NEW Jersey Resources (NJR) Q1 FY2024 earnings: revenue $467 million, down 35.4% on the year

NEW Jersey Resources Corp. (NJR) reported revenue of $467 million for Q1 FY2024, the quarter ended 31 December 2023, down 35.4% on the same quarter a year earlier. Net income was $89 million, down 22.9% on the year, and diluted earnings per share $0.91. The figures are the company's own, from the 10-Q it filed with the SEC on 6 February 2024.

Revenue$467 milliondown 35.4%

Net income$89 milliondown 22.9%

Diluted EPS$0.91

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	467	331	n/a	n/a
Operating income	136	64.3	n/a	n/a
Operating margin	29.1%	19.4%	n/a
Interest expense	31.5	33.1	n/a	n/a
Pre-tax income	111	42.1	n/a	n/a
Income tax	22.9	6.2	n/a	n/a
Effective tax rate	20.7%	14.8%	n/a
Net income	89.4	37.0	n/a	n/a
Net margin	19.1%	11.2%	n/a
Diluted EPS	$0.91	$0.38	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	46.4	91.1	n/a	n/a
Cash from investing	-114	-160	n/a	n/a
Cash from financing	69.3	69.8	n/a	n/a
Depreciation and amortisation	40.3	39.3	n/a	n/a
Dividends paid	41.0	38.0	n/a	n/a
Dividend per share	$0.42	n/a	n/a	n/a
Diluted shares, weighted	99m	98m	n/a	n/a
Shares outstanding at period end	98m	98m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,066	1,991	n/a	n/a
Short-term borrowings	269	252	n/a	n/a
Debt	2,739	2,768	n/a	n/a
Operating lease liabilities	149	148	n/a	n/a
Finance lease liabilities	20.0	22.9	n/a	n/a
Other liabilities	1,506	1,356	n/a	n/a
Total liabilities and equity	6,749	6,537	n/a	n/a
Intangible assets	n/a	0.1	n/a	n/a
Cash and equivalents	2.7	1.0	n/a	n/a
Other assets	6,746	6,536	n/a	n/a
Total assets	6,749	6,537	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	331	467	658	276	396	488	913	299	336	605	939	349
Operating income	64.3	136	170	5.9	146	190	280	-1.1	40.4	179	301	31.9
Operating margin	19%	29%	26%	2%	37%	39%	31%	-0%	12%	30%	32%	9%
Interest expense	33.1	31.5	31.6	31.2	36.0	33.9	32.5	31.7	30.5	35.7	35.0	35.2
Pre-tax income	42.1	111	154	-15.7	120	167	264	-21.7	16.5	155	282	11.5
Tax rate	15%	21%	22%	n/a	26%	22%	23%	n/a	19%	22%	23%	29%
Net income	37.0	89.4	121	-11.6	91.1	131	204	-15.1	15.1	122	219	9.7
Net margin	11%	19%	18%	-4%	23%	27%	22%	-5%	4%	20%	23%	3%
Diluted EPS	$0.38	$0.91	$1.22	-$0.12	$0.91	$1.31	$2.02	-$0.15	$0.15	$1.21	$2.16	$0.10
Operating cash flow	91.1	46.4	292	24.3	64.5	-9.0	423	-28.9	81.2	26.7	563	-11.6
Dividends paid	38.0	41.0	41.2	41.3	41.6	44.8	45.0	45.1	45.2	47.7	47.9	47.9
Shares outstanding	98m	98m	99m	99m	99m	100m	100m	100m	100m	101m	101m	101m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 6 February 2024, accession 0000356309-24-000027: the filing on EDGAR. All of NEW Jersey Resources Corp.'s filings: EDGAR company page.

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