New Jersey Resources Corporation (NJR) reported significant financial growth in its latest 10-Q filing for the quarter ending March 31, 2025. The company achieved total operating revenues of $913.0 million, a 38.7% increase from $657.9 million in the same period last year. This growth was driven by a substantial rise in utility revenues, which reached $618.3 million, up from $462.9 million, and nonutility revenues, which increased to $294.7 million from $195.1 million. The net income for the quarter was $204.3 million, compared to $120.8 million in the prior year, reflecting a 69.1% increase. Earnings per share also rose, with basic earnings per share at $2.04, up from $1.23.
The company noted several strategic developments contributing to its financial performance. Notably, NJR completed the sale of its residential solar portfolio for $132.5 million, which significantly bolstered its Clean Energy Ventures (CEV) segment. This transaction, along with increased base rates approved by the New Jersey Board of Public Utilities (BPU), which took effect on November 21, 2024, contributed to the overall revenue growth. Additionally, NJR's Energy Services (ES) segment benefited from higher operating revenues, although it faced increased natural gas purchase costs due to rising market prices.
Operationally, NJR reported a customer base of 588,164 as of March 31, 2025, an increase from 581,600 a year earlier. The company added 3,945 new customers during the six months ended March 31, 2025, which is expected to contribute approximately $4.4 million in incremental Utility Gross Margin annually. The company also highlighted its ongoing investments in infrastructure, with capital expenditures totaling approximately $134.7 million for the quarter, reflecting its commitment to enhancing service reliability and expanding its clean energy initiatives.
Looking ahead, NJR anticipates continued growth driven by its strategic initiatives and regulatory approvals. The company expects to maintain its focus on expanding its clean energy portfolio and enhancing its natural gas distribution capabilities. However, it also acknowledged potential risks, including fluctuations in natural gas prices and regulatory changes that could impact its operations. The company remains committed to managing these risks while pursuing its growth objectives in the evolving energy landscape.
About NEW JERSEY RESOURCES CORP
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