New Jersey Resources Corporation ( (NJR) ) has released its Q1 earnings. Here is a breakdown of the information New Jersey Resources Corporation presented to its investors.
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New Jersey Resources Corporation, a Fortune 1000 company, provides natural gas and clean energy services, including transportation, distribution, and asset management, primarily in New Jersey. In its fiscal 2025 first-quarter earnings report, NJR announced significant regulatory approvals and financial gains, including a base rate increase and the sale of a solar portfolio.
The company reported a consolidated net income of $131.3 million, or $1.32 per share, a notable increase from the previous year’s $89.4 million. Key contributors to this growth include a $157 million annual increase in base rates for New Jersey Natural Gas and a $132.5 million gain from the sale of Clean Energy Ventures’ residential solar portfolio.
NJR’s Clean Energy Ventures segment saw a significant rise in net financial earnings, attributed largely to the recent asset sale, while the Storage and Transportation segment also reported increased earnings due to higher revenues and lower expenses. New Jersey Natural Gas continues to invest in infrastructure, enhancing its service reliability and efficiency.
Looking ahead, NJR maintains its fiscal 2025 net financial earnings per share guidance, expecting a growth range of 7 to 9 percent. The company remains focused on leveraging its diversified business segments to sustain financial performance and operational stability.
