New Jersey Resources (NJR) Q1 2025 Earnings Report

New Jersey Resources Corporation (NJR) kicked off fiscal 2025 with a strengthened earnings trajectory and a clear, diversified growth runway across its four segments: Natural Gas Distribution (NJNG), Clean Energy Ventures (CEV), Energy Services, and Storage & Transportation. In Q1, NJR reported first-quarter NFEPS of $1.29 per share versus $0.74 in the year-ago quarter, reflecting higher contributions from NJNG (rate-base recovery), CEV (residential and commercial solar portfolio sales), and ongoing Storage & Transportation and Energy Services improvements. Management reaffirmed full-year NFEPS guidance of $3.05 to $3.20 per share, highlighting the onetime benefit from the residential solar portfolio sale and the mix of utility-driven earnings; management notes the majority of NFEPS will come from utility operations. The company also outlined an active capital plan and growth agenda: capex guidance of $610–$790 million for 2025, and a broader planning capex range of $1.3–$1.6 billion for fiscal 2025–2026, aligned with the target long-term NFEPS growth of 7–9%. In addition to the regulatory momentum (base rate increases at NJNG, Leaf River capacity recovery, Adelphia Gateway rate case progress), NJR emphasized its leadership in sustainability (2024 Corporate Sustainability Report, distributed carbon capture, renewable diesel use) and a robust solar pipeline (>1 GW) with 11 MW placed in service and 63 MW under construction. While quarterly cash flow from operations was negative in Q1 (-$8.96 million) due to working capital moves, NJR projects 2025 operating cash flow of $460–$500 million to support capital investments and dividends. Overall, NJR presents a disciplined, diversified growth story with continued regulatory tailwinds and meaningful investments in clean energy and infrastructure.