NewJersey Resources Corporation (NJR)

Total asset 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
Revenue (ttm)	US$ in thousands	2,192,587	2,674,367	3,468,262	4,014,136	4,540,009	4,515,989	4,164,967	3,884,509	3,766,679	3,389,416	3,981,548	3,708,295	3,052,065	2,991,428	1,955,697	2,090,606	2,344,402	2,542,837	2,721,864	2,844,092
Total assets	US$ in thousands	6,749,050	6,537,500	6,312,580	6,296,130	6,610,090	6,261,420	6,161,920	5,870,000	5,981,160	5,722,280	5,408,620	5,425,130	5,396,900	5,316,480	5,282,080	5,155,200	5,095,170	4,157,940	4,123,410	4,089,970
Total asset turnover		0.32	0.41	0.55	0.64	0.69	0.72	0.68	0.66	0.63	0.59	0.74	0.68	0.57	0.56	0.37	0.41	0.46	0.61	0.66	0.70

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $2,192,587K ÷ $6,749,050K
= 0.32

The total asset turnover ratio for New Jersey Resources Corporation has fluctuated over the past eight quarters, ranging from 0.25 to 0.46. A declining trend is observed from Q1 2023 to Q1 2024. This indicates that the company generates less revenue per dollar of assets invested. The ratio hit its lowest point in Q1 2024 at 0.25, suggesting that the company may be facing challenges in efficiently utilizing its assets to generate sales. Further analysis of the company's operations and asset management practices may be necessary to address this declining trend and improve overall efficiency.