New Jersey Resources Corporation reported first‑quarter fiscal 2026 results that exceeded analyst expectations, with net financial earnings of $118.2 million and earnings per share of $1.17, beating the consensus range of $0.95 to $1.07. Revenue for the quarter reached $604.85 million, outpacing the $516–$552 million range forecast by analysts.
The earnings lift was driven by strong performance across the company’s four operating segments. New Jersey Natural Gas generated $83.8 million in net financial earnings, a 25% increase from the $66.9 million reported a year earlier, largely due to the full impact of the November 2024 rate‑case settlement. Energy Services contributed $16.3 million, more than double the $7.8 million earned in the same period last year, as volatile natural‑gas prices expanded margins. Clean Energy Ventures posted $9.6 million, down from $48.1 million a year ago after the sale of a residential solar portfolio, while Storage & Transportation added $7.4 million, up from $5.7 million.
Compared with the same quarter in fiscal 2025, New Jersey Resources’ net financial earnings fell from $128.9 million to $118.2 million and earnings per share declined from $1.29 to $1.17. The decline is attributed to the absence of a one‑time gain from the sale of Clean Energy Ventures’ solar assets in the prior year, rather than a deterioration in core operations.
Management raised the full‑year 2026 net financial earnings per share guidance to $3.28–$3.43, an increase of $0.25 from the previous $3.03–$3.18 range. The adjustment reflects confidence in continued demand for the company’s diversified energy services, the sustained benefit of the rate‑case settlement, and disciplined capital allocation under a $5 billion five‑year plan that is being funded without new equity.
President and CEO Steve Westhoven said the company’s “strong start in fiscal 2026” is a testament to disciplined capital allocation and the resilience of its diversified energy platform. He emphasized a focus on reliable, affordable energy for New Jersey Natural Gas customers, growth opportunities in storage and transportation, and expansion of Clean Energy Ventures’ capacity, while reaffirming commitment to long‑term value creation.
Investors responded favorably to the earnings beat and guidance increase, citing the company’s ability to capture upside from regulatory actions and market volatility while maintaining disciplined cost management.
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