New Jersey Resources Reports 8.4% Revenue Growth but Net Loss of $15.1 Million for Q2 2025

New Jersey Resources Corporation (NJR) reported a total operating revenue of $298.9 million for the three months ended June 30, 2025, a 8.4% increase from $275.6 million in the same period last year. The utility segment, which includes the New Jersey Natural Gas Company (NJNG), contributed $204.8 million, up from $157.8 million, while the nonutility segment saw a decline to $94.2 million from $117.9 million. For the nine months ending June 30, 2025, total operating revenue reached $1.7 billion, compared to $1.4 billion in the prior year, driven primarily by increased utility revenues due to higher base rates and customer growth.

Despite the revenue growth, NJR reported a net loss of $15.1 million for the quarter, compared to a loss of $11.6 million in the same quarter of 2024. The loss was attributed to a significant increase in operating expenses, particularly in natural gas purchases, which rose to $141.4 million from $114.3 million year-over-year. The nine-month net income, however, increased to $320.6 million from $198.6 million, largely due to a $56.1 million gain from the sale of a residential solar asset portfolio by its Clean Energy Ventures (CEV) segment.

In terms of strategic developments, NJR completed the sale of its 91 MW residential solar portfolio for $132.5 million in November 2024, which significantly impacted its financial results. The company also reported a 5.7% increase in customer counts, reaching 588,305 as of June 30, 2025, compared to 582,100 a year earlier. This growth reflects NJNG's ongoing efforts to expand its customer base and enhance service offerings.

Operationally, NJR's capital expenditures totaled approximately $443.5 million for the nine months ended June 30, 2025, with significant investments in utility plant and solar equipment. The company anticipates continued capital investments in infrastructure projects, with projected expenditures between $375 million and $420 million for fiscal 2025. NJR's management remains focused on maintaining a strong financial position, with plans to fund these investments through a combination of cash flows from operations, debt issuance, and equity financing.

Looking ahead, NJR expects to navigate challenges related to fluctuating natural gas prices and regulatory changes while continuing to pursue growth opportunities in clean energy and utility services. The company remains committed to its strategic initiatives, including enhancing its infrastructure and expanding its clean energy portfolio, which are expected to contribute positively to its long-term financial performance.