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New Jersey Resources Reports Q1, Boosts CAPEX Outlook to $5.2B, Targets 7-9% Growth

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-- New Jersey Resources (NJR) reported Q1 earnings Monday, highlighting a multi-year growth plan targeting 7% to 9% earnings expansion, supported by a capital program of $4.8 billion to $5.2 billion through 2030.

The company is expanding its utility footprint with 592,455 customers across six New Jersey counties and expects to add 7,000 to 9,000 new customers annually, driven by construction and conversions, NJR said.

NJR is advancing its solar platform with about 489 megawatts of installed capacity and a development pipeline of roughly 1.2 gigawatts, while it has already placed about 9.7 MW in service year to date in fiscal 2026, the company added.

The company plans capital spending of $775 million to $930 million in fiscal 2026 and $870 million to $1.0 billion in fiscal 2027, according to the company.

NJR is expanding storage and transportation capacity through projects such as Leaf River, which aims to increase working gas capacity by over 70% from about 32 Bcf to more than 55 Bcf, the company said.

The company is also growing midstream and infrastructure assets, including Adelphia Gateway and Steckman Ridge, while targeting long-term demand growth supported by energy services, solar expansion, and pipeline investments, it said.

Price: $56.08, Change: $+0.08, Percent Change: +0.14%

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