New Jersey Resources Corp. (NJR, Financial) filed Quarterly Report for the period ended 2012-06-30.
New Jersey Resources Corp has a market cap of $1.9 billion; its shares were traded at around $45.63 with a P/E ratio of 14.6 and P/S ratio of 0.6. The dividend yield of New Jersey Resources Corp stocks is 3.3%. New Jersey Resources Corp had an annual average earning growth of 1.7% over the past 10 years.
Sales tax and TEFA, which are presented as both components of operating revenues and energy and other taxes in the Unaudited Condensed Consolidated Statements of Operations, totaled $6.3 million and $7.8 million during the three months ended June 30, 2012 and 2011, respectively and $32.5 million and $53.6 million during the nine months ended June 30, 2012, and 2011, respectively. The decrease in sales tax of $1.2 million and $18.3 million during the three and nine months ended June 30, 2012, respectively, correlates directly to the changes in operating revenue from firm sales. TEFA, which is calculated on a per-therm basis, decreased $345,000 and $2.9 million during the three and nine months ended June 30, 2012, primarily due to lower usage compared with the three and nine months ended June 30, 2011. TEFA will be phased out over a three-year period commencing January 1, 2012.
Utility firm gross margin from transportation service increased $707,000 to $8.8 million during the three months ended June 30, 2012, from $8.1 million during the three months ended June 30, 2011, and increased $4.5 million to $39.3 million during the nine months ended June 30, 2012, from $34.9 million during the nine months ended June 30, 2011. The improvement was due primarily to an increase in customers that transferred from residential and commercial sales to transportation due to marketing activity by third party natural gas providers in NJNG's distribution territory. NJNG had 37,717 and 29,883 residential customers and 9,087 and 8,602 commercial customers using its transportation service at June 30, 2012 and 2011, respectively.
Natural gas commodity prices are the primary factor for changes in operating revenues and gas purchases at NJRES. During the three and nine months ended June 30, 2012, operating revenue decreased $194.2 million and $375 million, respectively and gas purchases decreased $149.3 million and $338.1 million, respectively, due primarily to lower average prices, which correlate to the lower price levels on the NYMEX. NYMEX prices averaged $2.22 per MMBtu during the three months ended June 30, 2012 compared with $4.31 per MMBtu during the three months ended June 30, 2011 and averaged $2.84 per MMBtu during the nine months ended June 30, 2012 compared with $4.07 per MMBtu during the nine months ended June 30, 2011.
The net income tax benefit during the three months ended June 30, 2012 and 2011, includes $1.4 million and $637,000, respectively, and $27.2 million and $6.7 million during the nine months ended June 30, 2012 and 2011, respectively, related to ITCs. GAAP requires that for interim reporting, companies forecast their earnings and income taxes, including ITC's, for the year and apply that estimated effective tax rate to the period-to-date pretax income. Total ITC-eligible capital expenditures in fiscal 2012 are forecasted to be $113.8 million, including $107.1 million associated with solar projects placed into service during the nine months ended June 30, 2012.
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New Jersey Resources Corp has a market cap of $1.9 billion; its shares were traded at around $45.63 with a P/E ratio of 14.6 and P/S ratio of 0.6. The dividend yield of New Jersey Resources Corp stocks is 3.3%. New Jersey Resources Corp had an annual average earning growth of 1.7% over the past 10 years.
Highlight of Business Operations:
There was a net loss during the three months ended June 30, 2012, of $(10.3) million, which is a decrease from net income of $20.4 million for the three months ended June 30, 2011. Losses for the three months ended June 30, 2012, were $(0.25) per basic share and $(0.25) per diluted share, compared with earnings of $0.49 per basic share and $0.49 per diluted share for the three months ended June 30, 2011. Changes in net income were primarily driven by an increase in unrealized losses at NJRES.Sales tax and TEFA, which are presented as both components of operating revenues and energy and other taxes in the Unaudited Condensed Consolidated Statements of Operations, totaled $6.3 million and $7.8 million during the three months ended June 30, 2012 and 2011, respectively and $32.5 million and $53.6 million during the nine months ended June 30, 2012, and 2011, respectively. The decrease in sales tax of $1.2 million and $18.3 million during the three and nine months ended June 30, 2012, respectively, correlates directly to the changes in operating revenue from firm sales. TEFA, which is calculated on a per-therm basis, decreased $345,000 and $2.9 million during the three and nine months ended June 30, 2012, primarily due to lower usage compared with the three and nine months ended June 30, 2011. TEFA will be phased out over a three-year period commencing January 1, 2012.
Utility firm gross margin from transportation service increased $707,000 to $8.8 million during the three months ended June 30, 2012, from $8.1 million during the three months ended June 30, 2011, and increased $4.5 million to $39.3 million during the nine months ended June 30, 2012, from $34.9 million during the nine months ended June 30, 2011. The improvement was due primarily to an increase in customers that transferred from residential and commercial sales to transportation due to marketing activity by third party natural gas providers in NJNG's distribution territory. NJNG had 37,717 and 29,883 residential customers and 9,087 and 8,602 commercial customers using its transportation service at June 30, 2012 and 2011, respectively.
Natural gas commodity prices are the primary factor for changes in operating revenues and gas purchases at NJRES. During the three and nine months ended June 30, 2012, operating revenue decreased $194.2 million and $375 million, respectively and gas purchases decreased $149.3 million and $338.1 million, respectively, due primarily to lower average prices, which correlate to the lower price levels on the NYMEX. NYMEX prices averaged $2.22 per MMBtu during the three months ended June 30, 2012 compared with $4.31 per MMBtu during the three months ended June 30, 2011 and averaged $2.84 per MMBtu during the nine months ended June 30, 2012 compared with $4.07 per MMBtu during the nine months ended June 30, 2011.
The net income tax benefit during the three months ended June 30, 2012 and 2011, includes $1.4 million and $637,000, respectively, and $27.2 million and $6.7 million during the nine months ended June 30, 2012 and 2011, respectively, related to ITCs. GAAP requires that for interim reporting, companies forecast their earnings and income taxes, including ITC's, for the year and apply that estimated effective tax rate to the period-to-date pretax income. Total ITC-eligible capital expenditures in fiscal 2012 are forecasted to be $113.8 million, including $107.1 million associated with solar projects placed into service during the nine months ended June 30, 2012.
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