On this page of StockholderLetter.com we present the latest annual shareholder letter from NEW JERSEY RESOURCES CORP — ticker symbol NJR. Reading current and past NJR letters to shareholders can bring important insights into the investment thesis.

 •  12/11/2024 Letter Continued (Full PDF)
 •  12/14/2023 NJR Stockholder Letter
 •  More "Gas Utilities" Category Stockholder Letters
 •  NJR Benford's Law Stock Score = 76

NJR Shareholder/Stockholder Letter Transcript:

LEADING THE
ENERGY EVOLUTION
2024 ANNUAL REPORT
1

We are committed to enhancing our
customers    quality of life by meeting their
expectations for reliability and value
in an environmentally responsible way
   every day.
THESE CORE VALUES DRIVE OUR COMMITMENT TO STAKEHOLDERS:
    Safe and Reliable Service
    Customer Satisfaction
    Sustainable Growth and Innovation
    Engaged and High-Performing Workforce
    Social Responsibility
    Superior Financial Performance
Cover: Leaf River Energy Center   s salt cavern storage facilities play an important role in the energy
evolution by providing reliable access to energy supply during peak-demand periods.

APPROXIMATELY
1.1GW
pipeline of solar projects
under contract, construction
or exclusivity.
A leader in the solar marketplace with more than 70 commercial projects in service, NJR Clean Energy Ventures continues to prioritize
beneficial use projects that turn brownfields and other underutilized sites into renewable energy, helping to support clean energy goals.
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Financial Summary
NET FINANCIAL EARNINGS PER SHARE *
DIVIDENDS PAID PER SHARE
$3.50
$2.00
$3.00
$2.50
$2.50
$2.00
$2.70
$2.95
$1.50
$2.16
$1.25
$1.74
$1.25
$1.56
$1.68
$0.75
$1.00
$0.50
$0.50
$0.25
FY2020
FY2021
FY2022
FY2023
FY2024
$0.00
FY2020
* Net Financial Earnings or NFE is a financial measure
margin as presented on a GAAP basis, as it excludes
not calculated in accordance with Generally Accepted
certain operations and maintenance expense and
Accounting Principles (GAAP) of the United States as
depreciation and amortization. For further discussion
it excludes all unrealized and certain realized gains
and a reconciliation to GAAP of this non-GAAP financial
and losses associated with derivative instruments
measure, please see our fiscal 2024 report on Form
and net applicable tax adjustments. NFE also excludes
10-K.
certain transactions associated with equity method
investments, including impairment charges, which    See njrhomeservices.com for more information.
are non-cash charges, and return of capital in
excess of the carrying value of NJR   s investment.
Information Regarding Forward-Looking Statements    
For further discussion and reconciliation to GAAP of
This report contains forward-looking statements
this non-GAAP financial measure, see our fiscal 2024
within the meaning of Section 27A of the Securities
Report on Form 10-K.
Act of 1933, as amended, Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private
    Represents the highest projected long-term NFE
Securities Litigation Reform Act of 1995. NJR cautions
growth rate of 7-9% in our peer group.
readers that the assumptions forming the basis for
forward-looking statements include many factors
Peer Group Companies include: Atmos Energy
that are beyond NJR   s ability to control or estimate
Corporation, Black Hills Corporation, Chesapeake Utilities
precisely, such as estimates of future market conditions
Corporation, National Fuel Gas Company, NiSource
and the behavior of other market participants. Words
Inc., Northwest Natural Holding Company, ONE Gas,
such as    anticipates,       estimates,       expects,   
Inc., Southwest Gas Corporation, Spire Inc., UGI
   projects,       may,       will,       intends,       plans,       believes,   
Corporation.
   should    and similar expressions may identify forwardlooking statements and such forward-looking
   As measured by leaks per mile.
statements are made based upon management   s
current expectations, assumptions and beliefs as
     Investments include SAVEGREEN  . For GAAP purposes,
of this date concerning future developments and their
SAVEGREEN investments are included as part of
potential effect upon NJR. There can be no assurance
cash flows from operations.
that future developments will be in accordance
with management   s expectations, assumptions and
   Utility Gross Margin is defined as operating revenues
beliefs or that the effect of future developments on NJR
less natural gas purchases, sales tax and regulatory
will be those anticipated by management. Forwardrider expenses. This measure differs from gross
looking statements in this report include, but are not
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$1.33
$1.45
$1.00
$1.50
$0.00
$1.75
FY2021
FY2022
FY2023
FY2024
limited to, certain statements regarding NJR   s NFE
guidance, future growth of NJNG   s customer base,
investment programs and infrastructure investments,
NJR   s environmental sustainability, decarbonization and
clean energy goals, CEV projects under construction,
contract or exclusivity, expansion of our solar
footprint, asset management agreements, emissions
reduction strategies, initiatives and targets, our
investments in infrastructure, low-carbon fuels and
renewables and emerging technologies such as
renewable natural gas and hydrogen gas.
Additional information and factors that could cause
actual results to differ materially from NJR   s
expectations are contained in NJR   s filings with
the U.S. Securities and Exchange Commission
(SEC), including NJR   s Annual Report 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 website,
http://www.sec.gov. Information included in this
report 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.

NJR is helping lead the way with technologies like carbon
capture, advanced leak detection, renewable fuels and energy
efficiency. These efforts support our emission reduction journey.
In fiscal 2024, NJR achieved net financial earnings (NFE)* per
share of $2.95, compared with $2.70 per share last year. This
marked the fourth consecutive year where NJR surpassed its
initial guidance, while also exceeding our peer-leading stated
long-term NFE growth rate of 7   9%.   
Highlighting the strength of our performance and our ability to
return value to our shareowners, we increased our dividend 7.1%
to a new rate of $1.80 per share for fiscal 2025. NJR has paid
quarterly dividends continuously since 1952 and increased its
dividend every year for the last 29 years.
With a focus on safety, growth and sustainability, New Jersey
Natural Gas (NJNG) invested over $500 million in system
To Our Shareowners,
expansion, energy-efficiency programs and pipeline renewal
Energy is an essential part of our lives. It makes possible the things
approximately 8,000 customers throughout our service territory,
that matter most     whether it   s heating our homes, fueling the
as well as several new business expansion projects in Morris
economy or driving innovation. It is critical to everything we do.
and Sussex counties. As a result of our commitment to system
projects. This included infrastructure to support the addition of
integrity, NJNG operates the most environmentally sound
As the world places an increasing emphasis on reducing
distribution system of any natural gas utility in the state.  
greenhouse gas emissions to combat climate change, energy
demand     particularly for low-carbon and renewable sources
    is on the rise. The rapid growth of energy-intensive industries,
such as advanced manufacturing as well as data centers,
reinforces the essential role of reliable, affordable energy     and
the value of the infrastructure needed to deliver it.
At New Jersey Resources (NJR), we view this energy evolution
as an opportunity to lead.
With our modern pipeline network, strategically located storage
facilities, portfolio of solar assets and focus on innovation, NJR is
committed to meeting customers    energy needs, achieving emissionreduction goals and delivering value for our shareowners. We
are positioned to meet this moment and shape the energy future.
Our strategy begins with our infrastructure and the role it plays
in ensuring access to reliable and affordable energy. It   s
supported by the innovation and ingenuity of our team. Most
importantly, it   s anchored by our strong financial profile, which
supports prudent investments that offer practical steps
toward decarbonization for customers and drives new growth
$290.8M
consolidated NFE, or $2.95 per share,
compared with $261.8 million, or
$2.70 per share, in fiscal 2023.
$289.8M
consolidated net income compared
with $264.7M in fiscal 2023.
29TH
consecutive year of dividend growth.
opportunities for our company.
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 12/11/2024 Letter Continued (Full PDF)