New Jersey Resources Corporation ( (NJR) ) has released its Q2 earnings. Here is a breakdown of the information New Jersey Resources Corporation presented to its investors.
New Jersey Resources Corporation (NJR) is a Fortune 1000 company that provides natural gas and clean energy services through its various subsidiaries, including New Jersey Natural Gas, Clean Energy Ventures, Energy Services, Storage and Transportation, and Home Services.
In its fiscal 2025 second-quarter report, NJR announced a significant increase in net income, reporting $204.3 million, or $2.04 per share, compared to $120.8 million, or $1.23 per share, in the same quarter of the previous year. The company also raised its net financial earnings per share guidance for fiscal 2025, citing strong performance from its Energy Services segment.
Key financial highlights include a year-to-date net income of $335.6 million, up from $210.2 million in fiscal 2024, and a year-to-date net financial earnings of $307.2 million. The New Jersey Natural Gas segment reported a notable increase in net financial earnings due to a recent base rate case settlement, while Clean Energy Ventures saw improvements from higher solar electricity sales despite a loss from the sale of its residential solar portfolio.
Energy Services capitalized on natural gas price volatility, contributing significantly to the company’s overall performance, although it experienced a slight decrease in net financial earnings compared to the previous year due to lower revenues from Asset Management Agreements.
Looking ahead, NJR remains optimistic about its growth prospects, maintaining a long-term net financial earnings per share growth target of 7 to 9 percent. The company continues to focus on enhancing its infrastructure and expanding its clean energy initiatives to drive future performance.