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Mar 31, 2025
NJR Q2 2025 Earnings Report
Reported financial and operating results for the second quarter ended March 31, 2025
Key Takeaways
New Jersey Resources reported a significant increase in net income and net financial earnings for the second quarter of fiscal 2025, primarily driven by strong performance in the Natural Gas Distribution segment due to a base rate case settlement and outperformance in the Energy Services segment due to natural gas price volatility.
Consolidated net income for Q2 fiscal 2025 was $204.3 million, a substantial increase from $120.8 million in the same period last year.
Consolidated net financial earnings (NFE) for Q2 fiscal 2025 were $178.3 million, up from $138.6 million in Q2 fiscal 2024.
New Jersey Natural Gas (NJNG) reported higher NFE due to increased utility gross margin from a recent base rate case settlement.
Energy Services benefited from natural gas price volatility during the winter period, contributing to the strong overall performance.
Revenue by Segment
Forward Guidance
NJR is raising its fiscal 2025 NFEPS guidance range due to outperformance from Energy Services and the gain from the sale of the residential solar portfolio, while maintaining its long-term NFEPS growth target.
Positive Outlook
- Fiscal 2025 NFEPS guidance raised by $0.10 to a range of $3.15 to $3.30.
- Outperformance from Energy Services during the winter period contributed to increased guidance.
- Gain from the sale of NJR's residential solar portfolio positively impacting fiscal 2025 NFE.
- Maintaining 7 to 9 percent long-term NFEPS growth target.
- Expected strong contributions from New Jersey Natural Gas segment (65% to 68% of NFE).
Challenges Ahead
- Guidance is subject to risks and uncertainties identified in forward-looking statements.
- Expected lower contribution from Energy Services (9% to 11% of NFE) compared to previous year-to-date performance.
- Clean Energy Ventures expected to contribute a smaller portion of NFE (19% to 22%).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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