Answer

Evolution of the “large customer” dislocation through Q1 and into April

Dorman described the large-customer disruption/dislocation it flagged in Q4 as something that persisted at the start of Q1, but normalized as the quarter progressed—and management said April remained consistent with Q1.

1) Early Q1: dislocation still present

As they entered Q1, management said they “saw some dislocation continued” from the large customer disruption previously mentioned in Q4. ¹

2) Late Q1 / exiting Q1: normalization in ordering patterns

By the time they exited Q1, management said the situation moved toward “more normal rates and ordering patterns,” with ordering patterns falling more in line with “out-the-door POS sales.” ¹
In the Light Duty segment, management also pointed to customer ordering normalization during the quarter as a key factor behind volume behavior: ordering patterns “began to normalize during the quarter.” ²

3) Q1 customer activity level (POS): mid-single digit, stable progression

For large customers, management estimated that POS grew mid-single digits in Q1. ²
When asked how POS trended during the quarter, management responded that the progression was “very similar” to late prior-year quarters (Q3 and Q4), with no real change in progression. ³
This implies that while ordering/dislocation effects were present early in Q1, the underlying demand signal (POS) was solid and did not show major deterioration through the quarter. ³

4) April: still “in line with” Q1 (no new deterioration)

In direct commentary on the quarter-to-date/forward month, management said “April is very much in line with what we saw in the first quarter.” ³
Management also indicated their expectation for the rest of the year was “similar” in terms of that trend. ³

Bottom line

Q1 started with residual large-customer dislocation, as management said dislocation continued into the quarter. ¹
As Q1 progressed, the disruption eased, with ordering rates/patterns normalizing by quarter end and better tracking out-the-door POS sales. ¹
Large-customer POS growth remained mid-single digit and progression was stable through Q1, with management reporting no real change in trend versus Q3/Q4. ³²
April matched Q1, with management stating April was “very much in line” with the first quarter’s pattern. ³

References

New Jersey Resources Corporation (NJR) earnings transcript 2026 - Q2

Disclaimer: The output generated by dafinchi.ai, a Large Language Model (LLM), may contain inaccuracies or "hallucinations." Users should independently verify the accuracy of any mathematical calculations, numerical data, and associated units, as well as the credibility of any sources cited. The developers and providers of dafinchi.ai cannot be held liable for any inaccuracies or decisions made based on the LLM's output.

Analyzing Q2 Earnings: NFEPS Rise and Customer Dislocation Insights at NJR

Sources used

Research question

Answer

Evolution of the “large customer” dislocation through Q1 and into April

1) Early Q1: dislocation still present

2) Late Q1 / exiting Q1: normalization in ordering patterns

3) Q1 customer activity level (POS): mid-single digit, stable progression

4) April: still “in line with” Q1 (no new deterioration)

Bottom line

References

Keep Reading

Energy Services Boosts Q2 NFEPS Outlook for NJR in Fiscal 2026

Keep Reading

Keep Reading

Energy Services Boosts Q2 NFEPS Outlook for NJR in Fiscal 2026

CEV Sees Capacity Markets and Interconnection Reform Driving Long-Term Pipeline Value in FY2026 Q3

AutoZone Q3 FY2026 Management Insights on National Accounts and Retail SG&A

Ross Stores Q1 2026 Sales Factors Analysis and Performance Insights

Copa Q1 2026 Passenger Traffic and Capacity Growth Analysis

Resideo's Success: Factors Behind 12th Quarter of Gross Margin Growth

Monster Beverage Q1 2026 Gross Margin Drivers Explained

SiTime Q1 2026 Gross Margin Drivers: Market, Mix, and Cost Factors

Fidelity National Financial Q1 2026 Gross Margin Drivers and Outlook

Key Drivers of US Foods' Q1 2026 Gross Margin Performance

Verra Mobility Q1 2026 Earnings: EBITDA and Margin Drivers Unveiled

SM Energy's 25% Efficiency Boost in DJ Basin Watkins Area Explained