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New Jersey Resources Reports Fiscal 2024 Second-Quarter Results

Today, New Jersey Resources Corporation (NYSE: NJR) reported results for the second quarter of fiscal 2024. Highlights include:

  • Consolidated net income of $120.8 million, compared with $110.2 million in the second quarter of fiscal 2023
  • Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $138.6 million, or $1.41 per share, compared to $112.3 million, or $1.16 per share, in the second quarter of fiscal 2023
  • Re-affirmed fiscal 2024 net financial earnings per share (NFEPS) guidance range of $2.85 to $3.00, which was increased by $0.15 in February 2024 as a result of strong performance from Energy Services
  • Maintained long-term projected NFEPS growth rate of 7 to 9 percent(1)
  • On January 31, 2024, New Jersey Natural Gas (NJNG) filed a rate case with the New Jersey Board of Public Utilities (BPU), seeking a $222.6 million increase in delivery rates

Second-quarter fiscal 2024 net income totaled $120.8 million, or $1.23 per share, compared with $110.2 million, or $1.14 per share, for the same period in fiscal 2023. Fiscal 2024 year-to-date net income totaled $210.2 million, or $2.14 per share, compared with $226.2 million, or $2.34 per share, for the same period in fiscal 2023.

Second-quarter fiscal 2024 NFE totaled $138.6 million, or $1.41 per share, compared with $112.3 million, or $1.16 per share, for the same period in fiscal 2023. Fiscal 2024 year-to-date NFE totaled $211.0 million, or $2.15 per share, compared with $222.6 million, or $2.30 per share, for the same period in fiscal 2023.

Management Commentary

Steve Westhoven, President and CEO of New Jersey Resources, stated, "In February, we raised our fiscal 2024 NFEPS guidance range by $0.15 as a result of Energy Services capitalizing on natural gas price volatility at the beginning of our second quarter, and we continued to make solid progress on our organic growth initiatives. These accomplishments reflect the strength of our diversified business model as well as our commitment to delivering value for our shareholders."

Key Performance Metrics

 

Three Months Ended

 

Six Months Ended

 

March 31,

 

March 31,

($ in Thousands)

2024

 

2023

 

2024

 

2023

Net income

$

120,812

 

$

110,247

 

$

210,223

 

$

226,168

Basic EPS

$

1.23

 

$

1.14

 

$

2.14

 

$

2.34

Net financial earnings

$

138,576

 

$

112,310

 

$

211,020

 

$

222,594

Basic net financial earnings per share

$

1.41

 

$

1.16

 

$

2.15

 

$

2.30

(1) NFEPS long-term annual growth projections are based on the midpoint of the $2.20 - $2.30 initial guidance range for fiscal 2022, provided on February 1, 2021.

A reconciliation of net income to NFE for the three and six months ended March 31, 2024 and 2023, is provided below.

 

Three Months Ended

 

Six Months Ended

 

March 31,

 

March 31,

(Thousands)

2024

 

2023

 

2024

 

2023

Net income

$

120,812

 

 

$

110,247

 

 

$

210,223

 

 

$

226,168

 

Add:

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments and related transactions

 

25,457

 

 

 

13,971

 

 

 

20,057

 

 

 

(17,532

)

Tax effect

 

(6,049

)

 

 

(3,320

)

 

 

(4,767

)

 

 

4,167

 

Effects of economic hedging related to natural gas inventory

 

(2,845

)

 

 

(11,203

)

 

 

(19,073

)

 

 

12,769

 

Tax effect

 

676

 

 

 

2,662

 

 

 

4,533

 

 

 

(3,035

)

Gain on equity method investment

 

 

 

 

(200

)

 

 

 

 

 

(200

)

Tax effect

 

 

 

 

50

 

 

 

 

 

 

50

 

NFE tax adjustment

 

525

 

 

 

103

 

 

 

47

 

 

 

207

 

Net financial earnings

$

138,576

 

 

$

112,310

 

 

$

211,020

 

 

$

222,594

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

Basic

 

98,377

 

 

 

96,893

 

 

 

98,123

 

 

 

96,689

 

Diluted

 

99,102

 

 

 

97,556

 

 

 

98,839

 

 

 

97,346

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

1.23

 

 

$

1.14

 

 

$

2.14

 

 

$

2.34

 

Add:

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments and related transactions

 

0.25

 

 

 

0.14

 

 

 

0.20

 

 

 

(0.18

)

Tax effect

 

(0.06

)

 

 

(0.03

)

 

 

(0.05

)

 

 

0.04

 

Effects of economic hedging related to natural gas inventory

 

(0.03

)

 

 

(0.12

)

 

 

(0.19

)

 

 

0.13

 

Tax effect

 

0.01

 

 

 

0.03

 

 

 

0.05

 

 

 

(0.03

)

NFE tax adjustment

 

0.01

 

 

 

 

 

 

 

 

 

 

Basic net financial earnings per share

$

1.41

 

 

$

1.16

 

 

$

2.15

 

 

$

2.30

 

NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.

A table detailing NFE for the three and six months ended March 31, 2024 and 2023, is provided below.

Net financial earnings (loss) by business unit

 

Three Months Ended

 

Six Months Ended

 

March 31,

 

March 31,

(Thousands)

2024

 

2023

 

2024

 

2023

New Jersey Natural Gas

$

107,095

 

 

$

100,697

 

 

$

158,539

 

 

$

155,361

 

Clean Energy Ventures

 

(5,616

)

 

 

(9,379

)

 

 

4,906

 

 

 

(12,961

)

Storage and Transportation

 

1,981

 

 

 

2,450

 

 

 

5,621

 

 

 

8,693

 

Energy Services

 

37,644

 

 

 

21,125

 

 

 

45,475

 

 

 

73,658

 

Home Services and Other

 

384

 

 

 

813

 

 

 

(216

)

 

 

784

 

Subtotal

 

141,488

 

 

 

115,706

 

 

 

214,325

 

 

 

225,535

 

Eliminations

 

(2,912

)

 

 

(3,396

)

 

 

(3,305

)

 

 

(2,941

)

Total

$

138,576

 

 

$

112,310

 

 

$

211,020

 

 

$

222,594

 

Fiscal 2024 NFE Guidance:

NJR re-affirmed its fiscal 2024 NFEPS guidance range of $2.85 to $3.00, which was increased by $0.15 in February 2024, subject to the risks and uncertainties identified below under "Forward-Looking Statements."

In fiscal 2024, NJR expects Energy Services will represent a higher percentage of NFEPS than in prior years due to contributions from the Asset Management Agreements signed in 2020*. The following chart represents NJR’s current expected contributions from its business segments for fiscal 2024:

Company

Expected Fiscal 2024

Net Financial Earnings

Contribution

New Jersey Natural Gas

40 to 45 percent

Clean Energy Ventures

12 to 17 percent

Storage and Transportation

3 to 7 percent

Energy Services

38 to 43 percent*

Home Services and Other

0 to 1 percent

* NJR expects to recognize the majority of the fiscal 2024 AMA revenues in the fiscal fourth quarter

In providing fiscal 2024 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 or significance 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.

New Jersey Natural Gas (NJNG)

NJNG reported second-quarter fiscal 2024 NFE of $107.1 million, compared to NFE of $100.7 million during the same period in fiscal 2023. Fiscal 2024 year-to-date NFE were $158.5 million, compared to NFE of $155.4 million during the same period in fiscal 2023. NJNG reported higher utility gross margin for the second quarter of fiscal 2024, driven by higher contribution from BGSS incentive programs, partially offset by increased depreciation and operating expenses, while year-to-date utility gross margin improved as a result of continued customer growth.

Customer Growth:

  • NJNG added 4,058 new customers during the first six months of fiscal 2024, compared with 4,064 during the same period of fiscal 2023. NJNG expects these new customers to contribute approximately $3.4 million of incremental utility gross margin on an annualized basis.

Base Rate Filing:

  • On January 31, 2024, NJNG filed a base rate case with the BPU, seeking a $222.6 million increase to its base rates. The filing is based on an overall return of 7.57 percent with a return on equity of 10.42 percent. The proposed increase reflects a 55.42 percent common equity component.

Infrastructure Update:

  • NJNG's Infrastructure Investment Program (IIP) is a five-year, $150 million accelerated recovery program that began in fiscal 2021. IIP consists of a series of infrastructure projects designed to enhance the safety and reliability of NJNG's natural gas distribution system. During the first six months of fiscal 2024, NJNG spent $13.7 million under the program on various distribution system reinforcement projects.



    On March 28, 2024, NJNG submitted its annual IIP filing to the BPU requesting a rate increase for capital expenditures of $43.5 million through June 30, 2024, which will result in a $5.6 million revenue increase, with a proposed effective date of October 1, 2024.

Basic Gas Supply Service (BGSS) Incentive Programs:

BGSS incentive programs contributed $7.9 million to utility gross margin in the second quarter of fiscal 2024, compared with $5.8 million during the same period of fiscal 2023. This increase for the second quarter was due primarily to higher margins from off-system sales. During the first six months of fiscal 2024, these programs contributed $13.3 million to utility gross margin, compared with $14.5 million during the same period in fiscal 2023.

For more information on utility gross margin, please see "Non-GAAP Financial Information" below.

Energy-Efficiency Programs:

SAVEGREEN™ invested $33.4 million year-to-date in fiscal 2024 in energy-efficiency upgrades for customers' homes and businesses. NJNG recovered $15.1 million of its outstanding investments during the first six months of fiscal 2024 through its energy efficiency rate.

Clean Energy Ventures (CEV)

CEV reported second-quarter fiscal 2024 net financial loss of $(5.6) million, compared with a net financial loss of $(9.4) million during the same period in fiscal 2023. The decrease in net financial loss for the second quarter of fiscal 2024 was largely due to the recognition of Investment Tax Credits associated with solar sale leaseback financing transactions. Fiscal 2024 year-to-date NFE was $4.9 million, compared with a net financial loss of $(13.0) million during the same period in fiscal 2023. The increase in fiscal 2024 year-to-date NFE was due primarily to higher SREC and TREC revenue for the period.

Solar Investment Update:

  • As of March 31, 2024, CEV had approximately 474MW of solar capacity in service in New Jersey, New York, Connecticut, Rhode Island, Indiana, and Michigan.

Storage and Transportation

Storage and Transportation reported second-quarter fiscal 2024 NFE of $2.0 million, compared with NFE of $2.4 million during the same period in fiscal 2023. Fiscal 2024 year-to-date NFE were $5.6 million, compared with NFE of $8.7 million during the same period in fiscal 2023. NFE for the second quarter of fiscal 2024 remained largely flat when compared to the prior year, while the year-to-date decrease in NFE was largely due to higher operating revenues in the prior year period.

Energy Services

Energy Services reported second-quarter fiscal 2024 NFE of $37.6 million compared with NFE of $21.1 million for the same period in fiscal 2023. The increase in the second quarter of fiscal 2024 was due to higher natural gas price volatility in January, allowing Energy Services to capture additional financial margin. Fiscal 2024 year-to-date NFE were $45.5 million, compared with NFE of $73.7 million during the same period in fiscal 2023. The decrease in fiscal 2024 year-to-date NFE was due primarily to higher natural gas price volatility in the prior year period, largely as a result of Winter Storm Elliott.

Home Services and Other Operations

Home Services and Other Operations reported second-quarter fiscal 2024 NFE of $0.4 million, compared to NFE of $0.8 million for the same period in fiscal 2023. Fiscal 2024 year-to-date net financial loss was $(0.2) million, compared with NFE of $0.8 million during the same period in fiscal 2023.

Capital Expenditures and Cash Flows:

NJR is committed to maintaining a strong financial profile:

  • During the first six months of fiscal 2024, capital expenditures were $232.6 million, including accruals, compared with $253.7 million during the same period of fiscal 2023. The decrease in capital expenditures was primarily due to lower solar capital expenditures during the period as a result of the timing of several projects being placed into service in the prior year.
  • During the first six months of fiscal 2024, cash flows from operations were $338.6 million, which was largely consistent with cash flows from operations of $343.1 million during the same period of fiscal 2023.

Forward-Looking Statements:

This earnings 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. NJR 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 earnings release include, but are not limited to, certain statements regarding NJR’s NFEPS guidance for fiscal 2024, projected NFEPS growth rates and our guidance range, NFEPS Contributions, forecasted contribution of business segments to NJR’s NFE for fiscal 2024, customer growth at NJNG and their expected contributions, expected contributions from Asset Management Agreements, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs, including BGSS, the outcome or timing of our Base Rate Case with the BPU, and other legal and regulatory expectations.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this earnings 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 earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, 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 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 and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity 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 NJR Energy Services Company.

NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility 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 most recent Report on 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 composed of five primary businesses:

  • New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve approximately 582,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties.
  • Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of approximately 474 megawatts, providing residential and commercial 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, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its over 1,300 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:

www.njresources.com.

Follow us on X.com (Twitter) @NJNaturalGas.

“Like” us on facebook.com/NewJerseyNaturalGas.

NEW JERSEY RESOURCES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

March 31,

 

March 31,

(Thousands, except per share data)

 

2024

 

2023

 

2024

 

2023

OPERATING REVENUES

 

 

 

 

 

 

 

 

Utility

 

$

462,863

 

$

400,500

 

$

755,956

 

$

757,909

Nonutility

 

 

195,050

 

 

243,527

 

 

369,167

 

 

609,685

Total operating revenues

 

 

657,913

 

 

644,027

 

 

1,125,123

 

 

1,367,594

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Gas purchases

 

 

 

 

 

 

 

 

Utility

 

 

204,347

 

 

156,370

 

 

320,467

 

 

338,816

Nonutility

 

 

105,018

 

 

160,364

 

 

164,495

 

 

392,434

Related parties

 

 

1,799

 

 

1,770

 

 

3,678

 

 

3,597

Operation and maintenance

 

 

107,223

 

 

99,095

 

 

201,662

 

 

178,596

Regulatory rider expenses

 

 

29,229

 

 

23,154

 

 

48,418

 

 

41,405

Depreciation and amortization

 

 

40,075

 

 

38,090

 

 

80,362

 

 

74,773

Total operating expenses

 

 

487,691

 

 

478,843

 

 

819,082

 

 

1,029,621

OPERATING INCOME

 

 

170,222

 

 

165,184

 

 

306,041

 

 

337,973

Other income, net

 

 

15,420

 

 

4,779

 

 

21,761

 

 

9,434

Interest expense, net of capitalized interest

 

 

31,621

 

 

30,261

 

 

63,094

 

 

59,752

INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES

 

 

154,021

 

 

139,702

 

 

264,708

 

 

287,655

Income tax provision

 

 

33,947

 

 

30,586

 

 

56,883

 

 

63,564

Equity in earnings of affiliates

 

 

738

 

 

1,131

 

 

2,398

 

 

2,077

NET INCOME

 

$

120,812

 

$

110,247

 

$

210,223

 

$

226,168

 

 

 

 

 

 

 

 

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

Basic

 

$

1.23

 

$

1.14

 

$

2.14

 

$

2.34

Diluted

 

$

1.22

 

$

1.13

 

$

2.13

 

$

2.32

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

Basic

 

 

98,377

 

 

96,893

 

 

98,123

 

 

96,689

Diluted

 

 

99,102

 

 

97,556

 

 

98,839

 

 

97,346

 

 

 

 

 

 

 

 

 

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

March 31,

 

March 31,

(Thousands)

 

2024

 

2023

 

2024

 

2023

NEW JERSEY RESOURCES

 

 

 

 

 

A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:

 

 

 

 

 

 

 

 

 

Net income

 

$

120,812

 

 

$

110,247

 

 

$

210,223

 

 

$

226,168

 

Add:

 

 

 

 

 

 

 

 

Unrealized (gain) loss on derivative instruments and related transactions

 

 

25,457

 

 

 

13,971

 

 

 

20,057

 

 

 

(17,532

)

Tax effect

 

 

(6,049

)

 

 

(3,320

)

 

 

(4,767

)

 

 

4,167

 

Effects of economic hedging related to natural gas inventory

 

 

(2,845

)

 

 

(11,203

)

 

 

(19,073

)

 

 

12,769

 

Tax effect

 

 

676

 

 

 

2,662

 

 

 

4,533

 

 

 

(3,035

)

Gain on equity method investment

 

 

 

 

 

(200

)

 

 

 

 

 

(200

)

Tax effect

 

 

 

 

 

50

 

 

 

 

 

 

50

 

NFE tax adjustment

 

 

525

 

 

 

103

 

 

 

47

 

 

 

207

 

Net financial earnings

 

$

138,576

 

 

$

112,310

 

 

$

211,020

 

 

$

222,594

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

 

Basic

 

 

98,377

 

 

 

96,893

 

 

 

98,123

 

 

 

96,689

 

Diluted

 

 

99,102

 

 

 

97,556

 

 

 

98,839

 

 

 

97,346

 

 

 

 

 

 

 

 

 

 

A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.23

 

 

$

1.14

 

 

$

2.14

 

 

$

2.34

 

Add:

 

 

 

 

 

 

 

 

Unrealized (gain) loss on derivative instruments and related transactions

 

$

0.25

 

 

$

0.14

 

 

$

0.20

 

 

$

(0.18

)

Tax effect

 

$

(0.06

)

 

$

(0.03

)

 

$

(0.05

)

 

$

0.04

 

Effects of economic hedging related to natural gas inventory

 

$

(0.03

)

 

$

(0.12

)

 

$

(0.19

)

 

$

0.13

 

Tax effect

 

$

0.01

 

 

$

0.03

 

 

$

0.05

 

 

$

(0.03

)

NFE tax adjustment

 

$

0.01

 

 

$

 

 

$

 

 

$

 

Basic net financial earnings per share

 

$

1.41

 

 

$

1.16

 

 

$

2.15

 

 

$

2.30

 

 

 

 

 

 

 

 

 

 

NATURAL GAS DISTRIBUTION

 

 

 

 

 

 

 

 

 

 

 

 

 

A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

463,201

 

 

$

400,838

 

 

$

756,631

 

 

$

758,584

 

Less:

 

 

 

 

 

 

 

 

Natural gas purchases

 

 

206,675

 

 

 

158,694

 

 

 

325,119

 

 

 

343,465

 

Operating and maintenance (1)

 

 

29,558

 

 

 

30,711

 

 

 

55,341

 

 

 

57,005

 

Regulatory rider expense

 

 

29,229

 

 

 

23,154

 

 

 

48,418

 

 

 

41,405

 

Depreciation and amortization

 

 

27,464

 

 

 

25,319

 

 

 

54,381

 

 

 

50,209

 

Gross margin

 

 

170,275

 

 

 

162,960

 

 

 

273,372

 

 

 

266,500

 

Add:

 

 

 

 

 

 

 

 

Operating and maintenance (1)

 

 

29,558

 

 

 

30,711

 

 

 

55,341

 

 

 

57,005

 

Depreciation and amortization

 

 

27,464

 

 

 

25,319

 

 

 

54,381

 

 

 

50,209

 

Utility gross margin

 

$

227,297

 

 

$

218,990

 

 

$

383,094

 

 

$

373,714

 

(1) Excludes selling, general and administrative expenses of $30.0 million and $27.8 million for the three months ended March 31, 2024 and 2023, respectively, and $58.9 million and $51.2 million for the six months ended March 31, 2024 and 2023, respectively.

 

 

 

 

 

 

 

 

 

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

March 31,

 

March 31,

(Thousands)

 

2024

 

2023

 

2024

 

2023

ENERGY SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

144,862

 

 

$

196,730

 

 

$

244,530

 

 

$

518,512

 

Less:

 

 

 

 

 

 

 

 

Natural Gas purchases

 

 

105,634

 

 

 

161,114

 

 

 

165,800

 

 

 

394,401

 

Operation and maintenance (1)

 

 

13,102

 

 

 

7,668

 

 

 

17,791

 

 

 

11,123

 

Depreciation and amortization

 

 

56

 

 

 

62

 

 

 

113

 

 

 

119

 

Gross margin

 

 

26,070

 

 

 

27,886

 

 

 

60,826

 

 

 

112,869

 

Add:

 

 

 

 

 

 

 

 

Operation and maintenance (1)

 

 

13,102

 

 

 

7,668

 

 

 

17,791

 

 

 

11,123

 

Depreciation and amortization

 

 

56

 

 

 

62

 

 

 

113

 

 

 

119

 

Unrealized (gain) loss on derivative instruments and related transactions

 

 

29,198

 

 

 

13,795

 

 

 

24,932

 

 

 

(26,091

)

Effects of economic hedging related to natural gas inventory

 

 

(2,845

)

 

 

(11,203

)

 

 

(19,073

)

 

 

12,769

 

Financial margin

 

$

65,581

 

 

$

38,208

 

 

$

84,589

 

 

$

110,789

 

(1) Excludes selling, general and administrative expenses of $0.5 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively, and $1.0 million and $(1.7) million for the six months ended March 31, 2024 and 2023, respectively.

 

 

 

 

 

 

 

 

 

A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

17,028

 

 

$

19,046

 

 

$

40,961

 

 

$

83,607

 

Add:

 

 

 

 

 

 

 

 

Unrealized (gain) loss on derivative instruments and related transactions

 

 

29,198

 

 

 

13,795

 

 

 

24,932

 

 

 

(26,091

)

Tax effect

 

 

(6,938

)

 

 

(3,278

)

 

 

(5,925

)

 

 

6,201

 

Effects of economic hedging related to natural gas

 

 

(2,845

)

 

 

(11,203

)

 

 

(19,073

)

 

 

12,769

 

Tax effect

 

 

676

 

 

 

2,662

 

 

 

4,533

 

 

 

(3,035

)

NFE tax adjustment

 

 

525

 

 

 

103

 

 

 

47

 

 

 

207

 

Net financial earnings

 

$

37,644

 

 

$

21,125

 

 

$

45,475

 

 

$

73,658

 

 

 

 

 

 

 

 

 

 

FINANCIAL STATISTICS BY BUSINESS UNIT

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

March 31,

 

March 31,

(Thousands, except per share data)

 

2024

 

2023

 

2024

 

2023

NEW JERSEY RESOURCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

463,201

 

 

$

400,838

 

 

$

756,631

 

 

$

758,584

 

Clean Energy Ventures

 

 

9,325

 

 

 

14,406

 

 

 

44,620

 

 

 

27,198

 

Energy Services

 

 

144,862

 

 

 

196,730

 

 

 

244,530

 

 

 

518,512

 

Storage and Transportation

 

 

23,042

 

 

 

20,887

 

 

 

46,904

 

 

 

47,725

 

Home Services and Other

 

 

14,905

 

 

 

13,448

 

 

 

29,739

 

 

 

27,714

 

Sub-total

 

 

655,335

 

 

 

646,309

 

 

 

1,122,424

 

 

 

1,379,733

 

Eliminations

 

 

2,578

 

 

 

(2,282

)

 

 

2,699

 

 

 

(12,139

)

Total

 

$

657,913

 

 

$

644,027

 

 

$

1,125,123

 

 

$

1,367,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

140,279

 

 

$

135,196

 

 

$

214,454

 

 

$

215,309

 

Clean Energy Ventures

 

 

(7,679

)

 

 

(5,002

)

 

 

10,644

 

 

 

(5,323

)

Energy Services

 

 

25,533

 

 

 

27,232

 

 

 

59,870

 

 

 

114,547

 

Storage and Transportation

 

 

5,910

 

 

 

6,700

 

 

 

13,234

 

 

 

19,317

 

Home Services and Other

 

 

778

 

 

 

1,137

 

 

 

570

 

 

 

1,188

 

Sub-total

 

 

164,821

 

 

 

165,263

 

 

 

298,772

 

 

 

345,038

 

Eliminations

 

 

5,401

 

 

 

(79

)

 

 

7,269

 

 

 

(7,065

)

Total

 

$

170,222

 

 

$

165,184

 

 

$

306,041

 

 

$

337,973

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Affiliates

 

 

 

 

 

 

 

 

Storage and Transportation

 

$

85

 

 

$

977

 

 

$

1,078

 

 

$

1,886

 

Eliminations

 

 

653

 

 

 

154

 

 

 

1,320

 

 

 

191

 

Total

 

$

738

 

 

$

1,131

 

 

$

2,398

 

 

$

2,077

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

107,095

 

 

$

100,697

 

 

$

158,539

 

 

$

155,361

 

Clean Energy Ventures

 

 

(5,616

)

 

 

(9,379

)

 

 

4,906

 

 

 

(12,961

)

Energy Services

 

 

17,028

 

 

 

19,046

 

 

 

40,961

 

 

 

83,607

 

Storage and Transportation

 

 

1,981

 

 

 

2,600

 

 

 

5,621

 

 

 

8,843

 

Home Services and Other

 

 

384

 

 

 

813

 

 

 

(216

)

 

 

784

 

Sub-total

 

 

120,872

 

 

 

113,777

 

 

 

209,811

 

 

 

235,634

 

Eliminations

 

 

(60

)

 

 

(3,530

)

 

 

412

 

 

 

(9,466

)

Total

 

$

120,812

 

 

$

110,247

 

 

$

210,223

 

 

$

226,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings (Loss)

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

107,095

 

 

$

100,697

 

 

$

158,539

 

 

$

155,361

 

Clean Energy Ventures

 

 

(5,616

)

 

 

(9,379

)

 

 

4,906

 

 

 

(12,961

)

Energy Services

 

 

37,644

 

 

 

21,125

 

 

 

45,475

 

 

 

73,658

 

Storage and Transportation

 

 

1,981

 

 

 

2,450

 

 

 

5,621

 

 

 

8,693

 

Home Services and Other

 

 

384

 

 

 

813

 

 

 

(216

)

 

 

784

 

Sub-total

 

 

141,488

 

 

 

115,706

 

 

 

214,325

 

 

 

225,535

 

Eliminations

 

 

(2,912

)

 

 

(3,396

)

 

 

(3,305

)

 

 

(2,941

)

Total

 

$

138,576

 

 

$

112,310

 

 

$

211,020

 

 

$

222,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Throughput (Bcf)

 

 

 

 

 

 

 

 

NJNG, Core Customers

 

 

32.9

 

 

 

30.8

 

 

 

56.3

 

 

 

55.8

 

NJNG, Off System/Capacity Management

 

 

37.1

 

 

 

20.7

 

 

 

64.3

 

 

 

38.6

 

Energy Services Fuel Mgmt. and Wholesale Sales

 

 

38.3

 

 

 

40.8

 

 

 

68.4

 

 

 

85.0

 

Total

 

 

108.3

 

 

 

92.3

 

 

 

189.0

 

 

 

179.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock Data

 

 

 

 

 

 

 

 

Yield at March 31,

 

 

3.9

%

 

 

2.9

%

 

 

3.9

%

 

 

2.9

%

Market Price at March 31,

 

$

42.91

 

 

$

53.20

 

 

$

42.91

 

 

$

53.20

 

Shares Out. at March 31,

 

 

98,745

 

 

 

96,901

 

 

 

98,745

 

 

 

96,901

 

Market Cap. at March 31,

 

$

4,237,144

 

 

$

5,155,153

 

 

$

4,237,144

 

 

$

5,155,153

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

(Unaudited)

 

March 31,

 

March 31,

(Thousands, except customer and weather data)

 

2024

 

2023

 

2024

 

2023

NATURAL GAS DISTRIBUTION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utility Gross Margin

 

 

 

 

 

 

 

 

Operating revenues

 

$

463,201

 

 

$

400,838

 

 

$

756,631

 

 

$

758,584

 

Less:

 

 

 

 

 

 

 

 

Natural gas purchases

 

 

206,675

 

 

 

158,694

 

 

 

325,119

 

 

 

343,465

 

Operating and maintenance (1)

 

 

29,558

 

 

 

30,711

 

 

 

55,341

 

 

 

57,005

 

Regulatory rider expense

 

 

29,229

 

 

 

23,154

 

 

 

48,418

 

 

 

41,405

 

Depreciation and amortization

 

 

27,464

 

 

 

25,319

 

 

 

54,381

 

 

 

50,209

 

Gross margin

 

 

170,275

 

 

 

162,960

 

 

 

273,372

 

 

 

266,500

 

Add:

 

 

 

 

 

 

 

 

Operating and maintenance (1)

 

 

29,558

 

 

 

30,711

 

 

 

55,341

 

 

 

57,005

 

Depreciation and amortization

 

 

27,464

 

 

 

25,319

 

 

 

54,381

 

 

 

50,209

 

Total Utility Gross Margin

 

$

227,297

 

 

$

218,990

 

 

$

383,094

 

 

$

373,714

 

(1) Excludes selling, general and administrative expenses of $30.0 million and $27.8 million for the six months ended March 31, 2024 and 2023, respectively, and $58.9 million and $51.2 million for the six months ended March 31, 2024 and 2023, respectively.

 

 

 

 

 

 

 

 

 

Utility Gross Margin, Operating Income and Net Income

 

 

 

 

 

 

 

 

Residential

 

$

163,495

 

 

$

157,276

 

 

$

271,532

 

 

$

261,294

 

Commercial, Industrial & Other

 

 

28,676

 

 

 

30,066

 

 

 

49,507

 

 

 

50,845

 

Firm Transportation

 

 

26,490

 

 

 

25,208

 

 

 

47,254

 

 

 

45,688

 

Total Firm Margin

 

 

218,661

 

 

 

212,550

 

 

 

368,293

 

 

 

357,827

 

Interruptible

 

 

750

 

 

 

662

 

 

 

1,534

 

 

 

1,423

 

Total System Margin

 

 

219,411

 

 

 

213,212

 

 

 

369,827

 

 

 

359,250

 

Basic Gas Supply Service Incentive

 

 

7,886

 

 

 

5,778

 

 

 

13,267

 

 

 

14,464

 

Total Utility Gross Margin

 

 

227,297

 

 

 

218,990

 

 

 

383,094

 

 

 

373,714

 

Operation and maintenance expense

 

 

59,554

 

 

 

58,475

 

 

 

114,259

 

 

 

108,196

 

Depreciation and amortization

 

 

27,464

 

 

 

25,319

 

 

 

54,381

 

 

 

50,209

 

Operating Income

 

$

140,279

 

 

$

135,196

 

 

$

214,454

 

 

$

215,309

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

107,095

 

 

$

100,697

 

 

$

158,539

 

 

$

155,361

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings

 

$

107,095

 

 

$

100,697

 

 

$

158,539

 

 

$

155,361

 

 

 

 

 

 

 

 

 

 

Throughput (Bcf)

 

 

 

 

 

 

 

 

Residential

 

 

21.0

 

 

 

19.5

 

 

 

34.9

 

 

 

34.2

 

Commercial, Industrial & Other

 

 

3.9

 

 

 

3.8

 

 

 

6.5

 

 

 

6.5

 

Firm Transportation

 

 

4.7

 

 

 

4.5

 

 

 

8.3

 

 

 

8.5

 

Total Firm Throughput

 

 

29.6

 

 

 

27.8

 

 

 

49.7

 

 

 

49.2

 

Interruptible

 

 

3.3

 

 

 

3.0

 

 

 

6.6

 

 

 

6.6

 

Total System Throughput

 

 

32.9

 

 

 

30.8

 

 

 

56.3

 

 

 

55.8

 

Off System/Capacity Management

 

 

37.1

 

 

 

20.7

 

 

 

64.3

 

 

 

38.6

 

Total Throughput

 

 

70.0

 

 

 

51.5

 

 

 

120.6

 

 

 

94.4

 

 

 

 

 

 

 

 

 

 

Customers

 

 

 

 

 

 

 

 

Residential

 

 

525,391

 

 

 

516,453

 

 

 

525,391

 

 

 

516,453

 

Commercial, Industrial & Other

 

 

33,108

 

 

 

33,160

 

 

 

33,108

 

 

 

33,160

 

Firm Transportation

 

 

22,992

 

 

 

24,777

 

 

 

22,992

 

 

 

24,777

 

Total Firm Customers

 

 

581,491

 

 

 

574,390

 

 

 

581,491

 

 

 

574,390

 

Interruptible

 

 

83

 

 

 

87

 

 

 

83

 

 

 

87

 

Total System Customers

 

 

581,574

 

 

 

574,477

 

 

 

581,574

 

 

 

574,477

 

Off System/Capacity Management*

 

 

26

 

 

 

23

 

 

 

26

 

 

 

23

 

Total Customers

 

 

581,600

 

 

 

574,500

 

 

 

581,600

 

 

 

574,500

 

*The number of customers represents those active during the last month of the period.

 

 

 

 

Degree Days

 

 

 

 

 

 

 

 

Actual

 

 

2,135

 

 

 

1,937

 

 

 

3,543

 

 

 

3,480

 

Normal

 

 

2,436

 

 

 

2,457

 

 

 

3,970

 

 

 

4,004

 

Percent of Normal

 

 

87.6

%

 

 

78.8

%

 

 

89.2

%

 

 

86.9

%

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

(Unaudited)

 

March 31,

 

March 31,

(Thousands, except customer, RECs and megawatt)

 

2024

 

2023

 

2024

 

2023

CLEAN ENERGY VENTURES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

SREC sales

 

$

100

 

 

$

6,237

 

 

$

26,031

 

 

$

10,123

 

TREC sales

 

 

2,257

 

 

 

2,085

 

 

 

4,660

 

 

 

3,287

 

SREC II sales (1)

 

 

415

 

 

 

97

 

 

 

662

 

 

 

282

 

Solar electricity sales

 

 

3,696

 

 

 

3,067

 

 

 

7,350

 

 

 

7,649

 

Sunlight Advantage

 

 

2,857

 

 

 

2,920

 

 

 

5,917

 

 

 

5,857

 

Total Operating Revenues

 

$

9,325

 

 

$

14,406

 

 

$

44,620

 

 

$

27,198

 

Depreciation and Amortization

 

$

6,931

 

 

$

6,465

 

 

$

13,853

 

 

$

12,041

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

$

(7,679

)

 

$

(5,002

)

 

$

10,644

 

 

$

(5,323

)

 

 

 

 

 

 

 

 

 

Income Tax (Benefit) Provision

 

$

(1,594

)

 

$

(3,005

)

 

$

1,537

 

 

$

(4,842

)

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(5,616

)

 

$

(9,379

)

 

$

4,906

 

 

$

(12,961

)

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

$

(5,616

)

 

$

(9,379

)

 

$

4,906

 

 

$

(12,961

)

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates Generated

 

 

57,635

 

 

 

63,313

 

 

 

151,205

 

 

 

161,775

 

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates Sold

 

 

714

 

 

 

30,745

 

 

 

123,153

 

 

 

47,557

 

 

 

 

 

 

 

 

 

 

Transition Renewable Energy Certificates Generated

 

 

15,847

 

 

 

12,524

 

 

 

32,552

 

 

 

20,869

 

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates II Generated

 

 

4,693

 

 

 

1,046

 

 

 

7,466

 

 

 

2,830

 

 

 

 

 

 

 

 

 

 

Solar Megawatts Under Construction

 

 

34.2

 

 

 

11.2

 

 

 

34.2

 

 

 

11.2

 

(1) Prior year SREC II revenue was previously included in Solar electricity sales and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENERGY SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

Operating revenues

 

$

144,862

 

 

$

196,730

 

 

$

244,530

 

 

$

518,512

 

Less:

 

 

 

 

 

 

 

 

Gas purchases

 

 

105,634

 

 

 

161,114

 

 

 

165,800

 

 

 

394,401

 

Operation and maintenance expense

 

 

13,639

 

 

 

8,322

 

 

 

18,747

 

 

 

9,445

 

Depreciation and amortization

 

 

56

 

 

 

62

 

 

 

113

 

 

 

119

 

Operating Income

 

$

25,533

 

 

$

27,232

 

 

$

59,870

 

 

$

114,547

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

17,028

 

 

$

19,046

 

 

$

40,961

 

 

$

83,607

 

 

 

 

 

 

 

 

 

 

Financial Margin

 

$

65,581

 

 

$

38,208

 

 

$

84,589

 

 

$

110,789

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings

 

$

37,644

 

 

$

21,125

 

 

$

45,475

 

 

$

73,658

 

 

 

 

 

 

 

 

 

 

Gas Sold and Managed (Bcf)

 

 

38.3

 

 

 

40.8

 

 

 

68.4

 

 

 

85.0

 

 

 

 

 

 

 

 

 

 

STORAGE AND TRANSPORTATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

23,042

 

 

$

20,887

 

 

$

46,904

 

 

$

47,725

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Affiliates

 

$

85

 

 

$

977

 

 

$

1,078

 

 

$

1,886

 

 

 

 

 

 

 

 

 

 

Operation and Maintenance Expense

 

$

10,563

 

 

$

7,790

 

 

$

20,663

 

 

$

15,264

 

 

 

 

 

 

 

 

 

 

Other Income, Net

 

$

2,473

 

 

$

1,647

 

 

$

4,761

 

 

$

3,014

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

$

5,868

 

 

$

6,128

 

 

$

11,801

 

 

$

12,835

 

 

 

 

 

 

 

 

 

 

Income Tax Provision

 

$

619

 

 

$

596

 

 

$

1,651

 

 

$

2,539

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

1,981

 

 

$

2,600

 

 

$

5,621

 

 

$

8,843

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings

 

$

1,981

 

 

$

2,450

 

 

$

5,621

 

 

$

8,693

 

 

 

 

 

 

 

 

 

 

HOME SERVICES AND OTHER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

14,905

 

 

$

13,448

 

 

$

29,739

 

 

$

27,714

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

778

 

 

$

1,137

 

 

$

570

 

 

$

1,188

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

384

 

 

$

813

 

 

$

(216

)

 

$

784

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings (Loss)

 

$

384

 

 

$

813

 

 

$

(216

)

 

$

784

 

 

 

 

 

 

 

 

 

 

Total Service Contract Customers at Mar 31

 

 

100,341

 

 

 

102,057

 

 

 

100,341

 

 

 

102,057

 

 

 

 

 

 

 

 

 

 

 

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