||||||||||
|
Natural gas purchases
|
65,875
|
74,941
|
513,166
|
480,244
|
||||||||||||
|
Operating and maintenance (1)
|
36,854
|
34,719
|
96,463
|
90,238
|
||||||||||||
|
Regulatory rider expense
|
10,434
|
10,979
|
103,038
|
81,956
|
||||||||||||
|
Depreciation and amortization
|
40,385
|
35,987
|
114,854
|
103,784
|
||||||||||||
|
Gross margin
|
47,559
|
48,403
|
424,884
|
401,217
|
||||||||||||
|
Add:
|
||||||||||||||||
|
Operating and maintenance (1)
|
36,854
|
34,719
|
96,463
|
90,238
|
||||||||||||
|
Depreciation and amortization
|
40,385
|
35,987
|
114,854
|
103,784
|
||||||||||||
|
Total Utility Gross Margin
|
$
|
124,798
|
$
|
119,109
|
$
|
636,201
|
$
|
595,239
|
||||||||
|
(1) Excludes selling, general and administrative
expenses of $27.8 million and $27.1 million for the three months ended June 30, 2026 and 2025, respectively, and $82.9 million and $85.0 million for
the nine months ended June 30, 2026 and 2025, respectively.
|
||||||||||||||||
|
Utility Gross Margin, Operating Income and Net Income
|
||||||||||||||||
|
Residential
|
$
|
76,156
|
$
|
74,131
|
$
|
441,829
|
$
|
419,817
|
||||||||
|
Commercial, Industrial & Other
|
19,945
|
19,924
|
85,144
|
80,901
|
||||||||||||
|
Firm Transportation
|
24,386
|
19,666
|
85,977
|
76,750
|
||||||||||||
|
Total Firm Margin
|
120,487
|
113,721
|
612,950
|
577,468
|
||||||||||||
|
Interruptible
|
1,223
|
1,462
|
2,884
|
3,236
|
||||||||||||
|
Total System Margin
|
121,710
|
115,183
|
615,834
|
580,704
|
||||||||||||
|
Basic Gas Supply Service Incentive
|
3,088
|
3,926
|
20,367
|
14,535
|
||||||||||||
|
Total Utility Gross Margin
|
124,798
|
119,109
|
636,201
|
595,239
|
||||||||||||
|
Operation and maintenance expense
|
64,682
|
61,849
|
179,385
|
175,200
|
||||||||||||
|
Depreciation and amortization
|
40,385
|
35,987
|
114,854
|
103,784
|
||||||||||||
|
Operating Income
|
$
|
19,731
|
$
|
21,273
|
$
|
341,962
|
$
|
316,255
|
||||||||
|
|
||||||||||||||||
|
Net Income
|
$
|
6,087
|
$
|
10,079
|
$
|
238,429
|
$
|
221,518
|
||||||||
|
|
||||||||||||||||
|
Net Financial Earnings
|
$
|
6,087
|
$
|
10,079
|
$
|
238,429
|
$
|
221,518
|
||||||||
|
Throughput (Bcf)
|
||||||||||||||||
|
Residential
|
6.1
|
6.2
|
48.6
|
44.3
|
||||||||||||
|
Commercial, Industrial & Other
|
1.2
|
1.2
|
9.0
|
8.3
|
||||||||||||
|
Firm Transportation
|
1.8
|
1.9
|
10.9
|
10.3
|
||||||||||||
|
Total Firm Throughput
|
9.1
|
9.3
|
68.5
|
62.9
|
||||||||||||
|
Interruptible
|
5.5
|
9.9
|
17.6
|
19.2
|
||||||||||||
|
Total System Throughput
|
14.6
|
19.2
|
86.1
|
82.1
|
||||||||||||
|
Off System/Capacity Management
|
10.7
|
15.1
|
60.3
|
51.6
|
||||||||||||
|
Total Throughput
|
25.3
|
34.3
|
146.4
|
133.7
|
||||||||||||
|
Customers
|
||||||||||||||||
|
Residential
|
540,569
|
534,561
|
540,569
|
534,561
|
||||||||||||
|
Commercial, Industrial & Other
|
33,174
|
32,464
|
33,174
|
32,464
|
||||||||||||
|
Firm Transportation
|
20,847
|
21,163
|
20,847
|
21,163
|
||||||||||||
|
Total Firm Customers
|
594,590
|
588,188
|
594,590
|
588,188
|
||||||||||||
|
Interruptible
|
31
|
87
|
31
|
87
|
||||||||||||
|
Total System Customers
|
594,621
|
588,275
|
594,621
|
588,275
|
||||||||||||
|
Off System/Capacity Management*
|
25
|
30
|
25
|
30
|
||||||||||||
|
Total Customers
|
594,646
|
588,305
|
594,646
|
588,305
|
||||||||||||
|
*The number of customers represents those active during the last month of the period.
|
||||||||||||||||
|
Degree Days
|
||||||||||||||||
|
Actual
|
437
|
373
|
4,587
|
4,147
|
||||||||||||
|
Normal
|
452
|
454
|
4,347
|
4,361
|
||||||||||||
|
Percent of Normal
|
96.7
|
%
|
82.2
|
%
|
105.5
|
%
|
95.1
|
%
|
||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
(Unaudited)
|
June 30,
|
June 30,
|
||||||||||||||
|
(Thousands, except customer, RECs and megawatt data)
|
2026
|
2025
|
2026
|
2025
|
||||||||||||
|
CLEAN ENERGY VENTURES
|
||||||||||||||||
|
Operating Revenues
|
||||||||||||||||
|
SREC sales
|
$
|
154
|
$
|
179
|
$
|
23,611
|
$
|
17,997
|
||||||||
|
TREC sales
|
7,278
|
4,522
|
13,407
|
9,581
|
||||||||||||
|
SREC II sales
|
1,190
|
442
|
2,178
|
1,145
|
||||||||||||
|
Merchant Power
|
4,497
|
3,360
|
9,706
|
7,709
|
||||||||||||
|
PPA / Other
|
6,059
|
3,527
|
11,968
|
8,101
|
||||||||||||
|
Residential solar portfolio
|
—
|
—
|
—
|
1,870
|
||||||||||||
|
Total Operating Revenues
|
$
|
19,178
|
$
|
12,030
|
$
|
60,870
|
$
|
46,403
|
||||||||
|
Depreciation and Amortization
|
$
|
7,664
|
$
|
5,772
|
$
|
21,817
|
$
|
17,701
|
||||||||
|
Operating Income (Loss)
|
$
|
1,156
|
$
|
(4,353
|
)
|
$
|
8,806
|
$
|
52,368
|
|||||||
|
Income Tax (Benefit) Provision
|
$
|
(31
|
)
|
$
|
(2,068
|
)
|
$
|
879
|
$
|
10,994
|
||||||
|
Net (Loss) Income
|
$
|
(312
|
)
|
$
|
(6,857
|
)
|
$
|
4,055
|
$
|
37,315
|
||||||
|
Net Financial (Loss) Earnings
|
$
|
(312
|
)
|
$
|
(6,857
|
)
|
$
|
4,055
|
$
|
37,315
|
||||||
|
Solar Renewable Energy Certificates Generated
|
93,879
|
92,508
|
203,201
|
231,877
|
||||||||||||
|
Solar Renewable Energy Certificates Sold
|
996
|
1,155
|
122,119
|
87,657
|
||||||||||||
|
Transition Renewable Energy Certificates Generated
|
49,093
|
30,569
|
89,915
|
65,257
|
||||||||||||
|
Solar Renewable Energy Certificates II Generated
|
12,126
|
4,743
|
23,235
|
12,519
|
||||||||||||
|
ENERGY SERVICES
|
||||||||||||||||
|
Operating Income
|
||||||||||||||||
|
Operating revenues
|
$
|
79,962
|
$
|
38,850
|
$
|
443,224
|
$
|
371,548
|
||||||||
|
Less:
|
||||||||||||||||
|
Gas purchases
|
82,091
|
67,781
|
307,803
|
287,496
|
||||||||||||
|
Operation and maintenance expense
|
3,059
|
1,279
|
16,014
|
14,352
|
||||||||||||
|
Depreciation and amortization
|
41
|
30
|
125
|
139
|
||||||||||||
|
Operating (Loss) Income
|
$
|
(5,229
|
)
|
$
|
(30,240
|
)
|
$
|
119,282
|
$
|
69,561
|
||||||
|
Net (Loss) Income
|
$
|
(5,650
|
)
|
$
|
(24,983
|
)
|
$
|
84,682
|
$
|
46,567
|
||||||
|
Financial Margin
|
$
|
(34
|
)
|
$
|
(1,241
|
)
|
$
|
135,224
|
$
|
74,727
|
||||||
|
Net Financial (Loss) Earnings
|
$
|
(4,035
|
)
|
$
|
(3,734
|
)
|
$
|
84,531
|
$
|
39,400
|
||||||
|
Gas Sold and Managed (Bcf)
|
25.7
|
18.6
|
82.7
|
82.1
|
||||||||||||
|
STORAGE AND TRANSPORTATION
|
||||||||||||||||
|
Operating Revenues
|
$
|
31,388
|
$
|
27,129
|
$
|
88,902
|
$
|
79,064
|
||||||||
|
Equity in Earnings of Affiliates
|
$
|
1,039
|
$
|
908
|
$
|
4,561
|
$
|
3,030
|
||||||||
|
Operation and Maintenance Expense
|
$
|
11,439
|
$
|
11,410
|
$
|
34,127
|
$
|
34,403
|
||||||||
|
Other Income, Net
|
$
|
1,421
|
$
|
2,059
|
$
|
5,271
|
$
|
6,384
|
||||||||
|
Interest Expense
|
$
|
5,383
|
$
|
5,741
|
$
|
16,397
|
$
|
17,527
|
||||||||
|
Income Tax Provision
|
$
|
2,671
|
$
|
1,872
|
$
|
7,515
|
$
|
4,095
|
||||||||
|
Net Income
|
$
|
8,762
|
$
|
5,898
|
$
|
23,833
|
$
|
13,905
|
||||||||
|
Net Financial Earnings
|
$
|
8,762
|
$
|
5,898
|
$
|
23,833
|
$
|
13,905
|
||||||||
|
HOME SERVICES AND OTHER
|
||||||||||||||||
|
Operating Revenues
|
$
|
17,753
|
$
|
16,177
|
$
|
48,722
|
$
|
47,089
|
||||||||
|
Operating Income
|
$
|
1,219
|
$
|
1,065
|
$
|
2,198
|
$
|
1,667
|
||||||||
|
Net Income
|
$
|
579
|
$
|
481
|
$
|
839
|
$
|
418
|
||||||||
|
Net Financial Earnings
|
$
|
579
|
$
|
481
|
$
|
839
|
$
|
418
|
||||||||
|
Total Service Contract Customers at June 30
|
97,366
|
98,653
|
97,366
|
98,653
|
||||||||||||