New Jersey Resources(US:NJR) Businesswire·2026-02-02 21:31Core 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].