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Investing.com -- New Jersey Resources Corporation (NYSE:NJR) reported strong fiscal second-quarter results that exceeded analyst expectations, prompting the company to raise its full-year earnings guidance. Shares of NJR rose 2.3% following the announcement.
The natural gas utility and clean energy company posted adjusted earnings per share of $1.78 for the quarter ended March 31, beating the analyst consensus of $1.55. Revenue came in at $913.03 million, surpassing estimates of $800.57 million and rising from the same quarter last year.
New Jersey Resources increased its fiscal 2025 net financial earnings per share guidance to a range of $3.15 to $3.30, up from its previous outlook of $3.05 to $3.20. The new guidance sits above the analyst consensus of $3.11 per share.
"We continued to execute our strategy to deliver stable growth through our diversified business model," said Steve Westhoven, President and CEO of New Jersey Resources. "Our second-quarter performance exceeded expectations, largely driven by natural gas price volatility that benefited Energy Services during the winter period."
The company’s New Jersey Natural Gas segment reported net financial earnings of $144.5 million for the quarter, up from $107.1 million in the prior-year period. The increase was primarily due to higher utility gross margin resulting from a recent base rate case settlement.
NJR’s Clean Energy Ventures segment saw a narrower net financial loss of $4.0 million compared to a $5.6 million loss last year, benefiting from higher solar electricity sales and lower depreciation expenses.
The company maintained its long-term net financial earnings per share growth target of 7% to 9%, based on a fiscal 2025 target of $2.83 per share.
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