NewJersey Resources Corporation (NJR)

Inventory turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Cost of revenue (ttm)	US$ in thousands	17,064	17,021	17,069	16,987	16,904	16,815	93,311	185,493	186,227	187,137	102,996	11,630	11,738	11,593	-1,346,286	-1,057,803	-513,834	23,629	1,615,162	1,809,041
Inventory	US$ in thousands	224,575	226,523	185,861	108,524	275,994	293,968	225,839	88,155	262,033	213,167	145,271	93,677	182,118	187,910	142,090	94,172	201,512	184,278	146,710	72,733
Inventory turnover		0.08	0.08	0.09	0.16	0.06	0.06	0.41	2.10	0.71	0.88	0.71	0.12	0.06	0.06	-9.47	-11.23	-2.55	0.13	11.01	24.87

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $17,064K ÷ $224,575K
= 0.08

New Jersey Resources Corporation's inventory turnover has exhibited notable fluctuations over the past eight quarters. The trend shows a peak in Q2 2023 with a turnover ratio of 15.19, followed by a sharp decline in Q1 2024 to 3.26. While the ratio increased in Q4 2023 to 4.29, it remains lower than the peak. Overall, the company's inventory turnover has been relatively volatile, possibly indicating fluctuations in demand, production efficiency, or management of inventory levels. Further analysis of the underlying factors influencing the inventory turnover ratios would be beneficial to gain a deeper understanding of the company's inventory management performance.