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LeMaitre to Present at the Bank of America Securities 2025 Healthcare Conference

BURLINGTON, Mass., May 05, 2025 (GLOBE NEWSWIRE) — LeMaitre Vascular, Inc. (Nasdaq:LMAT) announced today that David Roberts, President, will present at the Bank of America Securities 2025 Healthcare Conference on Tuesday, May 13, 2024, at 5:00 PM PDT at the Encore at the Wynn Hotel in Las Vegas, NV.

About LeMaitre

LeMaitre is a provider of devices, implants and services for the treatment of peripheral vascular disease, a condition that affects more than 200 million people worldwide. The Company develops, manufactures and markets disposable and implantable vascular devices to address the needs of its core customer, the vascular surgeon. Additional information can be found at www.lemaitre.com.



Contact:
Sandra Millar
LeMaitre Vascular, Inc.
+1-781-425-1686
[email protected]

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Fifth Third Gives Families a College Savings Head Start for “Fifth Third Day”

Fifth Third Gives Families a College Savings Head Start for “Fifth Third Day”

‘Fifth Third Babies’ born on May 3 in select Detroit and southwest Florida hospitals received $1,053 toward a 529 savings account

CINCINNATI–(BUSINESS WIRE)–
More than 80 newborns across metro Detroit and southwest Florida entered the world on Saturday with a leg up for future financial success, thanks to a partnership between Fifth Third, the Gift of College and participating local hospitals.

Fifth Third (NASDAQ: FITB) presented the new parents with care packages that include a $1,053 gift card for a 529 College Savings Plan, a DoorDash gift card, and baby gifts such as a onesie, bib, blanket and book. Labor & delivery nurses at participating hospitals also received appreciation gifts from Fifth Third.

Fifth Third Babies is part of a broader national celebration: on May 3, celebrated as “Fifth Third Day,” Fifth Third’s nearly 19,000 employees mark the occasion with a day of volunteerism and giving to help improve the communities where they live and work across Fifth Third’s 11-state footprint.

“It is a privilege to welcome the newest members of our community on this important day for Fifth Third. We believe strongly in increasing financial access and mobility in the communities we serve to create brighter financial futures for the next generation,” said Fifth Third Eastern Michigan Regional President David Girodat. “And as a father and grandfather, I know how important it is to support parents by giving them a head start on saving for their children’s educational future.”

Since 2017, Fifth Third Babies has delivered more than $730,000 in 529 plan funding to the families of nearly 700 babies born on 5/3 through partnerships with 125 hospitals across seven states.

Nineteen hospitals in total across Detroit, Fort Myers and Naples participated in the program this year. Each family with a baby born on 5/3 received a gift bag with a $1,053 gift card that allows them to open a 529 college savings account in partnership with the Gift of College. Parents can redeem the certificate into their state 529 plans.

“We are thrilled to bring the Fifth Third Babies initiative to Collier and Lee counties,” said Stephanie Green, Fifth Third South Florida regional president. “This tradition is a heartfelt way to welcome newborns into the world with a special touch from Fifth Third. Beyond the celebration, it’s about helping families begin planning for their children’s financial futures from day one. Fifth Third believes strongly in increasing financial access and mobility in the communities we serve to create brighter financial futures for the next generation. We are proud to continue supporting our community in such a personal and lasting way.”

“Starting the saving and investing process when a child is brand new gives the money plenty of time to grow—and provides parents and others countless opportunities to contribute during the 18 years which follow,” said Patricia Roberts, chief operating officer of Gift of College, mom of a recent debt-free college graduate and author of “Route 529: A Parent’s Guide to Saving for College and Career Training with 529 Plans.” “In addition to friends and family being able to contribute for birthdays, holidays and other special occasions, employers are able to make 529 plan contributions as a financial wellness benefit.

“As a mom who’s been there, I know the value of starting the savings process early and the many doors educational savings can open down the line. I immediately began sleeping better at night once I knew we had a plan in place for our child’s future. Looking back, opening a 529 account when our child was an infant was one of the smartest decisions we made.”

From May 3 through 29, the public has the opportunity to participate in a social media sweepstakes to win one of 53 $1,053 Gift of College cards to be redeemed through state 529 college savings plans and a Fifth Third Babies bag. Winners will be selected on 529 Day, or May 29 on the calendar. More information and full sweepstakes rules are available online at 53.com/babies.1

1 NO PURCHASE NECESSARY. Sweepstakes open to legal residents of the U.S., excluding New York. At least 18 years old to enter. Odds of winning depend upon the number of eligible entries received. Void where prohibited. Sweepstakes begins May 3, 2025, at 12:00 AM EST and ends May 29, 2025, at 8:00 AM EST. For complete sweepstakes rules visit 53.com/babies. Sweepstakes is in no way sponsored, endorsed, administered by, or associated with, Meta Platforms, Inc.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.

Amanda Nageleisen (Media Relations)

[email protected]

Matt Curoe (Investor Relations)

[email protected] | 513-534-2345

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Banking Professional Services Foundation Philanthropy Hospitals Family Nursing Consumer Health Other Philanthropy Continuing University Education Teens Parenting Finance Children

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HF Foods to Report First Quarter 2025 Results on May 12, 2025

Pre-Recorded Earnings Call Webcast Will Be Available on Investor Relations Website

LAS VEGAS, May 05, 2025 (GLOBE NEWSWIRE) — HF Foods Group Inc. (NASDAQ: HFFG) (“HF Foods”, or the “Company”), a leading distributor of international foodservice solutions to Asian restaurants and other businesses across the United States, today announced it will report financial results for the first quarter ended March 31, 2025, on Monday, May 12, 2025, after market close.

Prepared remarks from members of the executive management team discussing these results with additional comments and details will be made available through the “Events” section of the Company’s Investor Relations website at https://investors.hffoodsgroup.com. The webcast will be archived and available for replay.

About HF Foods Group Inc.

HF Foods Group Inc. is a leading marketer and distributor of fresh produce, frozen and dry food, and non-food products to primarily Asian restaurants and other foodservice customers throughout the United States. HF Foods aims to supply the increasing demand for Asian American restaurant cuisine, leveraging its nationwide network of distribution centers and its strong relations with growers and suppliers of fresh, high-quality specialty restaurant food products and supplies in the US and Asia. Headquartered in Las Vegas, Nevada, HF Foods trades on Nasdaq under the symbol “HFFG”. For more information, please visit www.hffoodsgroup.com.

Contact:

ICR

Investors: Anna Kate Heller

Media: Keil Decker

[email protected]



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MISTRAS Group Announces Conference Call to Discuss First Quarter Results on May 8, 2025

PRINCETON JUNCTION, N.J., May 05, 2025 (GLOBE NEWSWIRE) — MISTRAS Group, Inc. (MG: NYSE) has scheduled a conference call for Thursday, May 8, 2025, at 9:00 am Eastern Standard Time to present its results for the first quarter of 2025. A press release with the first quarter results will be issued after the close of market on Wednesday, May 7, 2025.

To listen to the live webcast of the conference call, visit the Investor Relations section of MISTRAS Group’s website at www.mistrasgroup.com.

Individuals wishing to participate in the live question and answer session may pre-register at: https://mistras-q1-earnings.open-exchange.net/.

Following the conference call, an archived webcast of the call will be available for one year by visiting the Investor Relations section of MISTRAS Group’s website.

About MISTRAS Group, Inc. – One Source for Asset Protection Solutions

MISTRAS Group, Inc. (NYSE: MG) is a global leader in technology-enabled industrial asset integrity solutions, serving critical industries including oil & gas, aerospace & defense, power & utilities, manufacturing, and civil infrastructure. The company provides a diversified portfolio of products and services, ranging from advanced non-destructive testing and pipeline inspections to real-time condition monitoring, maintenance planning, and specialized engineering, powered by a proprietary management software suite that centralizes integrity data for predictive analytics and benchmark analysis. With a long-standing track record of innovation and deep industry expertise, MISTRAS helps clients reduce risk, extend asset life, and optimize operational performance. Learn more at www.mistrasgroup.com.

Forward-Looking and Cautionary Statements

Certain statements made in this press release are “forward-looking statements” about MISTRAS’ financial results and estimates, products and services, business model, strategy, growth opportunities, profitability and competitive position, and other matters. These forward-looking statements generally use words such as “future,” “possible,” “potential,” “targeted,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict,” “project,” “will,” “may,” “should,” “could,” “would” and other similar words and phrases. Such statements are not guarantees of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved, if at all. These statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. A list, description and discussion of these and other risks and uncertainties can be found in the “Risk Factors” section of the Company’s 2023 Annual Report on Form 10-K, as updated by our reports on Form 10-Q and Form 8-K. The forward-looking statements are made as of the date hereof, and MISTRAS undertakes no obligation to update such statements as a result of new information, future events or otherwise.

Contact:

Theresa Feraren
Chief Marketing Officer
MISTRAS Group, Inc.
[email protected]



Posted on

Duluth Holdings Inc. Announces Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

MOUNT HOREB, Wis., May 05, 2025 (GLOBE NEWSWIRE) — Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth Trading” or the “Company”) (NASDAQ: DLTH), a lifestyle brand of men’s and women’s workwear, casual wear, outdoor apparel, and accessories, today announced that it made an inducement grant to Ms. Stephanie L. Pugliese in connection with her employment as the Company’s new President and Chief Executive Officer, effective May 5, 2025, the material terms of which were previously disclosed.

The Company granted a total of 1,759,532 shares of Class B common stock to Ms. Pugliese pursuant to the terms of the Inducement Stock Award Agreement and the Inducement Restricted Stock Award Agreement, entered between the Company and Ms. Pugliese on May 5, 2025, each as a material inducement to Ms. Pugliese’s hiring.

Pursuant to the Inducement Stock Award Agreement, 586,511 shares were granted to Ms. Pugliese on May 5, 2025. If Ms. Pugliese terminates her employment without good reason or is terminated by the Company for cause prior to May 5, 2026, she will be required to reimburse the Company for a pro rata portion of the 586,511 shares granted to Ms. Pugliese under such agreement. In connection with the 1,173,021 shares of restricted stock granted to Ms. Pugliese pursuant to the Inducement Restricted Stock Award Agreement, (i) 33% percent of such shares will vest on May 5, 2026, (ii) 33% percent of such shares will vest on May 5, 2027, and (iii) the remaining 34% of the shares will vest May 5, 2028. If Ms. Pugliese’s employment with the Company is terminated (i) due to her death, (ii) due to her disability, (iii) without cause, or (iv) by Ms. Pugliese for good reason, then all unvested stock will vest immediately. If her employment with the Company is terminated for any other reason, all unvested stock will be forfeited and revert to the Company.

The stock awards were granted outside the terms of the Company’s 2024 Equity Incentive Plan and were approved by the Company’s Board of Directors, Compensation Committee, and the Subcommittee of the Compensation Committee of the Board of Directors, consisting of the independent directors of the Compensation Committee, in reliance on the employment inducement exemption under NASDAQ Listing Rule 5635(c)(4), which requires public announcement of inducement awards. Pursuant to the requirements of that rule, the Company is issuing this press release.

About Duluth Trading

Duluth Trading is a lifestyle brand for the Modern, Self-Reliant American. Based in Mount Horeb, Wisconsin, we offer high quality, solution-based casual wear, workwear and accessories for men and women who lead a hands-on lifestyle and who value a job well-done. We provide our customers an engaging and entertaining experience. Our marketing incorporates humor and storytelling that conveys the uniqueness of our products in a distinctive, fun way, and are available through our content-rich website, catalogs, and “store like no other” retail locations. We are committed to outstanding customer service backed by our “No Bull Guarantee” – if it’s not right, we’ll fix it. Visit our website at http://www.duluthtrading.com.



Investor Contacts:
Tom Filandro
ICR, Inc.
(646) 277-1200
[email protected]

Posted on

REGAL REXNORD REPORTS STRONG FIRST QUARTER 2025 FINANCIAL RESULTS

PR Newswire


MILWAUKEE
, May 5, 2025 /PRNewswire/ — Regal Rexnord Corporation (NYSE: RRX)

1Q Highlights

  • Diluted EPS Of $0.86; Adjusted Diluted EPS Of $2.15, Up 7.5% Versus PY, And Up 10% Excluding Industrial Systems
  • Paid Down $164 Million Of Gross Debt In 1Q. Net Debt/Adjusted EBITDA (Including Synergies) Of ~3.6x
  • Cash From Operating Activities Of $102.3 Million; Free Cash Flow Of $85.5 Million, Up 32.4% Versus PY
  • 1Q Daily Orders Up 3.3%, Excluding Currency Impacts, Versus PY
  • Sales Of $1,418.1 Million, Down 8.4% Versus PY, Up 0.7% On An Organic Basis
  • Gross Margin Of 37.2%; Adjusted Gross Margin Of 37.9%, Up 50 Basis Points Versus PY*
  • GAAP Net Income Of $57.5 Million Versus PY GAAP Net Income Of $20.4 Million
  • Adjusted EBITDA Of $309.5 Million Versus PY Of $307.2 Million*
  • Adjusted EBITDA Margin Of 21.8%, Up 30 Basis Points Versus PY*
  • Notable Wins In Humanoids

FY Guidance

  • Re-Affirming 2025 Adjusted Guidance
  • Mitigation Actions Expected To Neutralize Impact Of Current Tariffs On 2025 Adjusted EBITDA & EPS

CEO Louis Pinkham commented, “First quarter marked a strong start to the year, with all segments exceeding guidance, in some cases by wide margins. As an enterprise, we delivered positive organic growth, further gains in adjusted gross margin and adjusted EBITDA margin, grew free cash flow by 32%, and paid down $164 million of gross debt – all reflecting solid execution from our teams, including disciplined cost management. Notably, our PES segment achieved 8.0% organic growth and a point of adjusted EBITDA margin expansion, driven by strong R-HVAC markets. Our AMC segment exceeded its sales and margin goals, aided by particular strength in aerospace and a return to growth in discrete automation. Our IPS segment met its sales forecast, despite continued sluggish general industrial markets, while achieving over a point of adjusted EBITDA margin expansion.”

Mr. Pinkham continued, “We came into the year cautiously optimistic we were approaching an organic growth inflection point, underpinned by several quarters of positive orders growth, and a view that most of our end markets were at or near trough levels of demand. This optimism carried into 1Q, with further positive orders momentum, and our sense from customers that many of our markets were poised to rebound. However, recent shifts in U.S. trade policy, in particular around tariffs, have heightened macro uncertainty, though evidence of a slowdown has been largely absent from current demand, and improving longer cycle project activity is providing better visibility for the second half and 2026.”

Mr. Pinkham concluded, “Our team remains focused on execution. We have been aggressively implementing plans to mitigate tariff impacts, and expect to achieve tariff cost neutrality in 2025, and margin neutrality by the middle of 2026, under current tariffs. We also continue to execute our synergies, pursue a wide range of growth, productivity, lean and working capital self-help opportunities, and drive free cash flow to continue paying down our debt. In short, I am confident that we will create value for our shareholders in 2025.”

*Excludes results of the Industrial Systems operating segment, which was divested effective April 30, 2024.

Guidance

Due to a gain on sale of assets in the first quarter of 2025, the Company is updating its annual guidance for 2025 GAAP Diluted Earnings per Share to a range of $4.49 to $5.29.

The Company is re-affirming its annual guidance for 2025 Adjusted Diluted Earnings per Share in a range of $9.60 to $10.40. Mitigation actions are expected to neutralize the impact of current tariffs on 2025 Adjusted EPS.

Segment Performance

Segment results for the first quarter of 2025 versus the first quarter of the prior year are summarized below:

  • Automation & Motion Control net sales were $396.3 million, a decrease of 1.0%, or an increase of 0.4% on an organic basis, ahead of our expectations. Results reflect growth in aerospace & defense and discrete automation markets, net of headwinds in the general industrial and medical end markets and project timing impacts in the data center market. Adjusted EBITDA margin was 21.8% of net sales.
  • Industrial Powertrain Solutions net sales were $612.7 million, a decrease of 4.8%, or a decrease of 3.4% on an organic basis. Results largely reflect declines in metals & mining, and the machinery/off-highway markets within general industrial, partially offset by growth in energy markets. Regionally, the segment realized net sales growth in North America, which was more than offset by declines in China, Europe, and Rest-of-World. Adjusted EBITDA margin was 26.9% of net sales.
  • Power Efficiency Solutions net sales were $409.1 million, an increase of 6.2%, or an increase of 8.0% on an organic basis. The results primarily reflect growth in the N.A. residential HVAC market. Adjusted EBITDA margin was 14.2% of net sales.


Conference Call

Regal Rexnord will hold a conference call to discuss this earnings release at 9:00 AM CT (10:00 AM ET) on Tuesday, May 6, 2025. To listen to the live audio and view the presentation during the call, please visit Regal Rexnord’s Investor website: https://investors.regalrexnord.com. To listen by phone or to ask the presenters a question, dial 1.877.264.6786 (U.S. callers) or +1.412.317.5177 (international callers) and enter 5450516# when prompted.

A webcast replay will be available at the link above, and a telephone replay will be available at 1.877.344.7529 (U.S. callers) or +1.412.317.0088 (international callers), using a replay access code of 8133316#. Both replays will be accessible for three months after the earnings call.


Supplemental Materials

Supplemental materials and additional information for the quarter ended March 31, 2025, will be accessible before the conference call on May 6, 2025 on Regal Rexnord’s Investor website: https://investors.regalrexnord.com. The Company intends to disseminate important information about the Company to its investors on the Investors section of its website: https://investors.regalrexnord.com. Investors are advised to look at Regal Rexnord’s website for future important information about the Company. The content of the Company’s website is not incorporated by reference into this document or any other report or document Regal Rexnord files with the Securities and Exchange Commission (“SEC”).


About Regal Rexnord

Regal Rexnord’s 30,000 associates around the world help create a better tomorrow by providing sustainable solutions that power, transmit and control motion. The Company’s electric motors and air moving subsystems provide the power to create motion. A portfolio of highly engineered power transmission components and subsystems efficiently transmits motion to power industrial applications. The Company’s automation offering, comprised of controllers, drives, precision motors, and actuators, controls motion in applications ranging from factory automation to precision tools used in surgical applications.

The Company’s end markets benefit from meaningful secular demand tailwinds, and include discrete automation, food & beverage, aerospace, medical, data center, energy, residential and commercial buildings, general industrial, and metals and mining.

Regal Rexnord is comprised of three operating segments: Industrial Powertrain Solutions, Power Efficiency Solutions, and Automation & Motion Control. Regal Rexnord is headquartered in Milwaukee, Wisconsin and has manufacturing, sales and service facilities worldwide. For more information, including a copy of our Sustainability Report, visit RegalRexnord.com.


Forward Looking Statements

All statements in this communication, other than those relating to historical facts, are “forward-looking statements.” Forward-looking statements can generally be identified by their use of terms such as “anticipate,” “believe,” “confident,” “estimate,” “expect,” “intend,” “plan,” “may,” “will,” “project,” “forecast,” “would,” “could,” “should,” and similar expressions, including references to assumptions. Forward-looking statements are not guarantees of future performance and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. Forward-looking statements include, but are not limited to, statements about expected market or macroeconomic trends, future strategic plans and future financial and operating results. Important factors that could cause actual results to differ materially from those presented or implied in the forward-looking statements in this communication include, without limitation: the possibility that the Company may be unable to achieve expected benefits, synergies and operating efficiencies in connection with the sale of the Industrial Motors and Generators businesses, the acquisition of Altra Industrial Motion Corp. (“Altra Transaction”), and the merger with the Rexnord Process & Motion Control business (the “Rexnord PMC business”) within the expected time-frames or at all and to successfully integrate Altra Industrial Motion Corp. (“Altra”) and the Rexnord PMC business; the Company’s substantial indebtedness as a result of the Altra Transaction and the effects of such indebtedness on the Company’s financial flexibility; the Company’s ability to achieve its objectives on reducing its indebtedness on the desired timeline; dependence on key suppliers and the potential effects of supply disruptions; fluctuations in commodity prices and raw material costs; any unforeseen changes to or the effects on liabilities, future capital expenditures, revenue, expenses, synergies, indebtedness, financial condition, losses and future prospects; unanticipated operating costs, customer loss and business disruption or the Company’s inability to forecast customer needs; the Company’s ability to retain key executives and employees; uncertainties regarding our ability to execute restructuring plans within expected costs and timing; challenges to the tax treatment that was elected with respect to the merger with the Rexnord PMC business and related transactions; actions taken by competitors and their ability to effectively compete in the increasingly competitive global industries and markets; our ability to develop new products based on technological innovation, such as the Internet of Things and artificial intelligence, and marketplace acceptance of new and existing products; dependence on significant customers and distributors; risks associated with climate change, including unexpected weather events in markets in which we do business, and uncertainty regarding our ability to deliver on our sustainability commitments and/or to meet related investor, customer and other third party expectations relating to our sustainability efforts; changes to and uncertainty in trade policy, including tariffs on imports into the US from Canada, Mexico, China, and other countries, and retaliatory tariffs and import/export restrictions, including Chinese export restrictions on certain rare earth minerals, or other trade restrictions imposed by the US or other governments; risks associated with global manufacturing, including risks associated with public health crises and political, societal or economic instability, including instability caused by ongoing geopolitical conflicts; issues and costs arising from the integration of acquired companies and businesses; prolonged declines in one or more markets, including disruptions caused by labor disputes or other labor activities, natural disasters, terrorism, acts of war, international conflicts, pandemics and political and government actions; risks associated with excess or obsolete inventory charges including related write-offs or write-downs; economic changes in global markets, such as reduced demand for products, currency exchange rates, inflation rates, interest rates, recession, government policies, including policy changes affecting taxation, trade, tariffs, import/export regulations, immigration, customs, border actions and the like, and other external factors that the Company cannot control; product liability, asbestos and other litigation, or claims by end users, government agencies or others that products or customers’ applications failed to perform as anticipated; unanticipated liabilities of acquired businesses; unanticipated adverse effects or liabilities from business exits or divestitures; the Company’s ability to identify and execute on future M&A opportunities, including significant M&A transactions; the impact of any such M&A transactions on the Company’s results, operations and financial condition, including the impact from costs to execute and finance any such transactions; unanticipated costs or expenses that may be incurred related to product warranty issues; infringement of intellectual property by third parties, challenges to intellectual property, and claims of infringement on third party technologies; risks related to foreign currency fluctuations or changes in global commodity prices or interest rates;effects on earnings of any significant impairment of goodwill; losses from failures, breaches, attacks or disclosures involving information technology infrastructure and data; costs and unanticipated liabilities arising from rapidly evolving laws and regulations, including data privacy laws, labor and employment laws, environmental laws and regulations, and tax laws and regulation; and other factors that can be found in our filings with the SEC, including our most recent periodic reports filed on Form 10-K and Form 10-Q, which are available on our Investor Relations website. Forward-looking statements are given only as of the date of this communication and we disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. 


Non-GAAP Measures

(Unaudited)
(Dollars in Millions, Except per Share Data)

We prepare our financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also periodically disclose certain financial measures in our quarterly earnings releases, on investor conference calls, and in investor presentations and similar events that may be considered “non-GAAP” financial measures. This additional information is not meant to be considered in isolation or as a substitute for our results of operations prepared and presented in accordance with GAAP.

In this release, we disclose the following non-GAAP financial measures, and we reconcile these measures in the tables below to the most directly comparable GAAP financial measures: adjusted diluted earnings per share, adjusted diluted earnings per share excluding Industrial, adjusted income from operations, adjusted operating margin, adjusted net sales, net sales excluding Industrial, adjusted gross margin, adjusted gross margin excluding Industrial, net debt, EBITDA, adjusted EBITDA, adjusted EBITDA excluding Industrial, adjusted EBITDA (including synergies), interest coverage ratio, interest coverage ratio (including synergies), adjusted EBITDA margin, adjusted EBITDA margin excluding Industrial, gross debt/adjusted EBITDA, net debt/adjusted EBITDA, net debt/adjusted EBITDA (including synergies), adjusted cash flows from operations, free cash flow, adjusted income before taxes, adjusted provision for income taxes, and adjusted effective tax rate. We believe that these non-GAAP financial measures are useful measures for providing investors with additional information regarding our results of operations and for helping investors understand and compare our operating results across accounting periods and compared to our peers. Our management primarily uses adjusted income from operations and adjusted operating margin to help us manage and evaluate our business and make operating decisions, while the other non-GAAP measures disclosed are primarily used to help us evaluate our business and forecast our future results. Accordingly, we believe disclosing and reconciling each of these measures helps investors evaluate our business in the same manner as management. This release also includes non-GAAP forward-looking information. The Company believes that a quantitative reconciliation of this forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of this non-GAAP financial measure would require the Company to predict the timing and likelihood of future restructurings and other charges. Neither these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measure is not provided.

In addition to these non-GAAP measures, we use the term “organic sales growth” to refer to the increase in our sales between periods that is attributable to organic sales. “Organic sales” refers to GAAP sales from existing operations excluding any sales from acquired businesses recorded prior to the first anniversary of the acquisition and excluding any sales from business divested/to be exited recorded prior to the first anniversary of the exit and excluding the impact of foreign currency translation. The impact of foreign currency translation is determined by translating the respective period’s organic sales using the currency exchange rates that were in effect during the prior year periods.


CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Unaudited

(Dollars in Millions, Except per Share Data)


Three Months Ended


Mar 31,

2025

Mar 31,
2024

Net Sales


$            1,418.1

$            1,547.7

Cost of Sales


890.5

994.6

Gross Profit


527.6

553.1

Operating Expenses


367.9

397.7

Loss on Sale of Businesses


—

21.5

Total Operating Expenses


367.9

419.2

Income from Operations


159.7

133.9

Interest Expense


90.2

105.4

Interest Income


(4.2)

(3.1)

Other Expense, Net


0.7

0.3

Income before Taxes


73.0

31.3

Provision for Income Taxes


15.5

10.9

Net Income


57.5

20.4

Less: Net Income Attributable to Noncontrolling Interests


0.2

0.6

Net Income Attributable to Regal Rexnord Corporation


$                57.3

$                19.8

Earnings Per Share Attributable to Regal Rexnord Corporation:

   Basic


$                0.86

$                0.30

   Assuming Dilution


$                0.86

$                0.30

Cash Dividends Declared Per Share


$                0.35

$                0.35

Weighted Average Number of Shares Outstanding:

   Basic


66.3

66.4

   Assuming Dilution


66.5

66.8

 


CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(Dollars in Millions)


Mar 31, 2025

Dec 31, 2024

ASSETS

Current Assets:

Cash and Cash Equivalents

$                  305.3

$                  393.5

Trade Receivables, Less Allowances of $30.1 million and $29.9 million in 2025 and 2024,
Respectively

852.1

842.8

Inventories

1,279.0

1,227.5

Prepaid Expenses and Other Current Assets

317.0

287.5

Total Current Assets

2,753.4

2,751.3

Net Property, Plant and Equipment

904.5

921.0

Operating Lease Assets

148.5

141.3

Goodwill

6,513.2

6,458.9

Intangible Assets, Net of Amortization

3,616.4

3,664.5

Deferred Income Tax Benefits

29.8

30.0

Other Noncurrent Assets

66.5

66.7

Total Assets

$              14,032.3

$              14,033.7

LIABILITIES AND EQUITY

Current Liabilities:

Accounts Payable

$                  589.3

$                  542.8

Dividends Payable

23.2

23.2

Accrued Compensation and Benefits

156.8

191.3

Accrued Interest

90.6

84.0

Other Accrued Expenses

315.7

333.8

Current Operating Lease Liabilities

37.7

35.6

Current Maturities of Long-Term Debt

5.1

5.0

Total Current Liabilities

1,218.4

1,215.7

Long-Term Debt

5,291.8

5,452.7

Deferred Income Taxes

807.5

815.5

Pension and Other Post Retirement Benefits

108.5

109.5

Noncurrent Operating Lease Liabilities

119.7

114.1

Other Noncurrent Liabilities

56.0

59.0

Equity:

Regal Rexnord Corporation Shareholders’ Equity:

Common Stock, $0.01 par value, 150.0 million Shares Authorized, 66.3 million Shares Issued and
Outstanding for March 31, 2025 and December 31, 2024

0.7

0.7

Additional Paid-In Capital

4,662.2

4,658.0

Retained Earnings

2,077.9

2,043.8

Accumulated Other Comprehensive Loss

(318.1)

(442.7)

Total Regal Rexnord Corporation Shareholders’ Equity

6,422.7

6,259.8

Noncontrolling Interests

7.7

7.4

Total Equity

6,430.4

6,267.2

Total Liabilities and Equity

$              14,032.3

$              14,033.7

 


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

Unaudited

(Dollars in Millions)


Three Months Ended


Mar 31, 2025

Mar 31, 2024

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income

$                    57.5

$                    20.4

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities (Net of
Acquisitions and Divestitures):

Depreciation

40.1

41.5

Amortization

85.4

86.7

Loss on Sale of Businesses

—

21.5

Noncash Lease Expense

10.9

11.3

Share-Based Compensation Expense

9.5

9.1

Financing Fee Expense

3.3

3.1

Gain on Sale of Assets

(6.0)

—

Benefit from Deferred Income Taxes

(18.5)

(30.4)

Other Non-Cash Changes

0.7

1.4

Change in Operating Assets and Liabilities, Net of Acquisitions and Divestitures

Receivables

(0.6)

47.7

           Inventories

(41.8)

(47.8)

Accounts Payable

41.6

14.5

Other Assets and Liabilities

(79.8)

(95.9)

Net Cash Provided by Operating Activities

102.3

83.1

CASH FLOWS FROM INVESTING ACTIVITIES:

Additions to Property, Plant and Equipment

(16.8)

(18.5)

Proceeds Received from Sales of Property, Plant and Equipment

10.3

1.0

Proceeds Received from Sale of Businesses, Net of Cash Transferred

3.0

—

Net Cash Used in Investing Activities

(3.5)

(17.5)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings Under Revolving Credit Facility

411.5

495.1

Repayments Under Revolving Credit Facility

(389.7)

(566.8)

Repayments of Long-Term Borrowings

(185.9)

(65.8)

Dividends Paid to Shareholders

(23.2)

(23.3)

Shares Surrendered for Taxes

(5.6)

(10.7)

Proceeds from the Exercise of Stock Options

0.4

3.5

Net Cash Used in Financing Activities

(192.5)

(168.0)

EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS

5.5

(10.5)

Net Decrease in Cash and Cash Equivalents

(88.2)

(112.9)

Cash and Cash Equivalents at Beginning of Period

393.5

635.3

Cash and Cash Equivalents at End of Period (a)

$                  305.3

$                  522.4

(a) The three months ended March 31, 2024 amount includes $57.1 Million cash and cash equivalents related to the industrial motors and generators businesses
that were divested effective April 30, 2024.

 


ADJUSTED DILUTED EARNINGS PER SHARE

Unaudited


Three Months Ended


Mar 31,

2025

Mar 31,
2024

GAAP Diluted Earnings Per Share


$            0.86

$            0.30

Intangible Amortization


0.97

0.98

Restructuring and Related Costs (a)


0.18

0.19

Share-Based Compensation Expense


0.13

0.11

Transaction and Integration Related Costs (b)


0.08

0.09

Loss on Sale of Businesses (c)


—

0.32

Impairments and Exit Related Costs


—

0.01

Gain on Sale of Assets


(0.07)

(0.01)

Discrete Tax Items


—

0.01

Adjusted Diluted Earnings Per Share (d)


2.15

2.00

(a)

Relates to costs associated with actions taken for employee reductions, facility consolidations and site closures, product line exits and other asset charges.

(b)

For 2025, primarily relates to (1) integration costs associated with the Altra Transaction and (2) IT carve-out costs associated with the sale of the industrial motors and generators businesses.  For 2024, primarily relates to (1) legal, professional service and integration costs associated with the Altra Transaction and (2) legal, professional service, and rebranding costs associated with the sale of the industrial motors and generators businesses.

(c)

Reflects the loss related to the sale of the industrial motors and generators businesses.

(d)

Adjusted Diluted EPS excluding Industrial Systems for the three months ended March 2024 is calculated as follows:

 

Industrial Systems

Three Months Ended

Mar 31, 2024

Adjusted Income from Operations

$                         9.2

Provision for Income Taxes

2.1

Adjusted Net Income

$                         7.1

Adjusted Diluted EPS

$                       0.11

Lower Interest Expense*

$                         6.5

Provision for Income Taxes

1.5

Lower Interest Expense, net of tax

$                         5.0

Adjusted Diluted EPS

$                       0.07

 Total Regal Rexnord

 Three Months Ended

Mar 31, 2024

Adjusted Diluted EPS

$                       2.00

Less: Adjusted EPS for Industrial

(0.11)

Plus: Lower Interest Expense, net of tax*

0.07

Adjusted Diluted EPS, excluding Industrial Systems

$                       1.96

* Interest expense impact from using proceeds from sale of Industrial Systems to pay down variable rate debt.

 


2025 ADJUSTED ANNUAL GUIDANCE

Unaudited


Minimum


Maximum

2025 GAAP Diluted EPS Annual Guidance

$                           4.49

$                           5.29

Intangible Amortization

3.84

3.84

Restructuring and Related Costs (a)

0.56

0.56

Share-Based Compensation Expense

0.50

0.50

Transaction and Integration Related Costs (b)

0.28

0.28

Gain on Sale of Assets

(0.07)

(0.07)

2025 Adjusted Diluted EPS Annual Guidance

$                           9.60

$                         10.40

(a)

Relates to costs associated with actions taken for employee reductions, facility consolidations and site closures, product line exits and other asset charges.

(b)

Primarily relates to (1) integration costs associated with the Altra Transaction and (2) IT carve-out costs associated with the sale of the industrial motors and generators businesses.

 


ORGANIC SALES GROWTH

Unaudited

(Dollars in Millions)


Three Months Ended


March 31, 2025


Automation &
Motion Control


Industrial
Powertrain
Solutions


Power and
Efficiency
Solutions


Industrial
Systems


Total Regal
Rexnord

Net Sales Three Months Ended Mar 31, 2025

$            396.3

$            612.7

$            409.1

$                 —

$         1,418.1

Impact from Foreign Currency Exchange
Rates

5.5

8.9

3.4

—

17.8

Organic Sales Three Months Ended Mar 31,
2025

$            401.8

$            621.6

$            412.5

$                 —

$         1,435.9

Net Sales Three Months Ended Mar 31, 2024

$            400.2

$            643.4

$            385.3

$            118.8

$         1,547.7

Net Sales from Businesses Divested

—

—

(3.5)

(118.8)

(122.3)

Adjusted Net Sales Three Months Ended Mar
31, 2024

$            400.2

$            643.4

$            381.8

$                 —

$         1,425.4

Three Months Ended Mar 31, 2025 Net Sales
Growth %

(1.0) %

(4.8) %

6.2 %

(100.0) %

(8.4) %

Three Months Ended Mar 31, 2025 Foreign
Currency Impact %

(1.4) %

(1.4) %

(0.9) %

— %

(1.2) %

Three Months Ended Mar 31, 2025
Divestitures %

— %

— %

(0.9) %

(100.0) %

(7.9) %

Three Months Ended Mar 31, 2025 Organic
Sales Growth %

0.4 %

(3.4) %

8.0 %

— %

0.7 %

 


ADJUSTED EBITDA

Unaudited

(Dollars in Millions)


Three Months Ended


Automation &
Motion Control


Industrial
Powertrain
Solutions


Power Efficiency
Solutions


Industrial
Systems


Total Regal
Rexnord


Mar 31,
2025

Mar 31,
2024


Mar 31,
2025

Mar 31,
2024


Mar 31,
2025

Mar 31,
2024


Mar 31,
2025

Mar 31,
2024


Mar 31,
2025

Mar 31,
2024

GAAP Income from Operations


$  35.1

$  40.2


$  81.7

$  82.1


$  42.9

$  28.5


$    —

$  (16.9)


$  159.7

$  133.9

Restructuring and Related Costs (a)


1.2

2.0


12.9

4.9


1.3

8.3


—

2.0


15.4

17.2

Transaction and Integration Related
Costs (b)


1.4

0.3


4.1

4.4


1.4

0.5


—

2.6


6.9

7.8

Operating Lease Asset Step Up


—

—


0.2

0.3


—

—


—

—


0.2

0.3

Loss on Sale of Businesses (c)


—

—


—

—


—

—


—

21.5


—

21.5

Impairments and Exit Related
Costs


—

0.1


—

0.2


—

0.2


—

—


—

0.5

Gain on Sale of Assets


—

(0.8)


(6.0)

—


—

—


—

—


(6.0)

(0.8)

Adjusted Income from Operations


$  37.7

$  41.8


$  92.9

$  91.9


$  45.6

$  37.5


$    —

$    9.2


$  176.2

$  180.4

Amortization


$  33.9

$  34.4


$  49.9

$  50.0


$    1.6

$    2.1


$    —

$    0.2


$  85.4

$  86.7

Depreciation


11.6

11.5


18.6

20.2


8.9

9.5


—

0.3


39.1

41.5

Share-Based Compensation
Expense


3.4

2.3


3.8

4.3


2.3

2.0


—

0.5


9.5

9.1

Other Expense, Net


(0.1)

(0.1)


(0.3)

(0.1)


(0.3)

(0.1)


—

—


(0.7)

(0.3)

Adjusted EBITDA (d)


$  86.5

$  89.9


$  164.9

$  166.3


$  58.1

$  51.0


$    —

$  10.2


$  309.5

$  317.4

GAAP Operating Margin %


8.9 %

10.0 %


13.3 %

12.8 %


10.5 %

7.4 %


— %

(14.2) %


11.3 %

8.7 %

Adjusted Operating Margin %


9.5 %

10.4 %


15.2 %

14.3 %


11.1 %

9.7 %


— %

7.7 %


12.4 %

11.7 %

Adjusted EBITDA Margin %


21.8 %

22.5 %


26.9 %

25.8 %


14.2 %

13.2 %


— %

8.6 %


21.8 %

20.5 %

(a)

Relates to costs associated with actions taken for employee reductions, facility consolidations and site closures, product line exits and other asset
charges.

(b)

For 2025, primarily relates to (1) integration costs associated with the Altra Transaction and (2) IT carve-out costs associated with the sale of the
industrial motors and generators businesses. For 2024, primarily relates to (1) legal, professional service and integration costs associated with the Altra
Transaction and (2) legal, professional service, and rebranding costs associated with the sale of the industrial motors and generators businesses.

(c)

Reflects the loss related to the sale of the industrial motors and generators businesses.

(d)

Adjusted EBITDA and Adjusted EBITDA Margin % Excluding Industrial for the three months ended March 2024 is calculated as follows:

Mar 31, 2024

Total Regal Rexnord Adjusted EBITDA

317.4

Less: Industrial Systems Adjusted EBITDA

10.2

Adjusted EBITDA excluding Industrial Systems

307.2

Total Regal Rexnord Net Sales

1,547.7

Less: Industrial Systems Net Sales

118.8

Net Sales excluding Industrial Systems

1,428.9

Adjusted EBITDA Margin % excluding Industrial Systems

21.5 %

 


ADJUSTED GROSS MARGIN

Unaudited

(Dollars in Millions)


Three Months Ended


Automation &
Motion Control


Industrial
Powertrain
Solutions


Power Efficiency
Solutions


Industrial
Systems


Total Regal
Rexnord


Mar 31,
2025

Mar 31,
2024


Mar 31,
2025

Mar 31,
2024


Mar 31,
2025

Mar 31,
2024


Mar 31,
2025

Mar 31,
2024


Mar 31,
2025

Mar 31,
2024

Gross Margin


$  158.1

$  159.9


$  257.5

$  264.8


$  112.0

$  99.3


$     —

$  29.1


$  527.6

$  553.1

Restructuring and Related Costs (a)


0.6

0.6


8.8

2.2


0.6

7.3


—

1.6


10.0

11.7

Operating Lease Asset Step Up


—

—


0.2

0.3


—

—


—

—


0.2

0.3

Adjusted Gross Margin


$  158.7

$  160.5


$  266.5

$  267.3


$  112.6

$  106.6


$     —

$  30.7


$  537.8

$  565.1

Gross Margin %


39.9 %

40.0 %


42.0 %

41.2 %


27.4 %

25.8 %


— %

24.5 %


37.2 %

35.7 %

Adjusted Gross Margin % (b)


40.0 %

40.1 %


43.5 %

41.5 %


27.5 %

27.7 %


— %

25.8 %


37.9 %

36.5 %

(a)

Relates to costs associated with actions taken for employee reductions, facility consolidations and site closures, product line exits and other asset charges.

(b)

The following table reflects Adjusted Gross Margin of the Company for the three months ended March 31, 2024 Excluding Industrial:

Mar 31, 2024

Total Regal Rexnord Adjusted Gross Margin

565.1

Less: Industrial Systems Adjusted Gross Margin

30.7

Adjusted Gross Margin excluding Industrial Systems

534.4

Total Regal Rexnord Net Sales

1,547.7

Less: Industrial Systems Net Sales

118.8

Net Sales excluding Industrial Systems

1,428.9

Adjusted Gross Margin % excluding Industrial Systems

37.4 %

 


NET INCOME TO ADJUSTED EBITDA

Unaudited

(Dollars in Millions)


Three Months Ended


Mar 31,

2025

Mar 31,
2024

Net Income


$              57.5

$              20.4

Plus: Income Taxes


15.5

10.9

Plus: Interest Expense


90.2

105.4

Less: Interest Income


(4.2)

(3.1)

Plus: Depreciation


39.1

41.5

Plus: Amortization


85.4

86.7


EBITDA


283.5

261.8

Plus: Restructuring and Related Costs (a)


15.4

17.2

Plus: Share-Based Compensation Expense


9.5

9.1

Plus: Transaction and Integration Related Costs (b)


6.9

7.8

Plus: Operating Lease Asset Step Up


0.2

0.3

Plus: Loss on Sale of Businesses (c)


—

21.5

Plus: Impairments and Exit Related Costs


—

0.5

Less: Gain on Sale of Assets


(6.0)

(0.8)


Adjusted EBITDA


$            309.5

$            317.4

(a)

Relates to costs associated with actions taken for employee reductions, facility consolidations and site closures, product line exits and other asset charges.

(b)

For 2025, primarily relates to (1) integration costs associated with the Altra Transaction and (2) IT carve-out costs associated with the sale of the industrial motors and generators businesses. For 2024, primarily relates to (1) legal, professional service and integration costs associated with the Altra Transaction and (2) legal, professional service, and rebranding costs associated with the sale of the industrial motors and generators businesses.

(c)

Reflects the loss related to the sale of the industrial motors and generators businesses.

 


DEBT TO EBITDA

Unaudited

(Dollars in Millions)


Last Twelve Months


Mar 31, 2025


Net Income


$                                       235.5

Plus: Income Taxes


54.2

Plus: Interest Expense


384.5

Less: Interest Income


(19.9)

Plus: Depreciation


162.0

Plus: Amortization


345.2


EBITDA


$                                     1,161.5

Plus: Restructuring and Related Costs (a)


89.8

Plus: Share-Based Compensation Expense


35.2

Plus: Transaction and Integration Related Costs (b)


32.8

Plus: Impairments and Exit Related Costs


3.5

Plus: Operating Lease Asset Step Up


0.8

Less: Gain on Sale of Businesses (c)


(13.0)

Less: Gain on Sale of Assets


(8.3)


Adjusted EBITDA (d)


$                                     1,302.3

Current Maturities of Long-Term Debt


$                                           5.1

Long-Term Debt


5,291.8


Total Gross Debt


$                                     5,296.9

Cash and Cash Equivalents


(305.3)


Net Debt


$                                     4,991.6


Gross Debt/Adjusted EBITDA


4.07


Net Debt/Adjusted EBITDA (d)


3.83


Interest Coverage Ratio (d)(e)


3.57

(a)

Relates to costs associated with actions taken for employee reductions, facility consolidations and site closures, product line exits and other asset charges.

(b)

Primarily relates to (1) legal, professional service, and integration costs associated with the Altra Transaction and (2) legal, professional service, rebranding and IT carve-out costs associated with the sale of the industrial motors and generators businesses.

(c)

Reflects the gain recorded related to the sale of the industrial motors and generators businesses over the last twelve months.

(d)

Synergies expected to be realized in the future are included in the calculation of EBITDA that serves as the basis for financial covenant compliance for certain of the Company’s debt.  The impact of the synergies the Company expects to realize within 18 months is as follows:

Adjusted EBITDA

$                                  1,302.3

Synergies to be Realized Within 18 months

75.0

Adjusted EBITDA (including synergies)

$                                  1,377.3

Net Debt/Adjusted EBITDA (including synergies)

3.62

Interest Expense

$                                     384.5

Interest Income

(19.9)

Net Interest Expense

$                                     364.6

Interest Coverage Ratio (including synergies)(1)

3.78

(1) Computed as Adjusted EBITDA (including synergies)/Net Interest Expense

(e)

Computed as Adjusted EBITDA/Net Interest Expense

 


FREE CASH FLOW

Unaudited

(Dollars in Millions)


Three Months Ended


Mar 31,

2025

Mar 31,
2024

Net Cash Provided by Operating Activities


$        102.3

$             83.1

Additions to Property Plant and Equipment


(16.8)

(18.5)

Free Cash Flow


$          85.5

$             64.6

 


ADJUSTED EFFECTIVE TAX RATE

Unaudited

(Dollars in Millions)


Three Months Ended


Mar 31,

2025

Mar 31,
2024

Income before Taxes


$           73.0

$           31.3

Provision for Income Taxes


15.5

10.9

Effective Tax Rate


21.2 %

34.8 %

Income before Taxes


$           73.0

$           31.3

Intangible Amortization


85.4

86.7

Restructuring and Related Costs (a)


15.4

17.2

Share-Based Compensation Expense


9.5

9.1

Transaction and Integration Related Costs (b)


6.9

7.8

Operating Lease Asset Step Up


0.2

0.3

Loss on Sale of Businesses (c)


—

21.5

Impairments and Exit Related Costs


—

0.5

Gain on Sale of Assets


(6.0)

(0.8)


Adjusted Income before Taxes*


$         184.4

$         173.6

Provision for Income Taxes


$           15.5

$           10.9

Tax Effect of Intangible Amortization


20.9

21.0

Tax Effect of Restructuring and Related Costs


3.6

4.1

Tax Effect of Share-Based Compensation Expense


1.1

2.1

Tax Effect of Transaction and Integration Related Costs


1.6

1.9

Tax Effect of Operating Lease Asset Step Up


—

0.1

Tax Effect of Impairments and Exit Related Costs


—

0.1

Tax Effect of Gain on Sale of Assets


(1.4)

(0.1)

Discrete Tax Items


0.1

(0.6)


Adjusted Provision for Income Taxes*


$           41.4

$           39.5


Adjusted Effective Tax Rate*


22.5 %

22.8 %

(a)

Relates to costs associated with actions taken for employee reductions, facility consolidations and site closures, product line exits and other asset charges.

(b)

For 2025, primarily relates to (1) integration costs associated with the Altra Transaction and (2) IT carve-out costs associated with the sale of the industrial motors and generators businesses.  For 2024, primarily relates to (1) legal, professional service and integration costs associated with the Altra Transaction and (2) legal, professional service, and rebranding costs associated with the sale of the industrial motors and generators businesses.

(c)

Reflects the loss related to the sale of the industrial motors and generators businesses.

 

Cision View original content:https://www.prnewswire.com/news-releases/regal-rexnord-reports-strong-first-quarter-2025-financial-results-302446387.html

SOURCE Regal Rexnord Corporation

Posted on

ComEd, Partners Announce the Return of Summer Job Training for Teens

ComEd, Partners Announce the Return of Summer Job Training for Teens

ComEd’s CONSTRUCT Youth Academy returns for the third year at Chicagoland YMCA of Metro Chicago and Goodwill sites

CHICAGO–(BUSINESS WIRE)–
ComEd today joined workforce partners the YMCA of Metropolitan Chicago and Goodwill Greater Milwaukee & Chicago in announcing the return of the CONSTRUCT Infrastructure Youth Academy, a paid summer career exposure program for high school students interested in careers in the construction and energy fields. The CONSTRUCT Youth Academy is back this summer for a third time across the Chicagoland area, with classes set to begin in both June and July. As the school year comes to a close, ComEd is encouraging interested students to apply now through YMCA or Goodwill.

With as many as 150,000 jobs coming to Illinois by 2050 to support the clean energy transition, the CONSTRUCT Youth Academy is one way ComEd is offering opportunities for local youth to prepare for roles in the fast-growing clean energy sector.

“ComEd and our partners are committed to ensuring that our youth are aware of the wide variety of in demand and good-paying careers in the energy sector that deliver reliable power to more than 9 million people across northern Illinois,” said Melissa Washington, SVP of Customer Operations and Strategic Initiatives. “It is through youth-centered programs, like the CONSTRUCT Youth Academy, that we are reaching our future workforce and expanding a skilled and diverse talent pool that will be key to delivering a cleaner and brighter future for our communities.”

During the three-week program, teens learn about the wide range of careers in energy, from entry-level craft positions to roles in STEM, such as engineering and more. Students study key equipment used to manage the power grid, learn about drones and EVs, and even meet with company leaders. Participants also learn how to safely use hand tools and put their newfound construction skills to the test by building dressers for underserved communities. In addition, past program graduates have the opportunity to return as Junior Mentors for the new incoming program cohorts.

New to the program, ComEd offered graduates of last year’s class, who are now seniors, a CONSTRUCT Youth Academy Spring Break session in which they dove into a career readiness curriculum involving a pole-climbing clinic and test preparation for the industry-required Construction and Skilled Trades (CAST) exam. This extension of the program will continue to be offered for future graduates, allowing participants interested in the trades to prepare for entry-level roles and get a leg up on their career search upon high school graduation.

This year’s CONSTRUCT Youth Academy participants will attend classroom sessions three times a week held across YMCA locations in Woodlawn, West Humboldt Park, and Little Village, and through Goodwill’s Workforce Connection Center in Englewood. Through this collaboration, the program has been able to graduate more than 100 teens, reflecting the vibrant communities ComEd serves, with more than 70 percent being people of color and nearly 20 percent being young women.

“The Y is proud to partner with ComEd to deliver these enriching experiences for the youth that we serve,” said Agneis Schultz, Vice President of Community Innovation and Impact, YMCA of Metropolitan Chicago. “By offering practical training and a first-hand look at many different jobs in the energy sector, the CONSTRUCT Youth Academy has empowered our participants to pursue career pathways that suit them best and set them up for future success.”

“Goodwill is equipping young adults throughout greater Chicago with the necessary tools and knowledge needed to pursue rewarding careers,” said Clayton Pryor, chief mission officer, Goodwill Greater Milwaukee & Chicago. “The CONSTRUCT Youth Academy spotlights the opportunities and room for growth in the construction and energy fields that some youth may have never considered.”

Eligible applicants must be rising high school juniors or seniors. The program will have two cohorts, the first beginning June 10, the second beginning July 8, and participants will receive a stipend upon program completion. Interested applicants can learn more details and apply through the YMCA here and through Goodwill here.

Gabriel Gaytan is a2024 CONSTRUCT Youth Academy graduate and will be returning this year as a Junior Mentor. “The CONSTRUCT Youth Academy helped me look at my future in a completely different way – it really opened my eyes to so many jobs I can see myself working in,” said Gabriel. “It was an amazing experience that gave me an advantage in knowing what skills and education I need to land a job in the energy field. I recommend this program to teens out there who want to explore more career options.”

The CONSTRUCT Youth Academy builds on the success of the CONSTRUCT Infrastructure Academy, ComEd’s premiere workforce development program, which has trained more than 900 local residents for roles in the construction and energy fields and placed more than 70 percent in entry-level jobs. ComEd offers a range of STEM education and job training programs, which last year reached more than 2,400 youth and adults. For more on ComEd education and career readiness programs, please visit ComEd.com/CleanEnergyJobs.

About ComEd

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10.7 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com, and connect with the company on Facebook, Twitter, Instagram and YouTube.

About the YMCA of Metropolitan Chicago

The YMCA of Metropolitan Chicago is a regional leader in accessible, inclusive programming for more than 300,000 individuals each year, strengthening community by connecting all people to their purpose, potential, and each other. The YMCA of Metro Chicago is evolving to become a 21st-century social enterprise, reaching our communities through 25 community hubs — including five overnight camps — and more than 100 extension sites throughout Chicagoland and the Midwest. Learn more about the Y’s locations and programming at ymcachicago.org.

About Goodwill Greater Milwaukee & Chicago

Goodwill Greater Milwaukee & Chicago enhances dignity and quality of life for all by strengthening communities, eliminating barriers to opportunity, and connecting people to valuable employment and community resources. Learn more about the nonprofit’s mission – Connecting people to work. Preparing people for life. –and find aGoodwill near you to shop and donate at goodwillgreatermc.org.

ComEd Media Relations

312-394-3500

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Other Energy Professional Services Utilities Training Consumer Energy Other Education Social Services Continuing Primary/Secondary Teens Education Human Resources

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Pearl Diver Credit Company Inc. Declares Monthly Dividends

PR Newswire


NEW YORK and LONDON, May 5, 2025 /PRNewswire/ — Pearl Diver Credit Company Inc. (NYSE: PDCC, PDPA) (the “Company”) today announced that its Board of Directors has declared a regular monthly dividend on shares of the Company’s common stock of $0.22 per share for May, June, and July 2025.

PDCC Inc. declares dividends on common and preferred stock for the months of May, June, and July 2025.


Amount per Common Share


Record Dates


Payment Dates

$0.22

May 16, 2025

May 30, 2025

June 16, 2025

June 30, 2025

July 17, 2025

July 31, 2025

 

The distribution will be automatically reinvested in additional shares of our common stock unless a stockholder opts out of the Dividend Reinvestment Plan (“DRIP”) and elects to receive the distribution in cash. If the market price of the shares of common stock is equal to or exceeds net asset value at the time shares of common stock are valued for purposes of determining the number of shares of common stock equivalent to the cash dividend or capital gains distribution, participants in the DRIP are issued new shares of common stock from the Company, valued at the greater of (i) the net asset value as most recently determined or (ii) 95% of the then-current market price of the shares of common stock. The valuation date is the dividend or distribution payment date or, if that date is not a NYSE trading day, the next preceding trading day. If the net asset value of the shares of common stock at the time of valuation exceeds the market price of the shares of common stock, the DRIP Administrator will buy the shares of common stock for the DRIP in the open market.

Additionally, the Board of Directors has declared a regular monthly dividend on shares of the Company’s 8.00% Series A Term Preferred Stock Due 2029 of $0.1667 per share for May, June, and July 2025.


Amount per Preferred Share


Record Dates


Payment Dates

$0.1667

May 16, 2025

May 30, 2025

June 16, 2025

June 30, 2025

July 17, 2025

July 31, 2025

 

The distributions on the Series A Term Preferred Stock reflect an annual distribution rate of 8.00% of the $25 liquidation preference per share.

About Pearl Diver Credit Company Inc.
Pearl Diver Credit Company Inc. (NYSE: PDCC, PDPA) is an externally managed, non-diversified, closed-end management investment company. Its primary investment objective is to maximize its portfolio’s total return, with a secondary objective of generating high current income. The Company seeks to achieve these objectives by investing primarily in equity and junior debt tranches of CLOs collateralized by portfolios of sub-investment grade, senior secured floating-rate debt issued by a large number of distinct US companies across several industry sectors. The Company is externally managed by Pearl Diver Capital LLP. For more information, visit www.pearldivercreditcompany.com.

About Pearl Diver Capital LLP
Founded in 2008, Pearl Diver Capital specializes in collateralized loan obligation (CLO) investing. Its data scientists and credit analysts use proprietary technology and advanced analytics to identify attractive opportunities in the CLO market. Pearl Diver’s highly experienced team includes individuals from a wide range of scientific and mathematical backgrounds.

As of March 31, 2025, Pearl Diver Capital has approximately $2.8 billion in assets under management across multiple private funds backed by institutional investors ranging from public pension plans, university endowments, foundations, large family offices, corporate/ERISA pension plans and asset managers across the US, Europe and Latin America. Because it is strictly an investor in the CLO space, not an issuer, it has developed close relationships with over 80 CLO managers – and their analysts – across the CLO spectrum, enabling the firm to have rare access to critical credit information on underlying companies in CLO portfolios while avoiding conflicts of interest that might arise in performing roles that span both CLO investing and CLO management. For more information, visit www.pearldivercapital.com.

Investor Contact:
[email protected]
UK: +44 (0)20 3967 8032
US: +1 617 872 0945

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/pearl-diver-credit-company-inc-declares-monthly-dividends-302446331.html

SOURCE Pearl Diver Credit Company Inc.

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NUBURU Issues Notice and Plan for Resolution of Non-Compliance with NYSE Stockholders’ Equity Rule/Going Concern Qualification

NUBURU Issues Notice and Plan for Resolution of Non-Compliance with NYSE Stockholders’ Equity Rule/Going Concern Qualification

CENTENNIAL, Colo.–(BUSINESS WIRE)–NUBURU, Inc. (“NUBURU” or the “Company”) (NYSE American: BURU) today announced that it received a Notice of Noncompliance (the “Notice”) from NYSE Regulation indicating that the Company was not in compliance with Section 1003(a)(i) of the NYSE American LLC Company Guide (the “Company Guide”), which requires a company to maintain stockholders’ equity of $2.0 million or more if it has reported losses from continuing operations or net losses in two of its three most recent fiscal years. As disclosed in the Company’s most recent Annual Report on Form 10-K (the “10-K”), it has sustained and continues to experience operating losses and negative cash flows from operating activities and there is no assurance that the Company will be able to raise sufficient capital in the future, all of which contributed to the Company having negative stockholders’ equity, raise substantial doubt about the Company’s ability to continue as a going concern, and resulted in the Company’s independent auditor including a going concern qualification in its audit opinion included with the 10-K.

The Notice has no immediate effect on the listing or trading of the Company’s securities and the Company’s common stock will continue to trade on the NYSE American under the symbol “BURU” with the designation of “.BC” to indicate that the Company is not in compliance with the NYSE American’s continued listing standards.

As required by the Company Guide, the Company will submit a detailed plan by May 29, 2025, advising of actions it has taken or will take to regain compliance with the continued listing standards by the compliance deadline of October 29, 2026. If NYSE Regulation determines to accept the plan, the Company will be subject to periodic reviews, including quarterly monitoring for compliance. If the plan is not accepted, or the Company does not make progress under the plan during the plan period, NYSE may commence delisting proceedings. However, the Company is entitled to appeal a staff delisting determination in accordance with the Company Guide.

The Company believes that, upon consummation of certain of the transactions that it has recently announced, it will be able to regain compliance. However, such transactions are subject to regulatory approvals, stockholder approval, and other closing conditions and, as a result, may not be consummated. Even if consummated, such transactions may not achieve the anticipated results or benefits to the Company.

About NUBURU

NUBURU, Inc. was founded in 2015 as a developer and manufacturer of industrial blue laser technology that is transforming the speed and quality of laser-based manufacturing. Under its new management team led by Executive Chairman Alessandro Zamboni, NUBURU is executing a comprehensive growth and diversification strategy, expanding into complementary domains such as defense-tech, security, and operational resilience solutions. NUBURU is leveraging strategic partnerships and acquisitions to accelerate growth in high-value sectors. For more information, visit www.nuburu.net

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release may be forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “seek,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts, and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Many factors may cause the Company’s actual results to differ materially from current expectations, including but are not limited to: (1) the ability to meet security exchange listing standards; (2) the impact of the previously announced foreclosure, which resulted in the loss of the Company’s patent portfolio; (3) failure to achieve expectations regarding business development and the Company’s announced acquisition strategy; (4) the inability to access sufficient capital to operate or pursue the Company’s strategy; (5) the inability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers, and retain its management and key employees; (6) changes in applicable laws or regulations; (7) adverse impacts of general economic, business, and competitive factors; (8) volatility in the financial system and markets; (9) the inability to consummate recently announced transactions or realize the anticipated benefits from such transactions; and (10) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s most recent periodic report on Form 10-K or Form 10-Q and other documents filed with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company does not give any assurance that it will achieve its expected results. The Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by applicable law.

NUBURU, Inc. (NYSE American: BURU)

Investor Relations: [email protected]

Media Contact: [email protected]

Website: www.nuburu.net

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Professional Services Defense Security Technology Fintech Other Defense Hardware

MEDIA:

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New Jersey Resources Reports Fiscal 2025 Second-Quarter Results

New Jersey Resources Reports Fiscal 2025 Second-Quarter Results

WALL, N.J.–(BUSINESS WIRE)–
New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2025 second quarter ended March 31, 2025.

Highlights include:

  • Fiscal 2025 second-quarter consolidated net income of $204.3 million, or $2.04 per share, compared with net income of $120.8 million, or $1.23 per share, in the second quarter of fiscal 2024
  • Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $178.3 million, or $1.78 per share, in the second-quarter of fiscal 2025, compared to NFE of $138.6 million, or $1.41 per share, in the second quarter of fiscal 2024
  • Fiscal 2025 year-to-date net income totaled $335.6 million, or $3.35 per share, compared with $210.2 million, or $2.14 per share, for the same period in fiscal 2024
  • Fiscal 2025 year-to-date NFE totaled $307.2 million, or $3.07 per share, compared with $211.0 million, or $2.15 per share, for the same period in fiscal 2024

Fiscal 2025 Outlook

  • Increases fiscal 2025 net financial earnings per share (NFEPS) guidance to a range of $3.15 to $3.30, from $3.05 to $3.20, a $0.10 increase, as a result of outperformance from Energy Services during the winter period
  • Maintains 7 to 9 percent long-term NFEPS growth target, based off of a target of $2.83 per share for fiscal 2025

Management Commentary

Steve Westhoven, President and CEO of New Jersey Resources, stated, “We continued to execute our strategy to deliver stable growth through our diversified business model. Our second-quarter performance exceeded expectations, largely driven by natural gas price volatility that benefited Energy Services during the winter period. Overall, we believe these results highlight the strength of our complementary portfolio and the value of our physical infrastructure.”

Performance Metrics

 

Three Months Ended

 

Six Months Ended

 

March 31,

 

March 31,

($ in Thousands)

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

Net income

$

204,287

 

 

$

120,812

 

 

$

335,606

 

 

$

210,223

 

Basic EPS

$

2.04

 

 

$

1.23

 

 

$

3.35

 

 

$

2.14

 

Net financial earnings*

$

178,296

 

 

$

138,576

 

 

$

307,190

 

 

$

211,020

 

Basic net financial earnings per share*

$

1.78

 

 

$

1.41

 

 

$

3.07

 

 

$

2.15

 

*A reconciliation of net income to NFE for the three and six months ended March 31, 2025 and 2024 is provided in the financial statements below.

Net financial earnings (loss) by business segment

 

Three Months Ended

 

Six Months Ended

 

March 31,

 

March 31,

(Thousands)

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

New Jersey Natural Gas

$

144,531

 

 

$

107,095

 

 

$

211,439

 

 

$

158,539

 

Clean Energy Ventures

 

(3,958

)

 

 

(5,616

)

 

 

44,172

 

 

 

4,906

 

Storage and Transportation

 

2,343

 

 

 

1,981

 

 

 

8,007

 

 

 

5,621

 

Energy Services

 

35,301

 

 

 

37,644

 

 

 

43,134

 

 

 

45,475

 

Home Services and Other

 

(678

)

 

 

384

 

 

 

(63

)

 

 

(216

)

Subtotal

 

177,539

 

 

 

141,488

 

 

 

306,689

 

 

 

214,325

 

Eliminations

 

757

 

 

 

(2,912

)

 

 

501

 

 

 

(3,305

)

Total

$

178,296

 

 

$

138,576

 

 

$

307,190

 

 

$

211,020

 

Fiscal 2025 NFEPS Guidance:

NJR is raising its fiscal 2025 NFEPS guidance range by $0.10 to a range of $3.15 to $3.30, subject to the risks and uncertainties identified below under “Forward-Looking Statements.” Fiscal 2025 NFEPS guidance is higher than the range implied by our 7 to 9 percent long-term NFEPS growth target as a result of the gain from the sale of NJR’s residential solar portfolio and strong performance from Energy Services.

The following chart represents NJR’s current expected NFE contributions from its business segments for fiscal 2025 (which takes into account the impact of the gain from the sale of NJR’s residential solar portfolio in the first quarter of fiscal 2025):

Segment

Expected fiscal 2025

net financial earnings contribution

New Jersey Natural Gas

65 to 68 percent

Clean Energy Ventures

19 to 22 percent

Storage and Transportation

4 to 6 percent

Energy Services

9 to 11 percent

Home Services and Other

0 to 1 percent

In providing fiscal 2025 NFE guidance, management is aware there could be differences between reported GAAP net income 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 2025 NFE of $144.5 million, compared to NFE of $107.1 million during the same period in fiscal 2024. Fiscal 2025 year-to-date NFE totaled $211.4 million, compared with NFE of $158.5 million for the same period in fiscal 2024. The increase in NFE for both periods was due primarily to higher utility gross margin resulting from NJNG’s recent base rate case settlement, partially offset by higher depreciation expense.

Customers:

  • At March 31, 2025, NJNG serviced approximately 588,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 583,000 customers at September 30, 2024.

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. In the first six months of fiscal 2025, NJNG spent $16.1 million under the program on various distribution system reinforcement projects.

Basic Gas Supply Service (BGSS) Incentive Programs:

BGSS incentive programs contributed $10.6 million to utility gross margin during the first six months of fiscal 2025, compared with $13.3 million in the same period in fiscal 2024. This decline was largely due to decreased margins from storage incentives.

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

Energy-Efficiency Programs:

SAVEGREEN® invested $52.2 million year-to-date in fiscal 2025 in energy-efficiency upgrades for customers’ homes and businesses. NJNG recovered $9.2 million of its outstanding investments during the first six months of fiscal 2025 through its energy efficiency rate.

Clean Energy Ventures (CEV)

CEV reported second-quarter fiscal 2025 net financial loss of $(4.0) million, compared with a net financial loss of $(5.6) million during the same period in fiscal 2024. The improvement from the prior year period was largely due to higher solar electricity sales as well as lower depreciation and amortization expenses during the period, offset by lower residential solar revenue during the period as a result of the sale of the residential solar business.

Fiscal 2025 year-to-date NFE totaled $44.2 million, compared with NFE of $4.9 million for the same period in fiscal 2024. The increase in fiscal 2025 year-to-date NFE was largely due to the gain on sale of its residential solar portfolio, partially offset by the timing of Solar Renewable Energy Certificate (SREC) sales for the period.

Solar Investment Update:

  • During the first six months of fiscal 2025, CEV placed 2 commercial projects into service, adding 10.5 megawatts (MW) to total installed capacity.
  • As of March 31, 2025, CEV had approximately 399MW of commercial solar capacity in service in New Jersey, New York, Connecticut, Rhode Island, Indiana, and Michigan.
  • Subsequent to quarter end, CEV placed an additional project into service in New Jersey, adding over 18MW of installed capacity for a total of approximately 417MW currently in service.

Storage and Transportation

Storage and Transportation reported second-quarter fiscal 2025 NFE of $2.3 million, compared with NFE of $2.0 million during the same period in fiscal 2024. Fiscal 2025 year-to-date NFE totaled $8.0 million, compared with NFE of $5.6 million for the same period in fiscal 2024. NFE increased during both periods due to an increase in operating revenues at Leaf River, as well as lower operating and maintenance expense.

  • On September 30, 2024, Adelphia Gateway, LLC (Adelphia) filed a general Section 4 rate case with the Federal Energy Regulatory Commission (FERC). Adelphia anticipates a resolution by the end of 2025.

Energy Services

Energy Services reported second-quarter fiscal 2025 NFE of $35.3 million, compared with $37.6 million for the same period in fiscal 2024. Fiscal 2025 year-to-date NFE totaled $43.1 million, compared with NFE of $45.5 million for the same period in fiscal 2024. Energy Services was able to take advantage of price volatility and capture additional financial margin over the past two winters. The decrease in NFE for both the fiscal 2025 second quarter and year-to-date periods was due to lower revenues from the Asset Management Agreements (AMAs) signed in December 2020.

Home Services and Other Operations

Home Services and Other Operations reported second-quarter fiscal 2025 net financial loss of $(0.7) million, compared to NFE of $0.4 million for the same period in fiscal 2024. Fiscal 2025 year-to-date net financial loss totaled $(0.1) million, compared with a net financial loss of $(0.2) million for the same period in fiscal 2024. Home Services reported higher installation and service contract revenue for both periods, offset by higher operating and maintenance expenses.

Capital Expenditures and Cash Flows:

NJR is committed to maintaining a strong financial profile:

  • During the first six months of fiscal 2025, capital expenditures were $287.1 million, including accruals, compared with $232.6 million during the same period of fiscal 2024. The increase in capital expenditures was primarily due to higher expenditures at NJNG and CEV.
  • During the first six months of fiscal 2025, cash flows from operations were $414.1 million, compared to cash flows from operations of $338.6 million during the same period of fiscal 2024. The increase was due primarily to an increase in base rates at NJNG along with changes in the mix of working capital components.

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, statements regarding NJR’s NFEPS guidance for fiscal 2025, projected NFEPS growth rates and our guidance range, forecasted contributions of business segments to NJR’s NFE for fiscal 2025, impact of the sale of NJR’s residential solar portfolio, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs, the outcome or timing of Adelphia’s rate case with FERC;and other legal and regulatory expectations, and statements that include other projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.

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 website, 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 new information, future events or otherwise, except as required by law.

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 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties.
  • Clean Energy Ventures invests in, owns and operates solar projects, providing 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 SAVEGREEN®.

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)

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

OPERATING REVENUES

 

 

 

 

 

 

 

 

Utility

 

$

618,341

 

 

$

462,863

 

 

$

951,768

 

 

$

755,956

 

Nonutility

 

 

294,686

 

 

 

195,050

 

 

 

449,620

 

 

 

369,167

 

Total operating revenues

 

 

913,027

 

 

 

657,913

 

 

 

1,401,388

 

 

 

1,125,123

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Gas purchases

 

 

 

 

 

 

 

 

Utility

 

 

272,974

 

 

 

204,347

 

 

 

400,654

 

 

 

320,467

 

Nonutility

 

 

151,617

 

 

 

105,018

 

 

 

219,425

 

 

 

164,495

 

Related parties

 

 

1,666

 

 

 

1,799

 

 

 

3,384

 

 

 

3,678

 

Operation and maintenance

 

 

111,041

 

 

 

107,223

 

 

 

199,673

 

 

 

201,662

 

Regulatory rider expenses

 

 

48,501

 

 

 

29,229

 

 

 

70,977

 

 

 

48,418

 

Depreciation and amortization

 

 

47,967

 

 

 

40,075

 

 

 

93,296

 

 

 

80,362

 

Gain on sale of assets

 

 

(688

)

 

 

—

 

 

 

(55,547

)

 

 

—

 

Total operating expenses

 

 

633,078

 

 

 

487,691

 

 

 

931,862

 

 

 

819,082

 

OPERATING INCOME

 

 

279,949

 

 

 

170,222

 

 

 

469,526

 

 

 

306,041

 

Other income, net

 

 

17,006

 

 

 

15,420

 

 

 

28,623

 

 

 

21,761

 

Interest expense, net of capitalized interest

 

 

32,527

 

 

 

31,621

 

 

 

66,418

 

 

 

63,094

 

INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES

 

 

264,428

 

 

 

154,021

 

 

 

431,731

 

 

 

264,708

 

Income tax provision

 

 

61,593

 

 

 

33,947

 

 

 

98,977

 

 

 

56,883

 

Equity in earnings of affiliates

 

 

1,452

 

 

 

738

 

 

 

2,852

 

 

 

2,398

 

NET INCOME

 

$

204,287

 

 

$

120,812

 

 

$

335,606

 

 

$

210,223

 

 

 

 

 

 

 

 

 

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

Basic

 

$

2.04

 

 

$

1.23

 

 

$

3.35

 

 

$

2.14

 

Diluted

 

$

2.02

 

 

$

1.22

 

 

$

3.33

 

 

$

2.13

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

Basic

 

 

100,291

 

 

 

98,377

 

 

 

100,073

 

 

 

98,123

 

Diluted

 

 

100,933

 

 

 

99,102

 

 

 

100,705

 

 

 

98,839

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

March 31,

 

March 31,

(Thousands)

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

NEW JERSEY RESOURCES

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Net income

 

$

204,287

 

 

$

120,812

 

 

$

335,606

 

 

$

210,223

 

Add:

 

 

 

 

 

 

 

 

Unrealized (gain) loss on derivative instruments and related transactions

 

 

(27,206

)

 

 

25,457

 

 

 

(20,838

)

 

 

20,057

 

Tax effect

 

 

6,466

 

 

 

(6,049

)

 

 

4,953

 

 

 

(4,767

)

Effects of economic hedging related to natural gas inventory

 

 

(6,650

)

 

 

(2,845

)

 

 

(16,177

)

 

 

(19,073

)

Tax effect

 

 

1,580

 

 

 

676

 

 

 

3,844

 

 

 

4,533

 

NFE tax adjustment

 

 

(181

)

 

 

525

 

 

 

(198

)

 

 

47

 

Net financial earnings

 

$

178,296

 

 

$

138,576

 

 

$

307,190

 

 

$

211,020

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

 

Basic

 

 

100,291

 

 

 

98,377

 

 

 

100,073

 

 

 

98,123

 

Diluted

 

 

100,933

 

 

 

99,102

 

 

 

100,705

 

 

 

98,839

 

 

 

 

 

 

 

 

 

 

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

 

$

2.04

 

 

$

1.23

 

 

$

3.35

 

 

$

2.14

 

Add:

 

 

 

 

 

 

 

 

Unrealized (gain) loss on derivative instruments and related transactions

 

$

(0.27

)

 

$

0.25

 

 

$

(0.21

)

 

$

0.20

 

Tax effect

 

$

0.06

 

 

$

(0.06

)

 

$

0.05

 

 

$

(0.05

)

Effects of economic hedging related to natural gas inventory

 

$

(0.06

)

 

$

(0.03

)

 

$

(0.16

)

 

$

(0.19

)

Tax effect

 

$

0.01

 

 

$

0.01

 

 

$

0.04

 

 

$

0.05

 

NFE tax adjustment

 

$

—

 

 

$

0.01

 

 

$

—

 

 

$

—

 

Basic net financial earnings per share

 

$

1.78

 

 

$

1.41

 

 

$

3.07

 

 

$

2.15

 

 

 

 

 

 

 

 

 

 

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, 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.

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

March 31,

 

March 31,

(Thousands)

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

NATURAL GAS DISTRIBUTION

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

618,645

 

 

$

463,201

 

 

$

952,410

 

 

$

756,631

 

Less:

 

 

 

 

 

 

 

 

Natural gas purchases

 

 

275,298

 

 

 

206,675

 

 

 

405,303

 

 

 

325,119

 

Operating and maintenance (1)

 

 

29,510

 

 

 

29,558

 

 

 

55,519

 

 

 

55,341

 

Regulatory rider expense

 

 

48,501

 

 

 

29,229

 

 

 

70,977

 

 

 

48,418

 

Depreciation and amortization

 

 

35,713

 

 

 

27,464

 

 

 

67,797

 

 

 

54,381

 

Gross margin

 

 

229,623

 

 

 

170,275

 

 

 

352,814

 

 

 

273,372

 

Add:

 

 

 

 

 

 

 

 

Operating and maintenance (1)

 

 

29,510

 

 

 

29,558

 

 

 

55,519

 

 

 

55,341

 

Depreciation and amortization

 

 

35,713

 

 

 

27,464

 

 

 

67,797

 

 

 

54,381

 

Utility gross margin

 

$

294,846

 

 

$

227,297

 

 

$

476,130

 

 

$

383,094

 

(1) Excludes selling, general and administrative expenses of $57.8 million and $58.9 million for the six months ended March 31, 2025 and 2024, respectively.

 

 

 

 

 

 

 

 

 

ENERGY SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

246,390

 

 

$

144,862

 

 

$

332,698

 

 

$

244,530

 

Less:

 

 

 

 

 

 

 

 

Natural Gas purchases

 

 

151,847

 

 

 

105,634

 

 

 

219,715

 

 

 

165,800

 

Operation and maintenance (1)

 

 

10,866

 

 

 

13,102

 

 

 

12,463

 

 

 

17,791

 

Depreciation and amortization

 

 

62

 

 

 

56

 

 

 

109

 

 

 

113

 

Gross margin

 

 

83,615

 

 

 

26,070

 

 

 

100,411

 

 

 

60,826

 

Add:

 

 

 

 

 

 

 

 

Operation and maintenance (1)

 

 

10,866

 

 

 

13,102

 

 

 

12,463

 

 

 

17,791

 

Depreciation and amortization

 

 

62

 

 

 

56

 

 

 

109

 

 

 

113

 

Unrealized (gain) loss on derivative instruments and related transactions

 

 

(27,206

)

 

 

29,198

 

 

 

(20,838

)

 

 

24,932

 

Effects of economic hedging related to natural gas inventory

 

 

(6,650

)

 

 

(2,845

)

 

 

(16,177

)

 

 

(19,073

)

Financial margin

 

$

60,687

 

 

$

65,581

 

 

$

75,968

 

 

$

84,589

 

(1) Excludes selling, general and administrative expenses of $0.6 million and $1.0 million for the six months ended March 31, 2025 and 2024, respectively.

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

61,292

 

 

$

17,028

 

 

$

71,550

 

 

$

40,961

 

Add:

 

 

 

 

 

 

 

 

Unrealized (gain) loss on derivative instruments and related transactions

 

 

(27,206

)

 

 

29,198

 

 

 

(20,838

)

 

 

24,932

 

Tax effect

 

 

6,466

 

 

 

(6,938

)

 

 

4,953

 

 

 

(5,925

)

Effects of economic hedging related to natural gas

 

 

(6,650

)

 

 

(2,845

)

 

 

(16,177

)

 

 

(19,073

)

Tax effect

 

 

1,580

 

 

 

676

 

 

 

3,844

 

 

 

4,533

 

NFE tax adjustment

 

 

(181

)

 

 

525

 

 

 

(198

)

 

 

47

 

Net financial earnings

 

$

35,301

 

 

$

37,644

 

 

$

43,134

 

 

$

45,475

 

 

 

 

 

 

 

 

 

 

FINANCIAL STATISTICS BY BUSINESS UNIT

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

March 31,

 

March 31,

(Thousands, except per share data)

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

NEW JERSEY RESOURCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

618,645

 

 

$

463,201

 

 

$

952,410

 

 

$

756,631

 

Clean Energy Ventures

 

 

7,967

 

 

 

9,325

 

 

 

34,373

 

 

 

44,620

 

Energy Services

 

 

246,390

 

 

 

144,862

 

 

 

332,698

 

 

 

244,530

 

Storage and Transportation

 

 

25,307

 

 

 

23,042

 

 

 

51,935

 

 

 

46,904

 

Home Services and Other

 

 

15,118

 

 

 

14,905

 

 

 

30,912

 

 

 

29,739

 

Sub-total

 

 

913,427

 

 

 

655,335

 

 

 

1,402,328

 

 

 

1,122,424

 

Eliminations

 

 

(400

)

 

 

2,578

 

 

 

(940

)

 

 

2,699

 

Total

 

$

913,027

 

 

$

657,913

 

 

$

1,401,388

 

 

$

1,125,123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

197,876

 

 

$

140,279

 

 

$

294,982

 

 

$

214,454

 

Clean Energy Ventures

 

 

(7,553

)

 

 

(7,679

)

 

 

56,721

 

 

 

10,644

 

Energy Services

 

 

83,273

 

 

 

25,533

 

 

 

99,801

 

 

 

59,870

 

Storage and Transportation

 

 

5,800

 

 

 

5,910

 

 

 

15,569

 

 

 

13,234

 

Home Services and Other

 

 

(393

)

 

 

778

 

 

 

602

 

 

 

570

 

Sub-total

 

 

279,003

 

 

 

164,821

 

 

 

467,675

 

 

 

298,772

 

Eliminations

 

 

946

 

 

 

5,401

 

 

 

1,851

 

 

 

7,269

 

Total

 

$

279,949

 

 

$

170,222

 

 

$

469,526

 

 

$

306,041

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Affiliates

 

 

 

 

 

 

 

 

Storage and Transportation

 

$

1,161

 

 

$

85

 

 

$

2,122

 

 

$

1,078

 

Eliminations

 

 

291

 

 

 

653

 

 

 

730

 

 

 

1,320

 

Total

 

$

1,452

 

 

$

738

 

 

$

2,852

 

 

$

2,398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

144,531

 

 

$

107,095

 

 

$

211,439

 

 

$

158,539

 

Clean Energy Ventures

 

 

(3,958

)

 

 

(5,616

)

 

 

44,172

 

 

 

4,906

 

Energy Services

 

 

61,292

 

 

 

17,028

 

 

 

71,550

 

 

 

40,961

 

Storage and Transportation

 

 

2,343

 

 

 

1,981

 

 

 

8,007

 

 

 

5,621

 

Home Services and Other

 

 

(678

)

 

 

384

 

 

 

(63

)

 

 

(216

)

Sub-total

 

 

203,530

 

 

 

120,872

 

 

 

335,105

 

 

 

209,811

 

Eliminations

 

 

757

 

 

 

(60

)

 

 

501

 

 

 

412

 

Total

 

$

204,287

 

 

$

120,812

 

 

$

335,606

 

 

$

210,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings (Loss)

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

144,531

 

 

$

107,095

 

 

$

211,439

 

 

$

158,539

 

Clean Energy Ventures

 

 

(3,958

)

 

 

(5,616

)

 

 

44,172

 

 

 

4,906

 

Energy Services

 

 

35,301

 

 

 

37,644

 

 

 

43,134

 

 

 

45,475

 

Storage and Transportation

 

 

2,343

 

 

 

1,981

 

 

 

8,007

 

 

 

5,621

 

Home Services and Other

 

 

(678

)

 

 

384

 

 

 

(63

)

 

 

(216

)

Sub-total

 

 

177,539

 

 

 

141,488

 

 

 

306,689

 

 

 

214,325

 

Eliminations

 

 

757

 

 

 

(2,912

)

 

 

501

 

 

 

(3,305

)

Total

 

$

178,296

 

 

$

138,576

 

 

$

307,190

 

 

$

211,020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Throughput (Bcf)

 

 

 

 

 

 

 

 

NJNG, Core Customers

 

 

35.7

 

 

 

32.9

 

 

 

62.9

 

 

 

56.3

 

NJNG, Off System/Capacity Management

 

 

22.1

 

 

 

37.1

 

 

 

36.5

 

 

 

64.3

 

Energy Services Fuel Mgmt. and Wholesale Sales

 

 

35.2

 

 

 

38.3

 

 

 

63.5

 

 

 

68.4

 

Total

 

 

93.0

 

 

 

108.3

 

 

 

162.9

 

 

 

189.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock Data

 

 

 

 

 

 

 

 

Yield at March 31,

 

 

3.7

%

 

 

3.9

%

 

 

3.7

%

 

 

3.9

%

Market Price at March 31,

 

$

49.06

 

 

$

42.91

 

 

$

49.06

 

 

$

42.91

 

Shares Out. at March 31,

 

 

100,303

 

 

 

98,745

 

 

 

100,303

 

 

 

98,745

 

Market Cap. at March 31,

 

$

4,920,847

 

 

$

4,237,144

 

 

$

4,920,847

 

 

$

4,237,144

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

(Unaudited)

 

March 31,

 

March 31,

(Thousands, except customer and weather data)

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

NATURAL GAS DISTRIBUTION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utility Gross Margin

 

 

 

 

 

 

 

 

Operating revenues

 

$

618,645

 

 

$

463,201

 

 

$

952,410

 

 

$

756,631

 

Less:

 

 

 

 

 

 

 

 

Natural gas purchases

 

 

275,298

 

 

 

206,675

 

 

 

405,303

 

 

 

325,119

 

Operating and maintenance (1)

 

 

29,510

 

 

 

29,558

 

 

 

55,519

 

 

 

55,341

 

Regulatory rider expense

 

 

48,501

 

 

 

29,229

 

 

 

70,977

 

 

 

48,418

 

Depreciation and amortization

 

 

35,713

 

 

 

27,464

 

 

 

67,797

 

 

 

54,381

 

Gross margin

 

 

229,623

 

 

 

170,275

 

 

 

352,814

 

 

 

273,372

 

Add:

 

 

 

 

 

 

 

 

Operating and maintenance (1)

 

 

29,510

 

 

 

29,558

 

 

 

55,519

 

 

 

55,341

 

Depreciation and amortization

 

 

35,713

 

 

 

27,464

 

 

 

67,797

 

 

 

54,381

 

Total Utility Gross Margin

 

$

294,846

 

 

$

227,297

 

 

$

476,130

 

 

$

383,094

 

(1) Excludes selling, general and administrative expenses of $57.8 million and $58.9 million for the six months ended March 31, 2025 and 2024, respectively.

 

 

 

 

 

 

 

 

 

Utility Gross Margin, Operating Income and Net Income

 

 

 

 

 

 

 

 

Residential

 

$

215,668

 

 

$

163,495

 

 

$

345,686

 

 

$

271,532

 

Commercial, Industrial & Other

 

 

37,108

 

 

 

28,676

 

 

 

60,977

 

 

 

49,507

 

Firm Transportation

 

 

33,908

 

 

 

26,490

 

 

 

57,084

 

 

 

47,254

 

Total Firm Margin

 

 

286,684

 

 

 

218,661

 

 

 

463,747

 

 

 

368,293

 

Interruptible

 

 

800

 

 

 

750

 

 

 

1,774

 

 

 

1,534

 

Total System Margin

 

 

287,484

 

 

 

219,411

 

 

 

465,521

 

 

 

369,827

 

Basic Gas Supply Service Incentive

 

 

7,362

 

 

 

7,886

 

 

 

10,609

 

 

 

13,267

 

Total Utility Gross Margin

 

 

294,846

 

 

 

227,297

 

 

 

476,130

 

 

 

383,094

 

Operation and maintenance expense

 

 

61,257

 

 

 

59,554

 

 

 

113,351

 

 

 

114,259

 

Depreciation and amortization

 

 

35,713

 

 

 

27,464

 

 

 

67,797

 

 

 

54,381

 

Operating Income

 

$

197,876

 

 

$

140,279

 

 

$

294,982

 

 

$

214,454

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

144,531

 

 

$

107,095

 

 

$

211,439

 

 

$

158,539

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings

 

$

144,531

 

 

$

107,095

 

 

$

211,439

 

 

$

158,539

 

 

 

 

 

 

 

 

 

 

Throughput (Bcf)

 

 

 

 

 

 

 

 

Residential

 

 

24.0

 

 

 

21.0

 

 

 

38.1

 

 

 

34.9

 

Commercial, Industrial & Other

 

 

4.5

 

 

 

3.9

 

 

 

7.1

 

 

 

6.5

 

Firm Transportation

 

 

5.0

 

 

 

4.7

 

 

 

8.4

 

 

 

8.3

 

Total Firm Throughput

 

 

33.5

 

 

 

29.6

 

 

 

53.6

 

 

 

49.7

 

Interruptible

 

 

2.2

 

 

 

3.3

 

 

 

9.3

 

 

 

6.6

 

Total System Throughput

 

 

35.7

 

 

 

32.9

 

 

 

62.9

 

 

 

56.3

 

Off System/Capacity Management

 

 

22.1

 

 

 

37.1

 

 

 

36.5

 

 

 

64.3

 

Total Throughput

 

 

57.8

 

 

 

70.0

 

 

 

99.4

 

 

 

120.6

 

 

 

 

 

 

 

 

 

 

Customers

 

 

 

 

 

 

 

 

Residential

 

 

532,699

 

 

 

525,391

 

 

 

532,699

 

 

 

525,391

 

Commercial, Industrial & Other

 

 

33,291

 

 

 

33,108

 

 

 

33,291

 

 

 

33,108

 

Firm Transportation

 

 

22,060

 

 

 

22,992

 

 

 

22,060

 

 

 

22,992

 

Total Firm Customers

 

 

588,050

 

 

 

581,491

 

 

 

588,050

 

 

 

581,491

 

Interruptible

 

 

88

 

 

 

83

 

 

 

88

 

 

 

83

 

Total System Customers

 

 

588,138

 

 

 

581,574

 

 

 

588,138

 

 

 

581,574

 

Off System/Capacity Management*

 

 

26

 

 

 

26

 

 

 

26

 

 

 

26

 

Total Customers

 

 

588,164

 

 

 

581,600

 

 

 

588,164

 

 

 

581,600

 

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

 

 

 

 

Degree Days

 

 

 

 

 

 

 

 

Actual

 

 

2,375

 

 

 

2,135

 

 

 

3,774

 

 

 

3,543

 

Normal

 

 

2,384

 

 

 

2,436

 

 

 

3,907

 

 

 

3,970

 

Percent of Normal

 

 

99.6

%

 

 

87.6

%

 

 

96.6

%

 

 

89.2

%

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

(Unaudited)

 

March 31,

 

March 31,

(Thousands, except customer, RECs and megawatt)

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

CLEAN ENERGY VENTURES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

SREC sales

 

$

134

 

 

$

100

 

 

$

17,818

 

 

$

26,031

 

TREC sales

 

 

2,554

 

 

 

2,257

 

 

 

5,059

 

 

 

4,660

 

SREC II sales

 

 

312

 

 

 

415

 

 

 

703

 

 

 

662

 

Solar electricity sales

 

 

4,968

 

 

 

3,696

 

 

 

8,923

 

 

 

7,350

 

Sunlight Advantage

 

 

(1

)

 

 

2,857

 

 

 

1,870

 

 

 

5,917

 

Total Operating Revenues

 

$

7,967

 

 

$

9,325

 

 

$

34,373

 

 

$

44,620

 

Depreciation and Amortization

 

$

5,504

 

 

$

6,931

 

 

$

11,929

 

 

$

13,853

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

$

(7,553

)

 

$

(7,679

)

 

$

56,721

 

 

$

10,644

 

 

 

 

 

 

 

 

 

 

Income Tax (Benefit) Provision

 

$

(1,079

)

 

$

(1,594

)

 

$

13,062

 

 

$

1,537

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(3,958

)

 

$

(5,616

)

 

$

44,172

 

 

$

4,906

 

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

$

(3,958

)

 

$

(5,616

)

 

$

44,172

 

 

$

4,906

 

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates Generated

 

 

50,662

 

 

 

57,635

 

 

 

139,369

 

 

 

151,205

 

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates Sold

 

 

809

 

 

 

714

 

 

 

86,502

 

 

 

123,153

 

 

 

 

 

 

 

 

 

 

Transition Renewable Energy Certificates Generated

 

 

17,244

 

 

 

15,847

 

 

 

34,688

 

 

 

32,552

 

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates II Generated

 

 

3,372

 

 

 

4,693

 

 

 

7,776

 

 

 

7,466

 

 

 

 

 

 

 

 

 

 

Commercial Solar Megawatts Under Construction

 

 

54.8

 

 

 

33.9

 

 

 

54.8

 

 

 

33.9

 

 

 

 

 

 

 

 

 

 

ENERGY SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

Operating revenues

 

$

246,390

 

 

$

144,862

 

 

$

332,698

 

 

$

244,530

 

Less:

 

 

 

 

 

 

 

 

Gas purchases

 

 

151,847

 

 

 

105,634

 

 

 

219,715

 

 

 

165,800

 

Operation and maintenance expense

 

 

11,208

 

 

 

13,639

 

 

 

13,073

 

 

 

18,747

 

Depreciation and amortization

 

 

62

 

 

 

56

 

 

 

109

 

 

 

113

 

Operating Income

 

$

83,273

 

 

$

25,533

 

 

$

99,801

 

 

$

59,870

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

61,292

 

 

$

17,028

 

 

$

71,550

 

 

$

40,961

 

 

 

 

 

 

 

 

 

 

Financial Margin

 

$

60,687

 

 

$

65,581

 

 

$

75,968

 

 

$

84,589

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings

 

$

35,301

 

 

$

37,644

 

 

$

43,134

 

 

$

45,475

 

 

 

 

 

 

 

 

 

 

Gas Sold and Managed (Bcf)

 

 

35.2

 

 

 

38.3

 

 

 

63.5

 

 

 

68.4

 

 

 

 

 

 

 

 

 

 

STORAGE AND TRANSPORTATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

25,307

 

 

$

23,042

 

 

$

51,935

 

 

$

46,904

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Affiliates

 

$

1,161

 

 

$

85

 

 

$

2,122

 

 

$

1,078

 

 

 

 

 

 

 

 

 

 

Operation and Maintenance Expense

 

$

12,910

 

 

$

10,563

 

 

$

22,993

 

 

$

20,663

 

 

 

 

 

 

 

 

 

 

Other Income, Net

 

$

1,933

 

 

$

2,473

 

 

$

4,325

 

 

$

4,761

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

$

5,817

 

 

$

5,868

 

 

$

11,786

 

 

$

11,801

 

 

 

 

 

 

 

 

 

 

Income Tax Provision

 

$

734

 

 

$

619

 

 

$

2,223

 

 

$

1,651

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

2,343

 

 

$

1,981

 

 

$

8,007

 

 

$

5,621

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings

 

$

2,343

 

 

$

1,981

 

 

$

8,007

 

 

$

5,621

 

 

 

 

 

 

 

 

 

 

HOME SERVICES AND OTHER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

15,118

 

 

$

14,905

 

 

$

30,912

 

 

$

29,739

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

$

(393

)

 

$

778

 

 

$

602

 

 

$

570

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(678

)

 

$

384

 

 

$

(63

)

 

$

(216

)

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

$

(678

)

 

$

384

 

 

$

(63

)

 

$

(216

)

 

 

 

 

 

 

 

 

 

Total Service Contract Customers at March 31

 

 

99,121

 

 

 

100,341

 

 

 

99,121

 

 

 

100,341

 

 

 

 

 

 

 

 

 

 

 

Media Contact:

Mike Kinney

732-938-1031

[email protected]

Investor Contact:

Adam Prior

732-938-1145

[email protected]

KEYWORDS: United States North America New Jersey

INDUSTRY KEYWORDS: Oil/Gas Alternative Energy Energy Other Energy Utilities

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