For those looking to find strong Utilities stocks, it is prudent to search for companies in the group that are outperforming their peers. Has New Jersey Resources (NJR) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.New Jersey Resources is one of 107 individual stocks in the Utilities sector. Collectively, these companies sit at #6 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank ...

Group 1 - The article discusses the profitability of regulated utilities, highlighting that while they do not grow quickly or attract significant media attention, they tend to be highly profitable businesses [1] - Essential Utilities (WTRG) is specifically mentioned as an example of a company in this sector, reinforcing the notion that "boring" businesses can yield substantial returns [1] Group 2 - The author emphasizes the importance of data-driven insights in maximizing profitability, indicating a trend towards analytical approaches in financial decision-making [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-08359 NEW JERSEY RESOURCES CORPORATION (Exact name of registrant as specified in its charter) New Jersey 22-2376465 (State or other jur ...

Financial Data and Key Metrics Changes - The company reported NFE of $118.2 million or $1.17 per share for the quarter, reflecting disciplined execution and solid performance across its businesses [31] - The fiscal 2026 NFEPS guidance was raised by $0.25 to a range of $3.28-$3.43 per share, marking the sixth consecutive year of raising guidance [24][33] - The company expects to invest approximately $5 billion over the next five years, representing a 40% increase compared to the previous five years [6][15] Business Line Data and Key Metrics Changes - New Jersey Natural Gas is positioned for high single-digit rate-based growth through 2030, with significant investments directed towards safety and reliability [7][8] - Storage and Transportation (S&T) is expected to more than double NFE by 2027, driven by favorable recontracting of both Adelphia and Leaf River [6][28] - Clean Energy Ventures (CEV) expects to grow in-service capacity by more than 50% over the next two years, with a strong project pipeline [10][30] Market Data and Key Metrics Changes - The utility is expected to contribute approximately 70% of fiscal 2026 NFEPS, complemented by earnings growth from CEV and S&T [15][33] - New Jersey Natural Gas achieved record send-outs during extreme cold weather, highlighting the critical nature of its services [25][23] Company Strategy and Development Direction - The company emphasizes consistency in execution and targeted capital deployment to support long-term growth [5][6] - A healthy balance sheet is maintained with no need for block equity issuance to execute on its capital plan [6][15] - The company is focused on affordability and energy efficiency programs to help customers manage costs [26][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by rising electric utility costs and expressed commitment to working with the new administration to address these issues [18][34] - The company remains optimistic about its growth prospects, supported by a disciplined capital investment strategy and a solid balance sheet [7][10] Other Important Information - The company marked 30 consecutive years of dividend increases, underscoring confidence in its long-term plan [12] - The company has a proactive approach to securing natural gas supplies, with over 87% hedged for the winter season [26] Q&A Session Summary Question: Can you discuss the potential for further upside in energy services due to weather events? - Management indicated that the guidance issued was based on results to date and could not incorporate future weather events [39] Question: Can you confirm contracts for the capacity expansion at Leaf River and discuss potential for further growth? - Management confirmed contracts for initial capacity expansion but noted that the fourth cavern expansion does not yet have contracts [40][41] Question: How does the evolving regulatory backdrop affect affordability efforts and future rate case filings? - Management emphasized ongoing efforts to drive affordability and stated there are no immediate needs for new regulatory processes [46] Question: What is the outlook for Clean Energy Ventures in light of recent regulations? - Management expressed optimism about permit reforms and the ability to accelerate development of safe-harbored assets [48] Question: Can you provide insights on the solar pipeline outside of New Jersey? - Management noted that about 50% of forward-looking projects are outside New Jersey and emphasized the importance of regulatory friendliness in those markets [59] Question: How does the hedging strategy benefit customers, and is it recognized by regulators? - Management confirmed that regulators are aware of the benefits of the hedging strategy, which helps mitigate costs for customers [68]

Financial Data and Key Metrics Changes - The company reported NFE of $118.2 million or $1.17 per share for the quarter, reflecting disciplined execution and solid performance across its businesses [31] - The fiscal 2026 NFEPS guidance was raised by $0.25 to a range of $3.28-$3.43 per share, marking the sixth consecutive year of raising guidance [24][33] - The company expects to invest approximately $5 billion over the next five years, representing a 40% increase compared to the previous five years of capital expenditures [6][16] Business Line Data and Key Metrics Changes - New Jersey Natural Gas is positioned for high single-digit rate-based growth through 2030, with significant investments directed towards strengthening core infrastructure and enhancing system safety [7][8] - Storage and Transportation (S&T) is expected to more than double net financial earnings by 2027, driven by favorable recontracting of both Adelphia and Leaf River [9][28] - Clean Energy Ventures (CEV) anticipates a 50% increase in in-service capacity over the next two years, supported by a robust pipeline of projects [11][30] Market Data and Key Metrics Changes - The company reported record send-outs during a recent cold weather event, highlighting the critical role of natural gas services in the local economy [25] - New Jersey Natural Gas was over 87% hedged going into the winter, with an average hedged price of approximately $2.20 per dekatherm, compared to much higher spot prices during the event [26] Company Strategy and Development Direction - The company emphasizes consistency in execution and targeted capital deployment, with a focus on maintaining a healthy balance sheet and strong credit metrics [6][7] - The company is actively pursuing organic growth opportunities in its S&T segment and has filed a FERC application to increase working gas capacity by over 70% at Leaf River [10][29] - The company aims to work with the new administration in New Jersey to address affordability issues and promote clean energy solutions [19][35] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of affordability and energy efficiency programs in mitigating customer costs, especially during extreme weather events [25][26] - The company remains optimistic about its growth prospects, with clear visibility into capital spending and a balanced, diversified energy infrastructure [19][36] Other Important Information - The company achieved 30 consecutive years of dividend increases, underscoring confidence in its long-term plan [13] - The company’s Energy Services segment outperformed expectations, contributing significantly to cash flow generation [33] Q&A Session Summary Question: Energy Services performance and weather impact - Management noted that the guidance revision reflects performance through January and cannot incorporate future weather events [39] Question: S&T capacity expansion and contracts - Management confirmed contracts for initial capacity expansion but indicated that further expansion opportunities are being explored [40][41] Question: Regulatory backdrop and affordability efforts - Management emphasized ongoing efforts to drive affordability and work with the administration on regulatory strategies [46][47] Question: CEV plans and regulatory impact - Management discussed the potential for permit reform to accelerate project development and enhance capacity [48][49] Question: Solar pipeline and geographic diversity - Management indicated that about 50% of future projects are outside New Jersey, with ongoing efforts to pursue favorable regulatory environments [59] Question: Hedging strategy and regulatory recognition - Management confirmed that regulators are aware of the benefits of the hedging strategy, which has helped mitigate costs for customers [67]

Financial Data and Key Metrics Changes - The company reported NFE of $118.2 million or $1.17 per share for the quarter, reflecting disciplined execution and solid performance across its businesses [29] - The fiscal 2026 NFEPS guidance was raised by $0.25 to a range of $3.28-$3.43 per share, marking the sixth consecutive year of raising guidance [23][31] - The company expects to invest approximately $5 billion over the next five years, representing a 40% increase compared to the previous five years of capital expenditures [6][14] Business Line Data and Key Metrics Changes - New Jersey Natural Gas is positioned for high single-digit rate-based growth through 2030, with significant investments directed towards strengthening core infrastructure and enhancing system safety [8][14] - Storage and Transportation (S&T) is expected to more than double net financial earnings by 2027, driven by favorable recontracting of both Adelphia and Leaf River [6][10] - Clean Energy Ventures (CEV) expects to grow in-service capacity by more than 50% over the next two years, supported by a strong project pipeline [11][27] Market Data and Key Metrics Changes - The company reported record send-outs during a recent cold weather event, highlighting the critical role of natural gas in the local economy [22][24] - New Jersey Natural Gas was over 87% hedged going into the winter, with an average hedged price of approximately $2.20 per decatherm, compared to much higher spot prices during the event [25] Company Strategy and Development Direction - The company aims for a disciplined capital investment strategy to deliver sustainable growth, with a focus on utility investments and energy efficiency programs [6][8] - The company is actively pursuing organic growth opportunities in its storage and transportation business, with plans to increase Leaf River's working gas capacity by over 70% [10][11] - The company is committed to working with the new administration in New Jersey to address energy affordability and deployment of clean energy solutions [18][32] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of affordability and energy efficiency in their operations, particularly in light of recent regulatory changes and the new administration's focus [32] - The company expressed confidence in its ability to navigate the evolving regulatory landscape while continuing to grow its business [44] Other Important Information - The company achieved 30 consecutive years of dividend increases, underscoring confidence in its long-term plan [12] - The company has a solid balance sheet with strong cash flows and no need for block equity issuance to execute its capital plan [6][15] Q&A Session Summary Question: Impact of weather events on energy services performance - Management noted that the guidance issued was based on results to date and could not incorporate future weather events, but January was constructive for results [36] Question: Capacity expansion at Leaf River - Management confirmed contracts for initial capacity expansion but noted that the fourth cavern expansion does not yet have contracts, though market conditions are supportive [38][39] Question: Regulatory strategy regarding affordability - Management highlighted ongoing efforts to hedge gas prices and reduce customer bills, with no immediate need for new rate case filings [44] Question: Clean Energy Ventures outlook - Management discussed the potential for permit reform and acceleration of interconnections to enhance CEV's growth opportunities [46] Question: Commercial interest in storage expansion - Management indicated constructive interest from open seasons and the potential for future expansion, with timelines for earnings contributions expected around 2028 and 2029 [51][53] Question: Solar pipeline outside New Jersey - Management confirmed that about 50% of forward-looking projects are outside New Jersey, with ongoing efforts to pursue regulatory-friendly projects [57] Question: Hedging strategy benefits - Management stated that regulators are aware of the benefits of their hedging strategy, which has helped mitigate costs for customers [65]

February 2026 Investor Presentation Fiscal 2026 First Quarter Financial Results Forward-Looking Statements and Non-GAAP Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many ...

Core Insights - New Jersey Resources (NJR) reported quarterly earnings of $1.17 per share, exceeding the Zacks Consensus Estimate of $0.95 per share, but down from $1.29 per share a year ago, resulting in an earnings surprise of +23.16% [1] - The company achieved revenues of $604.85 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 17.21% and up from $488.36 million year-over-year [2] - NJR has outperformed the S&P 500 with a 7.3% increase since the beginning of the year compared to the S&P 500's gain of 1.4% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.58 on revenues of $890.72 million, and for the current fiscal year, it is $3.14 on revenues of $2.25 billion [7] - The estimate revisions trend for NJR was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Utility - Gas Distribution industry, to which NJR belongs, is currently in the top 40% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - UGI, another company in the same industry, is expected to report quarterly earnings of $1.42 per share, reflecting a year-over-year change of +3.7%, with revenues anticipated to be $2.13 billion, up 4.8% from the previous year [9][10]

Financial Performance - Fiscal 2026 first-quarter consolidated net income was $122.5 million, or $1.22 per share, compared to $131.3 million, or $1.32 per share, in the same period of fiscal 2025[3]. - Fiscal 2026 first-quarter consolidated net financial earnings (NFE) were $118.2 million, or $1.17 per share, down from $128.9 million, or $1.29 per share, in the first quarter of fiscal 2025[3]. - The company raised its fiscal 2026 net financial earnings per share (NFEPS) guidance to a range of $3.28 to $3.43, an increase of $0.25 from the previous range of $3.03 to $3.18[4]. - Net income for the three months ended December 31, 2025, was $122.490 million, compared to $131.319 million in the same period of 2024, reflecting a decrease of 6.3%[28]. - Basic earnings per share for Q4 2025 was $1.22, down from $1.32 in Q4 2024, a decline of 7.6%[28]. - Net financial earnings for Q4 2025 were $118.173 million, compared to $128.894 million in Q4 2024, a decrease of 8.3%[31]. Revenue Growth - Total operating revenues for the three months ended December 31, 2025, increased to $604.854 million, up from $488.361 million in 2024, representing a growth of 23.9%[28]. - Natural Gas Distribution segment reported operating revenues of $410.138 million in Q4 2025, up from $333.765 million in Q4 2024, an increase of 22.9%[38]. - Energy Services segment's operating revenues rose to $119.107 million in Q4 2025 from $86.308 million in Q4 2024, marking a growth of 37.9%[35]. - Clean Energy Ventures generated operating revenues of $31.760 million in Q4 2025, compared to $26.406 million in Q4 2024, an increase of 20.9%[38]. - Operating revenues for Natural Gas Distribution increased to $410,138,000 in Q1 2026 from $333,765,000 in Q1 2025, representing a growth of 22.9%[40]. - Total Operating Revenues for Clean Energy Ventures reached $31,760,000 in Q1 2026, up from $26,406,000 in Q1 2025, a growth of 20.5%[41]. - Operating revenues for Energy Services increased to $119,107,000 in Q1 2026 from $86,308,000 in Q1 2025, representing a growth of 37.9%[42]. Customer Metrics - The number of NJNG customers increased to approximately 592,000 as of December 31, 2025, compared to 589,000 as of September 30, 2025[8]. - The throughput for NJNG's core customers increased to 31.7 Bcf in Q4 2025 from 27.2 Bcf in Q4 2024, indicating a growth in customer demand[38]. - Total System Throughput increased to 31.7 Bcf in Q1 2026 from 27.2 Bcf in Q1 2025, marking a rise of 16.6%[40]. - Total Service Contract Customers at December 31, 2025, were 97,793, a slight decrease from 99,604 in 2024[43]. Expenses and Capital Expenditures - Capital expenditures for the first quarter were $163.6 million, up from $149.6 million in the same period of fiscal 2025[19]. - The total operating expenses for Q4 2025 were $425.646 million, up from $298.784 million in Q4 2024, representing a rise of 42.5%[28]. - The company expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030, with over 60% allocated to utility spending at NJNG[19]. Segment Performance - New Jersey Natural Gas (NJNG) reported first-quarter NFE of $83.8 million, up from $66.9 million in the same period of fiscal 2025, driven by a base rate case settlement[7]. - Energy Services reported first-quarter NFE of $16.3 million, compared to $7.8 million in the same period of fiscal 2025, due to higher natural gas price volatility[13]. - Clean Energy Ventures (CEV) reported first-quarter NFE of $9.6 million, down from $48.1 million in the same period of fiscal 2025, primarily due to a one-time gain on sale of assets[10]. - Net Income for the Natural Gas Distribution segment was $83,829,000 in Q1 2026, up from $66,908,000 in Q1 2025, reflecting a growth of 25.3%[40]. - Net Income for Clean Energy Ventures decreased to $9,590,000 in Q1 2026 from $48,130,000 in Q1 2025, a decline of 80.1%[41]. - Net Income for Energy Services rose to $20,597,000 in Q1 2026 compared to $10,258,000 in Q1 2025, an increase of 100.5%[42]. - Operating Income for Home Services and Other was $787,000 in Q1 2026, down from $995,000 in Q1 2025, a decline of 21.0%[43].

Core Viewpoint - New Jersey Resources Corporation (NJR) reported strong financial performance in the first quarter of fiscal 2026, raising its net financial earnings per share (NFEPS) guidance due to favorable conditions in its Energy Services segment [4][5]. Financial Highlights - Fiscal 2026 first-quarter consolidated net income was $122.5 million, or $1.22 per share, compared to $131.3 million, or $1.32 per share, in the same period of fiscal 2025 [7][8]. - Fiscal 2026 first-quarter consolidated net financial earnings (NFE) were $118.2 million, or $1.17 per share, down from $128.9 million, or $1.29 per share, in the first quarter of fiscal 2025 [7][8]. - The decrease in NFE was primarily due to a prior-year gain on the sale of Clean Energy Ventures' residential solar portfolio assets, partially offset by higher NFE from New Jersey Natural Gas, Storage and Transportation, and Energy Services [7][8]. Fiscal 2026 Outlook - NJR raised its fiscal 2026 NFEPS guidance range by $0.25 to $3.28 to $3.43, marking the sixth consecutive year of guidance increases [4][5]. - The expected contributions to NFE from business segments for fiscal 2026 are as follows: New Jersey Natural Gas (62-67%), Clean Energy Ventures (9-14%), Storage and Transportation (7-12%), Energy Services (12-17%), and Home Services and Other (1-2%) [5]. Business Segment Performance - New Jersey Natural Gas reported NFE of $83.8 million, up from $66.9 million in the same period last year, driven by a base rate case settlement [10]. - Clean Energy Ventures reported NFE of $9.6 million, down from $48.1 million, primarily due to a one-time gain recognized in the prior year [13]. - Storage and Transportation reported NFE of $7.4 million, an increase from $5.7 million, attributed to higher operating income from the Adelphia Gateway [14]. - Energy Services reported NFE of $16.3 million, up from $7.8 million, due to increased natural gas price volatility [15]. - Home Services and Other Operations reported NFE of $0.5 million, slightly down from $0.6 million [16]. Capital Expenditures and Cash Flows - Capital expenditures for the first quarter were $163.6 million, compared to $149.6 million in the same period last year, mainly due to higher spending at NJNG and CEV [21]. - NJR expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030, with over 60% allocated to utility spending at NJNG [21]. - Cash flows from operations increased to $26.7 million, compared to cash flows used in operations of $9.0 million in the same period last year, primarily due to increased base rates at NJNG [21].