New Jersey Resources Corp., parent of New Jersey Natural Gas, reported Aug. 5 a loss for the fiscal third quarter ended June 30 of $15.1 million, or 15 cents a share, compared with net loss of $11.6 million, or 12 cents, from the same period a year ago.
Fiscal 2025 year-to-date net income totaled $320.6 million, or $3.20 per share, compared with $198.6 million, or $2.02 per share, for the same period in fiscal 2024.
The company also increased the lower end of fiscal 2025 net financial earnings per share guidance by 5 cents, from a prior range of $3.15 – $3.30 to a range of $3.20 to $3.30.
Steve Westhoven, president and CEO of New Jersey Resources, stated, “We continued to execute on our strategy to drive stable growth through a diversified business model. Our third-quarter results underscore the power of our complementary portfolio and reaffirm the critical role of our physical infrastructure in delivering sustained value. The improvement in net financial earnings and our decision to raise the lower end of our fiscal 2025 NFEPS guidance reflect the strength and resilience of our operations. We remain confident in our long-term growth targets and our ability to deliver consistent performance for shareowners.”
The company says New Jersey Natural Gas contributes 64% to 67% to the parent company’s earnings, followed by Clean Energy Ventures (20% to 22%), Energy Services (10% to 12%), Store and Transportation (4% to 6%) and Home Services (0 to 1%). As of June 30, New Jersey Natural Gas served about 588,000 customers in Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties, up from approximately 583,000 customers on Sept. 30, 2024.
New Jersey Resources offered updates on its infrastructure programs. Its Infrastructure Investment Program is a five-year, $150 million accelerated recovery program that began in fiscal 2021. The program consists of a series of infrastructure projects designed to enhance the safety and reliability of NJNG’s natural gas distribution system. In the first nine months of fiscal 2025, NJNG spent $24 million under the program on various distribution system reinforcement projects.
NJNG’s Basic Gas Supply Service incentive programs contributed $14.5 million to utility gross margin during the first nine months of fiscal 2025, compared with $16.2 million in the same period in fiscal 2024. This decline was largely due to decreased margins from storage incentives.
The utility’s Savegreen energy-efficiency program invested $72.9 million year-to-date in fiscal 2025 in energy-efficiency upgrades for customers’ homes and businesses. NJNG recovered $13 million of its outstanding investments during the first nine months of fiscal 2025 through its energy efficiency rate.
Clean Energy Ventures (CEV) posted a third-quarter loss of $6.9 million, compared with a loss of $6.7 million in the same period a year ago. During the first nine months of fiscal 2025, CEV put five commercial projects into service, adding 32.1 megawatts (MW) to total installed capacity. As of June 30, 2025, CEV had about 418MW of commercial solar capacity in service in New Jersey, New York, Connecticut, Rhode Island, Indiana, and Michigan.
