US Market News
1月前
New Jersey Resources Reports Fiscal 2026 Second-Quarter ResultsMay 4, 2026 4:30 PM
Business Wire Increases Net Financial Earnings Guidance for Fiscal 2026 Due to Energy Services' Continued Outperformance New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2026 second quarter ended March 31, 2026. Financial Highlights: Fiscal 2026 second-quarter consolidated net income of $218.9 million, or $2.17 per share, compared with $204.3 million, or $2.04 per share, in the second quarter of fiscal 2025 Fiscal 2026 second-quarter consolidated net financial earnings (NFE), a non-GAAP financial measure, of $221.5 million, or $2.20 per share, compared with $178.3 million, or $1.78 per share, in the second quarter of fiscal 2025 Fiscal 2026 year-to-date net income totaled $341.4 million, or $3.39 per share, compared with $335.6 million, or $3.35 per share, for the same period in fiscal 2025 Fiscal 2026 year-to-date NFE totaled $339.6 million, or $3.37 per share, compared with $307.2 million, or $3.07 per share, for the same period in fiscal 2025 Fiscal 2026 Outlook Increases fiscal 2026 net financial earnings per share (NFEPS) guidance to a range of $3.48 to $3.63, from $3.28 to $3.43, a $0.20 increase, as a result of the continued strong performance of Energy Services. This marks the second increase to fiscal 2026 guidance, following a $0.25 increase announced in February 2026. Maintains 7 to 9 percent long-term net financial earnings per share (NFEPS) growth target, starting from a fiscal 2025 base of $2.83 per share*
* 7% - 9% growth would imply a NFEPS range of $3.03 - $3.08 in fiscal 2026 Management Commentary Steve Westhoven, President and CEO of New Jersey Resources, stated, “Our exceptional operating performance throughout the winter season delivered reliable service, while New Jersey Natural Gas' strong hedging program helped mitigate costs for our customers. Additionally, as a result of Energy Services' continued outperformance, we were able to increase our fiscal 2026 NFEPS guidance for the second time this year.” Fiscal 2026 NFEPS Guidance and Expected NFE Contributions by Segment NJR is raising its fiscal 2026 NFEPS guidance range by $0.20 to a range of $3.48 to $3.63, subject to the risks and uncertainties identified below under "Forward-Looking Statements." The following chart represents NJR’s current expected NFE contributions from its business segments for fiscal 2026: Segment Expected fiscal 2026 net financial earnings
contribution New Jersey Natural Gas 58 to 62 percent Clean Energy Ventures 9 to 13 percent Storage and Transportation 8 to 11 percent Energy Services 19 to 23 percent Home Services and Other 0 to 1 percent In providing fiscal 2026 NFE guidance, management is aware that there could be differences between reported GAAP net income and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts. Financial Metrics Three Months Ended Six Months Ended March 31, March 31, ($ in Thousands, except per share data) 2026 2025 2026 2025 Net income $ 218,912 $ 204,287 $ 341,402 $ 335,606 Basic EPS $ 2.17 $ 2.04 $ 3.39 $ 3.35 Net financial earnings* $ 221,463 $ 178,296 $ 339,636 $ 307,190 Basic net financial earnings per share* $ 2.20 $ 1.78 $ 3.37 $ 3.07 *A reconciliation of net income to NFE for the three and six months ended March 31, 2026 and 2025, respectively is provided in the financial statements below. Net Financial Earnings (Loss) by Business Segment Three Months Ended Six Months Ended March 31, March 31, ($ in Thousands) 2026 2025 2026 2025 New Jersey Natural Gas $ 148,513 $ 144,531 $ 232,342 $ 211,439 Clean Energy Ventures (5,223 ) (3,958 ) 4,367 44,172 Storage and Transportation 7,708 2,343 15,071 8,007 Energy Services 72,286 35,301 88,566 43,134 Home Services and Other (219 ) (678 ) 260 (63 ) Subtotal 223,065 177,539 340,606 306,689 Eliminations (1,602 ) 757 (970 ) 501 Total $ 221,463 $ 178,296 $ 339,636 $ 307,190 New Jersey Natural Gas (NJNG) NJNG reported fiscal 2026 second-quarter NFE of $148.5 million, compared to NFE of $144.5 million during the same period in fiscal 2025. The increase in NFE for the period was driven primarily by customer growth and higher BGSS incentives. Fiscal 2026 year-to-date NFE totaled $232.3 million, compared with NFE of $211.4 million for the same period in fiscal 2025. The increase in NFE for the period was due to higher base rates in October and November of fiscal 2026 compared to the same period of fiscal 2025 (new rates were effective November 21, 2024) as well as continued customer growth and higher Basic Gas Supply Service (BGSS) incentives. Customers: At March 31, 2026, NJNG serviced approximately 594,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 589,000 customers as of September 30, 2025. Basic Gas Supply Service (BGSS) Incentive Programs1: BGSS incentive programs generated $93.2 million of gross customer savings during the first six months of fiscal 2026, which helped offset the unhedged portion of gas costs driven by market volatility and colder-than-normal weather. BGSS incentive programs also contributed $17.3 million to utility gross margin during the first six months of fiscal 2026, compared with $10.6 million for the same period in fiscal 2025. This increase was primarily driven by increased margins from off-system sales and capacity release due to market volatility as a result of colder weather.
1 BGSS incentive savings represent value created through supply and capacity optimization and shared with customers through the BGSS clause. For more information on utility gross margin, please see "Non-GAAP Financial Information" below. Energy-Efficiency Programs: SAVEGREEN® invested $46.5 million in the first six months of fiscal 2026 in energy-efficiency upgrades for customers' homes and businesses. Investments in SAVEGREEN® are incremental to rate base and earn near-real time returns through a rider that is updated annually. More than 115,000 customers have taken part in SAVEGREEN® to date, with those utilizing our whole home offerings realizing bill savings of up to 30%. Clean Energy Ventures (CEV) CEV reported fiscal 2026 second-quarter net financial loss of $(5.2) million, compared with $(4.0) million during the same period in the second quarter of fiscal 2025, reflecting higher depreciation and interest expense associated with capital invested over the past year, partially offset by higher revenue. Fiscal 2026 year-to-date NFE totaled $4.4 million, compared with NFE of $44.2 million for the same period in fiscal 2025. The decrease was primarily due to a gain from the sale of CEV's residential solar portfolio assets that was recognized in the prior year period. Solar Investment Update: During the first six months of fiscal 2026, CEV placed three commercial projects into service, adding 13.4 megawatts (MW)* to installed capacity. As of March 31, 2026, CEV had approximately 493MW of commercial solar capacity in service across New Jersey, New York, Connecticut, Pennsylvania, Rhode Island, Indiana, and Michigan. Subsequent to quarter end, CEV placed additional projects into service, adding 19.9MW of installed capacity for a total of 512.7MW in service as of May 1, 2026. * All MWs noted in DC Storage and Transportation (S&T) S&T reported fiscal 2026 second-quarter NFE of $7.7 million, compared with NFE of $2.3 million during the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $15.1 million, compared with NFE of $8.0 million for the same period in fiscal 2025. NFE increased during both periods mainly due to higher operating income at Adelphia Gateway (Adelphia) primarily due to the impact of its Section 4 rate case settlement. Energy Services (ES) ES reported fiscal 2026 second-quarter NFE of $72.3 million, compared with NFE of $35.3 million for the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $88.6 million, compared with NFE of $43.1 million for the same period in fiscal 2025. The increase in NFE was primarily due to higher natural gas price volatility during both periods that allowed ES to capture additional financial margin. Home Services and Other Operations Home Services and Other Operations reported fiscal 2026 second-quarter net financial loss of $(0.2) million, compared with $(0.7) million for the same period in fiscal 2025. Fiscal 2026 year-to-date NFE totaled $0.3 million, compared with a net financial loss of $(0.1) million for the same period in fiscal 2025. Capital Expenditures and Cash Flows: During the first six months of fiscal 2026, capital expenditures were $353.9 million, including accruals, compared with $287.1 million during the same period in fiscal 2025. The increase in capital expenditures was primarily due to higher expenditures at NJNG and CEV. NJR expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030, with utility spending at NJNG representing over 60% of the investment, all planned CEV capital expenditures safe-harbored to preserve tax credit eligibility, and strategic growth opportunities at S&T supporting long-term value creation. During the first six months of fiscal 2026, cash flows from operations increased to $589.3 million, compared to cash flows from operations of $414.1 million in the same period in fiscal 2025, due primarily to an increase in base rates at NJNG. Conference Call to be Webcast on May 5, 2026 New Jersey Resources will host a live webcast of its fiscal 2026 second quarter financial results on Tuesday, May 5, 2026, at 10 a.m. ET. A few minutes prior to the webcast, visit www.njresources.com and select “Investor Relations.” Scroll down and click the webcast link under “Latest Events” on the right side of the page. About New Jersey Resources New Jersey Resources (NYSE: NJR) is a diversified energy infrastructure and energy services company headquartered in Wall, New Jersey. NJR is composed of five primary businesses: New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties. Clean Energy Ventures invests in, owns and operates solar projects, providing customers with low-carbon solutions. Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America. Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility. Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as SAVEGREEN®. For more information about NJR:
www.njresources.com. Follow us on X.com (Twitter) @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas. Forward-Looking Statements: This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as expectations regarding future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, statements regarding NJR’s NFEPS guidance for fiscal 2026, projected NFEPS growth rates and our guidance range, forecasted contributions of business segments to NJR’s NFE for fiscal 2026, our capital plan through 2030, including our capital expenditure projections through 2030, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs; and other legal and regulatory expectations, and statements that include other projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (SEC), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s website, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of new information, future events or otherwise, except as required by law. Non-GAAP Financial Information: This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G. NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at ES, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization expenses as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to ES. NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin. Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Annual Report on Form 10-K, Item 7. NEW JERSEY RESOURCES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended March 31, March 31, (Thousands, except per share data) 2026 2025 2026 2025 OPERATING REVENUES Utility $ 640,922 $ 618,341 $ 1,050,823 $ 951,768 Nonutility 298,479 294,686 493,432 449,620 Total operating revenues 939,401 913,027 1,544,255 1,401,388 OPERATING EXPENSES Gas purchases Utility 274,947 272,974 444,051 400,654 Nonutility 140,110 151,617 225,964 219,425 Related parties 1,242 1,666 2,519 3,384 Operation and maintenance 112,496 111,041 199,177 199,673 Regulatory rider expenses 59,450 48,501 92,604 70,977 Depreciation and amortization 50,129 47,967 99,705 93,296 Gain on sale of assets — (688 ) — (55,547 ) Total operating expenses 638,374 633,078 1,064,020 931,862 OPERATING INCOME 301,027 279,949 480,235 469,526 Other income, net 16,295 17,006 27,655 28,623 Interest expense, net of capitalized interest 34,975 32,527 70,651 66,418 INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES 282,347 264,428 437,239 431,731 Income tax provision 66,176 61,593 100,401 98,977 Equity in earnings of affiliates 2,741 1,452 4,564 2,852 NET INCOME $ 218,912 $ 204,287 $ 341,402 $ 335,606 EARNINGS PER COMMON SHARE Basic $ 2.17 $ 2.04 $ 3.39 $ 3.35 Diluted $ 2.16 $ 2.02 $ 3.37 $ 3.33 WEIGHTED AVERAGE SHARES OUTSTANDING Basic 100,849 100,291 100,775 100,073 Diluted 101,482 100,933 101,388 100,705 RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (Unaudited) Three Months Ended Six Months Ended March 31, March 31, (Thousands) 2026 2025 2026 2025 NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net income $ 218,912 $ 204,287 $ 341,402 $ 335,606 Add: Unrealized (gain) loss on derivative instruments and related transactions (1,285 ) (27,206 ) 1,711 (20,838 ) Tax effect 305 6,466 (407 ) 4,953 Effects of economic hedging related to natural gas inventory 4,564 (6,650 ) (4,003 ) (16,177 ) Tax effect (1,085 ) 1,580 951 3,844 NFE tax adjustment 52 (181 ) (18 ) (198 ) Net financial earnings $ 221,463 $ 178,296 $ 339,636 $ 307,190 Weighted Average Shares Outstanding Basic 100,849 100,291 100,775 100,073 Diluted 101,482 100,933 101,388 100,705 A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: Basic earnings per share $ 2.17 $ 2.04 $ 3.39 $ 3.35 Add: Unrealized (gain) loss on derivative instruments and related transactions $ (0.01 ) $ (0.27 ) $ 0.02 $ (0.21 ) Tax effect $ — $ 0.06 $ (0.01 ) $ 0.05 Effects of economic hedging related to natural gas inventory $ 0.05 $ (0.06 ) $ (0.04 ) $ (0.16 ) Tax effect $ (0.01 ) $ 0.01 $ 0.01 $ 0.04 Basic net financial earnings per share $ 2.20 $ 1.78 $ 3.37 $ 3.07 NFE is a measure of earnings based on the elimination of timing differences surrounding the recognition of certain gains or losses to effectively match the earnings effects of the economic hedges with the physical sale of natural gas and, therefore, eliminate the impact of volatility to GAAP earnings associated with the derivative instruments. To the extent we utilize forwards, future or other derivatives to hedge natural gas transactions and forecasted SREC production, the resulting unrealized gains and losses are also eliminated from NFE. ES economically hedges its natural gas inventory with financial derivative instruments and calculates the related tax effect based on the statutory rate. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE. RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued) (Unaudited) Three Months Ended Six Months Ended March 31, March 31, (Thousands) 2026 2025 2026 2025 NATURAL GAS DISTRIBUTION A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows: Operating revenues $ 641,160 $ 618,645 $ 1,051,298 $ 952,410 Less: Natural gas purchases 276,567 275,298 447,291 405,303 Operating and maintenance (1) 14,667 29,510 59,609 55,519 Regulatory rider expense 59,450 48,501 92,604 70,977 Depreciation and amortization 37,509 35,713 74,469 67,797 Gross margin 252,967 229,623 377,325 352,814 Add: Operating and maintenance (1) 14,667 29,510 59,609 55,519 Depreciation and amortization 37,509 35,713 74,469 67,797 Utility gross margin $ 305,143 $ 294,846 $ 511,403 $ 476,130 (1) Excludes selling, general and administrative expenses of $51.0 million and $31.7 million for the three months ended March 31, 2026 and 2025, respectively, and $55.1 million and $57.8 million for the six months ended March 31, 2026 and 2025, respectively. ENERGY SERVICES A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows: Operating revenues $ 244,155 $ 246,390 $ 363,262 $ 332,698 Less: Natural Gas purchases 139,938 151,847 225,712 219,715 Operation and maintenance (1) 9,560 10,866 12,475 12,463 Depreciation and amortization 43 62 84 109 Gross margin 94,614 83,615 124,991 100,411 Add: Operation and maintenance (1) 9,560 10,866 12,475 12,463 Depreciation and amortization 43 62 84 109 Unrealized (gain) loss on derivative instruments and related transactions (1,285 ) (27,206 ) 1,711 (20,838 ) Effects of economic hedging related to natural gas inventory 4,564 (6,650 ) (4,003 ) (16,177 ) Financial margin $ 107,496 $ 60,687 $ 135,258 $ 75,968 (1) Excludes selling, general and administrative expenses of $0.2 million and $0.3 million during the three months ended March 31, 2026 and 2025, respectively, and $0.5 million and $0.6 million during the six months ended March 31, 2026 and 2025, respectively. A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net income $ 69,735 $ 61,292 $ 90,332 $ 71,550 Add: Unrealized (gain) loss on derivative instruments and related transactions (1,285 ) (27,206 ) 1,711 (20,838 ) Tax effect 305 6,466 (407 ) 4,953 Effects of economic hedging related to natural gas 4,564 (6,650 ) (4,003 ) (16,177 ) Tax effect (1,085 ) 1,580 951 3,844 NFE tax adjustment 52 (181 ) (18 ) (198 ) Net financial earnings $ 72,286 $ 35,301 $ 88,566 $ 43,134 FINANCIAL STATISTICS BY BUSINESS UNIT (Unaudited) Three Months Ended Six Months Ended March 31, March 31, (Thousands, except per share data) 2026 2025 2026 2025 NEW JERSEY RESOURCES Operating Revenues Natural Gas Distribution $ 641,160 $ 618,645 $ 1,051,298 $ 952,410 Clean Energy Ventures 9,932 7,967 41,692 34,373 Energy Services 244,155 246,390 363,262 332,698 Storage and Transportation 29,434 25,307 57,514 51,935 Home Services and Other 14,958 15,118 30,964 30,912 Sub-total 939,639 913,427 1,544,730 1,402,328 Eliminations (238 ) (400 ) (475 ) (940 ) Total $ 939,401 $ 913,027 $ 1,544,255 $ 1,401,388 Operating Income (Loss) Natural Gas Distribution $ 201,919 $ 197,876 $ 322,231 $ 294,982 Clean Energy Ventures (7,738 ) (7,553 ) 7,650 56,721 Energy Services 94,404 83,273 124,511 99,801 Storage and Transportation 11,582 5,800 23,557 15,569 Home Services and Other 192 (393 ) 979 602 Sub-total 300,359 279,003 478,928 467,675 Eliminations 668 946 1,307 1,851 Total $ 301,027 $ 279,949 $ 480,235 $ 469,526 Equity in Earnings of Affiliates Storage and Transportation $ 2,282 $ 1,161 $ 3,522 $ 2,122 Eliminations 459 291 1,042 730 Total $ 2,741 $ 1,452 $ 4,564 $ 2,852 Net Income (Loss) Natural Gas Distribution $ 148,513 $ 144,531 $ 232,342 $ 211,439 Clean Energy Ventures (5,223 ) (3,958 ) 4,367 44,172 Energy Services 69,735 61,292 90,332 71,550 Storage and Transportation 7,708 2,343 15,071 8,007 Home Services and Other (219 ) (678 ) 260 (63 ) Sub-total 220,514 203,530 342,372 335,105 Eliminations (1,602 ) 757 (970 ) 501 Total $ 218,912 $ 204,287 $ 341,402 $ 335,606 Net Financial Earnings (Loss) Natural Gas Distribution $ 148,513 $ 144,531 $ 232,342 $ 211,439 Clean Energy Ventures (5,223 ) (3,958 ) 4,367 44,172 Energy Services 72,286 35,301 88,566 43,134 Storage and Transportation 7,708 2,343 15,071 8,007 Home Services and Other (219 ) (678 ) 260 (63 ) Sub-total 223,065 177,539 340,606 306,689 Eliminations (1,602 ) 757 (970 ) 501 Total $ 221,463 $ 178,296 $ 339,636 $ 307,190 Throughput (Bcf) NJNG, Core Customers 39.8 35.7 71.5 62.9 NJNG, Off System/Capacity Management 24.9 22.1 49.6 36.5 Energy Services Fuel Mgmt. and Wholesale Sales 28.6 35.2 57.0 63.5 Total 93.3 93.0 178.1 162.9 Common Stock Data Yield at March 31, 3.5 % 3.7 % 3.5 % 3.7 % Market Price at March 31, $ 54.92 $ 49.06 $ 54.92 $ 49.06 Shares Out. at March 31, 100,862 100,303 100,862 100,303 Market Cap. at March 31, $ 5,539,336 $ 4,920,847 $ 5,539,336 $ 4,920,847 Three Months Ended Six Months Ended (Unaudited) March 31, March 31, (Thousands, except customer and weather data) 2026 2025 2026 2025 NATURAL GAS DISTRIBUTION Utility Gross Margin Operating revenues $ 641,160 $ 618,645 $ 1,051,298 $ 952,410 Less: Natural gas purchases 276,567 275,298 447,291 405,303 Operating and maintenance (1) 14,667 29,510 59,609 55,519 Regulatory rider expense 59,450 48,501 92,604 70,977 Depreciation and amortization 37,509 35,713 74,469 67,797 Gross margin 252,967 229,623 377,325 352,814 Add: Operating and maintenance (1) 14,667 29,510 59,609 55,519 Depreciation and amortization 37,509 35,713 74,469 67,797 Total Utility Gross Margin $ 305,143 $ 294,846 $ 511,403 $ 476,130 (1) Excludes selling, general and administrative expenses of $51.0 million and $31.7 million for the three months ended March 31, 2026 and 2025, respectively, and $55.1 million and $57.8 million for the six months ended March 31, 2026 and 2025, respectively. Utility Gross Margin, Operating Income and Net Income Residential $ 220,575 $ 215,668 $ 365,673 $ 345,686 Commercial, Industrial & Other 38,007 37,108 65,199 60,977 Firm Transportation 34,226 33,908 61,591 57,084 Total Firm Margin 292,808 286,684 492,463 463,747 Interruptible 643 800 1,661 1,774 Total System Margin 293,451 287,484 494,124 465,521 Basic Gas Supply Service Incentive 11,692 7,362 17,279 10,609 Total Utility Gross Margin 305,143 294,846 511,403 476,130 Operation and maintenance expense 65,715 61,257 114,703 113,351 Depreciation and amortization 37,509 35,713 74,469 67,797 Operating Income $ 201,919 $ 197,876 $ 322,231 $ 294,982 Net Income $ 148,513 $ 144,531 $ 232,342 $ 211,439 Net Financial Earnings $ 148,513 $ 144,531 $ 232,342 $ 211,439 Throughput (Bcf) Residential 26.0 24.0 42.5 38.1 Commercial, Industrial & Other 4.8 4.5 7.8 7.1 Firm Transportation 5.2 5.0 9.1 8.4 Total Firm Throughput 36.0 33.5 59.4 53.6 Interruptible 3.8 2.2 12.1 9.3 Total System Throughput 39.8 35.7 71.5 62.9 Off System/Capacity Management 24.9 22.1 49.6 36.5 Total Throughput 64.7 57.8 121.1 99.4 Customers Residential 539,413 532,699 539,413 532,699 Commercial, Industrial & Other 33,712 33,291 33,712 33,291 Firm Transportation 21,047 22,060 21,047 22,060 Total Firm Customers 594,172 588,050 594,172 588,050 Interruptible 30 88 30 88 Total System Customers 594,202 588,138 594,202 588,138 Off System/Capacity Management* 25 26 25 26 Total Customers 594,227 588,164 594,227 588,164 *The number of customers represents those active during the last month of the period. Degree Days Actual 2,493 2,375 4,150 3,774 Normal 2,384 2,384 3,895 3,907 Percent of Normal 104.6 % 99.6 % 106.5 % 96.6 % Three Months Ended Six Months Ended (Unaudited) March 31, March 31, (Thousands, except customer, RECs and megawatt data) 2026 2025 2026 2025 CLEAN ENERGY VENTURES Operating Revenues SREC sales $ 1,049 $ 134 $ 23,457 $ 17,818 TREC sales 2,907 2,554 6,129 5,059 SREC II sales 473 312 988 703 Merchant Power 2,424 2,613 5,209 4,349 PPA / Other 3,079 2,355 5,909 4,574 Residential solar portfolio — (1 ) — 1,870 Total Operating Revenues $ 9,932 $ 7,967 $ 41,692 $ 34,373 Depreciation and Amortization $ 7,121 $ 5,504 $ 14,153 $ 11,929 Operating (Loss) Income $ (7,738 ) $ (7,553 ) $ 7,650 $ 56,721 Income Tax (Benefit) Provision $ (1,828 ) $ (1,079 ) $ 910 $ 13,062 Net (Loss) Income $ (5,223 ) $ (3,958 ) $ 4,367 $ 44,172 Net Financial (Loss) Earnings $ (5,223 ) $ (3,958 ) $ 4,367 $ 44,172 Solar Renewable Energy Certificates Generated 36,949 50,662 109,322 139,369 Solar Renewable Energy Certificates Sold 5,603 809 121,123 86,502 Transition Renewable Energy Certificates Generated 19,335 17,244 40,822 34,688 Solar Renewable Energy Certificates II Generated 5,700 3,372 11,109 7,776 ENERGY SERVICES Operating Income Operating revenues $ 244,155 $ 246,390 $ 363,262 $ 332,698 Less: Gas purchases 139,938 151,847 225,712 219,715 Operation and maintenance expense 9,770 11,208 12,955 13,073 Depreciation and amortization 43 62 84 109 Operating Income $ 94,404 $ 83,273 $ 124,511 $ 99,801 Net Income $ 69,735 $ 61,292 $ 90,332 $ 71,550 Financial Margin $ 107,496 $ 60,687 $ 135,258 $ 75,968 Net Financial Earnings $ 72,286 $ 35,301 $ 88,566 $ 43,134 Gas Sold and Managed (Bcf) 28.6 35.2 57.0 63.5 STORAGE AND TRANSPORTATION Operating Revenues $ 29,434 $ 25,307 $ 57,514 $ 51,935 Equity in Earnings of Affiliates $ 2,282 $ 1,161 $ 3,522 $ 2,122 Operation and Maintenance Expense $ 12,222 $ 12,910 $ 22,688 $ 22,993 Other Income, Net $ 1,863 $ 1,933 $ 3,850 $ 4,325 Interest Expense $ 5,448 $ 5,817 $ 11,014 $ 11,786 Income Tax Provision $ 2,571 $ 734 $ 4,844 $ 2,223 Net Income $ 7,708 $ 2,343 $ 15,071 $ 8,007 Net Financial Earnings $ 7,708 $ 2,343 $ 15,071 $ 8,007 HOME SERVICES AND OTHER Operating Revenues $ 14,958 $ 15,118 $ 30,964 $ 30,912 Operating Income (Loss) $ 192 $ (393 ) $ 979 $ 602 Net (Loss) Income $ (219 ) $ (678 ) $ 260 $ (63 ) Net Financial (Loss) Earnings $ (219 ) $ (678 ) $ 260 $ (63 ) Total Service Contract Customers at March 31 97,634 99,121 97,634 99,121 View source version on businesswire.com: https://www.businesswire.com/news/home/20260504767780/en/ Media Contact:
Mike Kinney
732-938-1031
mkinney @hrhale-1145
aprior@njresources.com Original: New Jersey Resources Reports Fiscal 2026 Second-Quarter Results
US Market News
4月前
New Jersey Resources Reports Fiscal 2026 First-Quarter Results; Increases Net Financial Earnings Guidance for Fiscal 2026February 2, 2026 4:31 PM
Business Wire
New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2026 first quarter ended December 31, 2025.
Financial Highlights:
Fiscal 2026 first-quarter consolidated net income of $122.5 million, or $1.22 per share, compared with $131.3 million, or $1.32 per share, in the first quarter of fiscal 2025
Fiscal 2026 first-quarter consolidated net financial earnings (NFE), a non-GAAP financial measure, of $118.2 million, or $1.17 per share, compared with $128.9 million, or $1.29 per share, in the first quarter of fiscal 2025. The decrease was primarily due to a gain on sale of Clean Energy Ventures' (CEV) residential solar portfolio assets that was recognized in the prior-year period, partially offset by higher year-over-year NFE from New Jersey Natural Gas (NJNG), Storage and Transportation (S&T), and Energy Services (ES).
Fiscal 2026 Outlook
Increases fiscal 2026 net financial earnings per share (NFEPS) guidance to a range of $3.28 to $3.43, from $3.03 to $3.18, a $0.25 increase, as a result of the strong performance of Energy Services in January 2026
Maintains 7 to 9 percent long-term net financial earnings per share (NFEPS) growth target, starting from a fiscal 2025 base of $2.83 per share*
* 7% - 9% growth would imply a NFEPS range of $3.03 - $3.08 in fiscal 2026
Management Commentary
Steve Westhoven, President and CEO of New Jersey Resources, stated, “NJR is off to a strong start in fiscal 2026. Our performance in the beginning of our fiscal second quarter has exceeded our original projections, as Energy Services benefited from natural gas price volatility. As a result, we are raising our fiscal 2026 NFEPS guidance range by $0.25 to $3.28 to $3.43. This represents the sixth consecutive year in which NJR has raised its guidance as a result of the benefits of our diversified energy platform."
Mr. Westhoven continued, "We are focused on delivering reliable, affordable energy to our New Jersey Natural Gas customers, pursuing growth opportunities across our Storage and Transportation business, and expanding capacity at Clean Energy Ventures. As we look ahead, we remain committed to disciplined execution and creating long-term value for our shareowners.”
Fiscal 2026 NFEPS Guidance
NJR is raising its fiscal 2026 NFEPS guidance range by $0.25 to a range of $3.28 to $3.43, subject to the risks and uncertainties identified below under "Forward-Looking Statements." The following chart represents NJR’s current expected NFE contributions from its business segments for fiscal 2026:
Segment
Expected fiscal 2026
net financial earnings
contribution
New Jersey Natural Gas
62 to 67 percent
Clean Energy Ventures
9 to 14 percent
Storage and Transportation
7 to 12 percent
Energy Services
12 to 17 percent
Home Services and Other
1 to 2 percent
In providing fiscal 2026 NFE guidance, management is aware that there could be differences between reported GAAP net income and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.
Financial Metrics
Three Months Ended
December 31,
($ in Thousands, except per share data)
2025
2024
Net income
$
122,490
$
131,319
Basic EPS
$
1.22
$
1.32
Net financial earnings*
$
118,173
$
128,894
Basic net financial earnings per share*
$
1.17
$
1.29
*A reconciliation of net income to NFE for the three months ended December 31, 2025 and 2024, respectively is provided in the financial statements below.
Net Financial Earnings (Loss) by Business Segment
Three Months Ended
December 31,
(Thousands)
2025
2024
New Jersey Natural Gas
$
83,829
$
66,908
Clean Energy Ventures
9,590
48,130
Storage and Transportation
7,363
5,664
Energy Services
16,280
7,833
Home Services and Other
479
615
Subtotal
117,541
129,150
Eliminations
632
(256
)
Total
$
118,173
$
128,894
New Jersey Natural Gas (NJNG)
NJNG reported fiscal 2026 first-quarter NFE of $83.8 million, compared to NFE of $66.9 million during the same period in fiscal 2025. The improvement in NFE was primarily driven by NJNG's base rate case settlement fully impacting utility gross margin for the first-quarter of 2026 while only partially affecting it during the first-quarter of last year. This improvement was partially offset by higher depreciation expense.
Customers:
At December 31, 2025, NJNG serviced approximately 592,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, compared to approximately 589,000 customers as of September 30, 2025.
Basic Gas Supply Service (BGSS) Incentive Programs:
BGSS incentive programs contributed $5.6 million to utility gross margin during the first quarter of fiscal 2026, compared with $3.2 million in the first quarter of fiscal 2025. This increase was primarily driven by increased margins from off-system sales and capacity release due to market volatility as a result of colder weather.
For more information on utility gross margin, please see "Non-GAAP Financial Information" below.
Energy-Efficiency Programs:
SAVEGREEN® invested $26.7 million in the first quarter of fiscal 2026 in energy-efficiency upgrades for customers' homes and businesses. Investments in SAVEGREEN® are incremental to rate base and earn near-real time returns through a rider that is updated annually.
Clean Energy Ventures (CEV)
CEV reported fiscal 2026 first-quarter NFE of $9.6 million, compared with $48.1 million during the same period in the first quarter of fiscal 2025. The decrease was primarily due to a one-time gain on sale of CEV's residential solar portfolio assets in November 2024.
Solar Investment Update:
During the first quarter of fiscal 2026, CEV placed two commercial projects into service, adding 9.7 megawatts (MW)* to installed capacity.
As of December 31, 2025, CEV had approximately 489MW of commercial solar capacity in service across New Jersey, New York, Connecticut, Pennsylvania, Rhode Island, Indiana, and Michigan.
* All MWs noted in DC
Storage and Transportation (S&T)
S&T reported fiscal 2026 first-quarter NFE of $7.4 million, compared with NFE of $5.7 million during the same period in fiscal 2025. NFE increased during the period mainly due to higher operating income at Adelphia Gateway (Adelphia) due to the impact of its recent Section 4 rate case settlement.
Adelphia: On November 4, 2025, Adelphia completed its Section 4 rate case process with the Federal Energy Regulatory Commission (FERC), receiving an order approving settlement.
Leaf River Energy Center (Leaf River): On October 31, 2025 Leaf River submitted an application to FERC to increase its natural gas storage capacity by 17.6 BCF through expansion of existing caverns and the development of an additional fourth cavern.
Energy Services (ES)
ES reported fiscal 2026 first-quarter NFE of $16.3 million, compared with NFE of $7.8 million for the same period in fiscal 2025. The increase in NFE was primarily due to higher natural gas price volatility during the period that allowed ES to capture additional financial margin.
Home Services and Other Operations
Home Services and Other Operations reported fiscal 2026 first-quarter NFE of $0.5 million, compared with NFE of $0.6 million for the same period in fiscal 2025..
Capital Expenditures and Cash Flows:
During the first quarter of fiscal 2026, capital expenditures were $163.6 million, including accruals, compared with $149.6 million during the same period in fiscal 2025. The increase in capital expenditures was primarily due to higher expenditures at NJNG and CEV.
NJR expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030, with utility spending at NJNG representing over 60% of the investment, all planned CEV capital expenditures safe-harbored to preserve tax credit eligibility, and strategic growth opportunities at S&T supporting long-term value creation.
During the first quarter of fiscal 2026, cash flows from operations increased to $26.7 million, compared to cash flows used in operations of $9.0 million in the same period in fiscal 2025, due primarily to an increase in base rates at NJNG.
Conference Call to be Webcast on February 3, 2026
New Jersey Resources will host a live webcast of its fiscal 2026 first quarter financial results on Tuesday, February 3, 2026, at 10 a.m. ET. A few minutes prior to the webcast, visit www.njresources.com and select “Investor Relations.” Scroll down and click the webcast link under “Latest Events” on the right side of the page.
Forward-Looking Statements:
This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as expectations regarding future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, statements regarding NJR’s NFEPS guidance for fiscal 2026, projected NFEPS growth rates and our guidance range, forecasted contributions of business segments to NJR’s NFE for fiscal 2026, our capital plan through 2030, including our capital expenditure projections through 2030, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs; and other legal and regulatory expectations, and statements that include other projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.
Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (SEC), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s website, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Information:
This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.
NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization expenses as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company.
NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.
Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Annual Report on Form 10-K, Item 7.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties.
Clean Energy Ventures invests in, owns and operates solar projects, providing customers with low-carbon solutions.
Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators and other indoor and outdoor comfort products to residential homes throughout New Jersey.
NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as SAVEGREEN®.
For more information about NJR:
www.njresources.com.
Follow us on X.com (Twitter) @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
NEW JERSEY RESOURCES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
December 31,
(Thousands, except per share data)
2025
2024
OPERATING REVENUES
Utility
$
409,901
$
333,427
Nonutility
194,953
154,934
Total operating revenues
604,854
488,361
OPERATING EXPENSES
Gas purchases
Utility
169,104
127,680
Nonutility
85,854
67,808
Related parties
1,277
1,718
Operation and maintenance
86,681
88,632
Regulatory rider expenses
33,154
22,476
Depreciation and amortization
49,576
45,329
Gain on sale of assets
—
(54,859
)
Total operating expenses
425,646
298,784
OPERATING INCOME
179,208
189,577
Other income, net
11,360
11,617
Interest expense, net of capitalized interest
35,676
33,891
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
154,892
167,303
Income tax provision
34,225
37,384
Equity in earnings of affiliates
1,823
1,400
NET INCOME
$
122,490
$
131,319
EARNINGS PER COMMON SHARE
Basic
$
1.22
$
1.32
Diluted
$
1.21
$
1.31
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic
100,701
99,855
Diluted
101,229
100,478
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES
(Unaudited)
Three Months Ended
December 31,
(Thousands)
2025
2024
NEW JERSEY RESOURCES
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
Net income
$
122,490
$
131,319
Add:
Unrealized loss on derivative instruments and related transactions
2,996
6,368
Tax effect
(712
)
(1,513
)
Effects of economic hedging related to natural gas inventory
(8,567
)
(9,527
)
Tax effect
2,036
2,264
NFE tax adjustment
(70
)
(17
)
Net financial earnings
$
118,173
$
128,894
Weighted Average Shares Outstanding
Basic
100,701
99,855
Diluted
101,229
100,478
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:
Basic earnings per share
$
1.22
$
1.32
Add:
Unrealized loss on derivative instruments and related transactions
$
0.03
$
0.06
Tax effect
$
(0.01
)
$
(0.01
)
Effects of economic hedging related to natural gas inventory
$
(0.09
)
$
(0.10
)
Tax effect
$
0.02
$
0.02
Basic net financial earnings per share
$
1.17
$
1.29
NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, SRECs and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)
(Unaudited)
Three Months Ended
December 31,
(Thousands)
2025
2024
NATURAL GAS DISTRIBUTION
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:
Operating revenues
$
410,138
$
333,765
Less:
Natural gas purchases
170,724
130,005
Operating and maintenance (1)
25,336
26,009
Regulatory rider expense
33,154
22,476
Depreciation and amortization
36,960
32,084
Gross margin
143,964
123,191
Add:
Operating and maintenance (1)
25,336
26,009
Depreciation and amortization
36,960
32,084
Utility gross margin
$
206,260
$
181,284
(1) Excludes selling, general and administrative expenses of $23.7 million and $26.1 million for the three months ended December 31, 2025 and 2024, respectively.
ENERGY SERVICES
A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:
Operating revenues
$
119,107
$
86,308
Less:
Natural Gas purchases
85,774
67,868
Operation and maintenance (1)
2,916
1,597
Depreciation and amortization
41
47
Gross margin
30,376
16,796
Add:
Operation and maintenance (1)
2,916
1,597
Depreciation and amortization
41
47
Unrealized loss on derivative instruments and related transactions
2,996
6,368
Effects of economic hedging related to natural gas inventory
(8,567
)
(9,527
)
Financial margin
$
27,762
$
15,281
(1) Excludes selling, general and administrative expenses of $0.3 million for both the three months ended December 31, 2025 and 2024, respectively.
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
Net income
$
20,597
$
10,258
Add:
Unrealized loss on derivative instruments and related transactions
2,996
6,368
Tax effect
(712
)
(1,513
)
Effects of economic hedging related to natural gas
(8,567
)
(9,527
)
Tax effect
2,036
2,264
NFE tax adjustment
(70
)
(17
)
Net financial earnings
$
16,280
$
7,833
FINANCIAL STATISTICS BY BUSINESS UNIT
(Unaudited)
Three Months Ended
December 31,
(Thousands, except per share data)
2025
2024
NEW JERSEY RESOURCES
Operating Revenues
Natural Gas Distribution
$
410,138
$
333,765
Clean Energy Ventures
31,760
26,406
Energy Services
119,107
86,308
Storage and Transportation
28,080
26,628
Home Services and Other
16,005
15,794
Sub-total
605,090
488,901
Eliminations
(236
)
(540
)
Total
$
604,854
$
488,361
Operating Income
Natural Gas Distribution
$
120,312
$
97,106
Clean Energy Ventures
15,388
64,274
Energy Services
30,107
16,528
Storage and Transportation
11,975
9,769
Home Services and Other
787
995
Sub-total
178,569
188,672
Eliminations
639
905
Total
$
179,208
$
189,577
Equity in Earnings of Affiliates
Storage and Transportation
$
1,240
$
961
Eliminations
583
439
Total
$
1,823
$
1,400
Net Income
Natural Gas Distribution
$
83,829
$
66,908
Clean Energy Ventures
9,590
48,130
Energy Services
20,597
10,258
Storage and Transportation
7,363
5,664
Home Services and Other
479
615
Sub-total
121,858
131,575
Eliminations
632
(256
)
Total
$
122,490
$
131,319
Net Financial Earnings
Natural Gas Distribution
$
83,829
$
66,908
Clean Energy Ventures
9,590
48,130
Energy Services
16,280
7,833
Storage and Transportation
7,363
5,664
Home Services and Other
479
615
Sub-total
117,541
129,150
Eliminations
632
(256
)
Total
$
118,173
$
128,894
Throughput (Bcf)
NJNG, Core Customers
31.7
27.2
NJNG, Off System/Capacity Management
24.7
14.4
Energy Services Fuel Mgmt. and Wholesale Sales
28.4
28.3
Total
84.8
69.9
Common Stock Data
Yield at December 31,
4.2
%
3.9
%
Market Price at December 31,
$
46.12
$
46.65
Shares Out. at December 31,
100,750
100,191
Market Cap. at December 31,
$
4,646,595
$
4,673,918
Three Months Ended
(Unaudited)
December 31,
(Thousands, except customer and weather data)
2025
2024
NATURAL GAS DISTRIBUTION
Utility Gross Margin
Operating revenues
$
410,138
$
333,765
Less:
Natural gas purchases
170,724
130,005
Operating and maintenance (1)
25,336
26,009
Regulatory rider expense
33,154
22,476
Depreciation and amortization
36,960
32,084
Gross margin
143,964
123,191
Add:
Operating and maintenance (1)
25,336
26,009
Depreciation and amortization
36,960
32,084
Total Utility Gross Margin
$
206,260
$
181,284
(1) Excludes selling, general and administrative expenses of $23.7 million and $26.1 million for the three months ended December 31, 2025 and 2024, respectively.
Utility Gross Margin, Operating Income and Net Income
Residential
$
145,098
$
130,018
Commercial, Industrial & Other
27,192
23,869
Firm Transportation
27,365
23,176
Total Firm Margin
199,655
177,063
Interruptible
1,018
974
Total System Margin
200,673
178,037
Basic Gas Supply Service Incentive
5,587
3,247
Total Utility Gross Margin
206,260
181,284
Operation and maintenance expense
48,988
52,094
Depreciation and amortization
36,960
32,084
Operating Income
$
120,312
$
97,106
Net Income
$
83,829
$
66,908
Net Financial Earnings
$
83,829
$
66,908
Throughput (Bcf)
Residential
16.5
14.1
Commercial, Industrial & Other
3.0
2.6
Firm Transportation
3.9
3.4
Total Firm Throughput
23.4
20.1
Interruptible
8.3
7.1
Total System Throughput
31.7
27.2
Off System/Capacity Management
24.7
14.4
Total Throughput
56.4
41.6
Customers
Residential
537,850
530,760
Commercial, Industrial & Other
33,279
33,149
Firm Transportation
21,268
22,068
Total Firm Customers
592,397
585,977
Interruptible
30
88
Total System Customers
592,427
586,065
Off System/Capacity Management*
28
27
Total Customers
592,455
586,092
*The number of customers represents those active during the last month of the period.
Degree Days
Actual
1,657
1,399
Normal
1,511
1,523
Percent of Normal
109.7
%
91.9
%
Three Months Ended
(Unaudited)
December 31,
(Thousands, except customer, RECs and megawatt data)
2025
2024
CLEAN ENERGY VENTURES
Operating Revenues
SREC sales
$
22,408
$
17,684
TREC sales
3,222
2,505
SREC II sales
515
391
Merchant Power
2,785
1,736
PPA / Other
2,830
2,219
Residential solar portfolio
—
1,871
Total Operating Revenues
$
31,760
$
26,406
Depreciation and Amortization
$
7,032
$
6,425
Operating Income
$
15,388
$
64,274
Income Tax Provision
$
2,738
$
14,141
Net Income
$
9,590
$
48,130
Net Financial Earnings
$
9,590
$
48,130
Solar Renewable Energy Certificates Generated
72,373
88,707
Solar Renewable Energy Certificates Sold
115,520
85,693
Transition Renewable Energy Certificates Generated
21,487
17,444
Solar Renewable Energy Certificates II Generated
5,409
4,404
ENERGY SERVICES
Operating Income
Operating revenues
$
119,107
$
86,308
Less:
Gas purchases
85,774
67,868
Operation and maintenance expense
3,185
1,865
Depreciation and amortization
41
47
Operating Income
$
30,107
$
16,528
Net Income
$
20,597
$
10,258
Financial Margin
$
27,762
$
15,281
Net Financial Earnings
$
16,280
$
7,833
Gas Sold and Managed (Bcf)
28.4
28.3
STORAGE AND TRANSPORTATION
Operating Revenues
$
28,080
$
26,628
Equity in Earnings of Affiliates
$
1,240
$
961
Operation and Maintenance Expense
$
10,466
$
10,083
Other Income, Net
$
1,987
$
2,392
Interest Expense
$
5,566
$
5,969
Income Tax Provision
$
2,273
$
1,489
Net Income
$
7,363
$
5,664
Net Financial Earnings
$
7,363
$
5,664
HOME SERVICES AND OTHER
Operating Revenues
$
16,005
$
15,794
Operating Income
$
787
$
995
Net Income
$
479
$
615
Net Financial Earnings
$
479
$
615
Total Service Contract Customers at December 31
97,793
99,604
View source version on businesswire.com: https://www.businesswire.com/news/home/20260131386519/en/
Media Contact:
Mike Kinney
732-938-1031
mkinney@njresources.com
Investor Contact:
Adam Prior
732-938-1145
aprior@njresources.com
Original: New Jersey Resources Reports Fiscal 2026 First-Quarter Results; Increases Net Financial Earnings Guidance for Fiscal 2026
Hot Features
プレミアム
登録してリアルタイムのアラート、カスタムポートフォリオ、市場の動きを入手してください。
whytestocks
6年前
eFinanceMarkets
9年前
ValueInvestor15
10年前
Timothy Smith
11年前
Penny Roger$
14年前
frenchee
18年前
メールアドレスで登録
