New Jersey Resources (NJR) Q4 2024 Earnings Report

Revenue and Profitability Highlights
- QQ4 2024 Revenue: $395.78 million; YoY revenue growth 19.45% and QoQ growth 43.59% (from earnings data).
- Gross Profit: $198.248 million; Gross margin ~50.1% (0.501).
- Operating Income: $146.127 million; Operating margin ~37.0%.
- Net Income: $91.126 million; Net margin ~23.0%.
- Earnings per Share (EPS): $0.92 (diluted $0.92). Weighted average shares: ~98.8 million.

Year-to-Date and Margin Dynamics
- FY2024 EPS: $2.95, up from $2.70 in FY2023, finishing at the high end of updated guidance.
- EBITDA: $202.963 million; EBITDA margin about 51.3%. EBITDAR around 0.513x.
- Net debt position: Total debt $3.524 billion; net debt $3.523 billion; Cash and cash equivalents $1.018 million at period end.

Cash Flow and Capital Allocation
- Net cash provided by operating activities: $64.5 million; Operating cash flow yield supported by depreciation and working capital dynamics.
- Free cash flow (FCF): negative $111.02 million driven by capex intensity.
- Capital expenditures (CapEx): $175.533 million in QQ4 period; full-year 2024 capex remained elevated as NJR advances utility infrastructure, solar deployment, and storage assets.
- Cash flows by activity (FY2024): Investing cash flow $(176.489) million; Financing cash flow $90.454 million; Net change in cash $(21.522) million; Cash at end of period $1.612 million.

Balance Sheet Health and Credit Metrics
- Total assets: $6.9816 billion; Total liabilities: $4.7812 billion; Total equity: $2.2004 billion.
- Debt metrics: Long-term debt $3.0388 billion; Total debt $3.5245 billion; Debt to capitalization ~61.6%; Debt to equity ~1.60x.
- Liquidity: $825 million in available credit facilities through 2029; Adjusted FFO to debt ratio ~20.6% in 2024; Projected 18–20% in 2025.
- Liquidity and coverage: Current ratio 0.63x; Quick ratio 0.36x; Interest coverage ~4.06x.

Valuation and Relative Positioning
- Price to book ~2.12x; Price to earnings ~12.8x; Dividend yield ~0.89%. Enterprise value multiple ~40.3x. These multiples place NJR broadly in line with regulated utility peers, trading at a defensively positioned multiple with modest income growth embedded in the current price.