New Jersey Resources Corporation (NJR) reported a significant increase in financial performance for the third quarter and nine months ended June 30, 2026, compared to the same periods in the previous year. The company achieved total operating revenues of $349.2 million for the quarter, up from $298.9 million, and $1.89 billion for the nine months, compared to $1.70 billion. Net income for the quarter was $9.7 million, a turnaround from a net loss of $15.1 million in the prior year, while net income for the nine months rose to $351.1 million from $320.6 million. This improvement was attributed to higher revenues from both utility and non-utility segments, particularly driven by favorable pricing spreads and increased customer growth.
The company experienced notable changes in its operational metrics. NJR's utility segment, New Jersey Natural Gas (NJNG), reported a 6% increase in customer count, reaching 594,646 customers as of June 30, 2026. The Clean Energy Ventures (CEV) segment also saw growth, with operating revenues increasing to $19.2 million for the quarter, up from $12 million, largely due to higher renewable energy certificate (REC) sales. Additionally, the Energy Services (ES) segment reported a substantial increase in operating revenues to $80 million, driven by a 39% increase in natural gas volumes sold.
Strategically, NJR has focused on expanding its clean energy initiatives, with CEV placing five commercial solar projects into service during the quarter, totaling 44.4 megawatts (MW) and incurring related expenditures of approximately $123.8 million. The company has also engaged in sale leaseback transactions for its solar assets, generating significant cash inflows while retaining operational control over the projects. Furthermore, NJNG filed a base rate case with the New Jersey Board of Public Utilities (BPU) requesting a revenue increase of $157.6 million, reflecting ongoing investments in infrastructure and customer service enhancements.
The financial outlook for NJR remains positive, with management anticipating continued growth driven by customer expansion and strategic investments in clean energy. The company expects to maintain its capital structure and liquidity through a combination of cash flows from operations, available credit facilities, and potential equity raises. NJR's management has expressed confidence in meeting its financial obligations and capital expenditures for the upcoming fiscal year, supported by a stable regulatory environment and ongoing demand for natural gas and renewable energy solutions.
About NEW JERSEY RESOURCES CORP
New Jersey Resources Corporation is a diversified energy company engaged in natural gas distribution, clean energy investments, and energy services. Its core operations include regulated utility services, renewable solar projects, and natural gas storage and transportation. Serving residential, commercial, and industrial customers primarily in New Jersey and across North America, the company emphasizes sustainable energy solutions, risk management, and operational reliability.
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