NJR Q1 net income up 47% YoY to $1.32 EPS; base rate hike & solar sale boost results

NEW JERSEY RESOURCES CORP

2025-Q1 EPS reported $1.31 revenue$358,953,000

Net income $131.3M ($1.32 EPS) vs $89.4M ($0.91) YoY; NFE $128.9M ($1.29) vs $72.4M ($0.74).
NJNG received BPU approval for $157M annual base rate increase effective Nov 21, 2024.
CEV sold 91 MW residential solar portfolio for $132.5M, driving segment NFE to $48.1M vs $10.5M prior year.
Maintains fiscal 2025 NFEPS guidance $3.05-$3.20 and long-term 7-9% NFEPS growth target off $2.83 base.

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