New Jersey Resources (NJR) Increases Fiscal 2021 Net Financial Earnings Guidance

New Jersey Resources (NYSE: NJR) today announced an increase to its fiscal 2021 net financial earnings (NFE) guidance to a range of $1.85 - $1.95 per share, from the previously announced range of $1.55 - $1.65 per share.

The increase in guidance is due primarily to better-than-anticipated results at NJR Energy Services (Energy Services). During the second quarter of fiscal 2021, a period of widespread cold across the U.S. led to unusually high demand for natural gas. Energy Services’ geographically diverse storage and transportation assets enabled that business to meet the needs of its customers during a time of unprecedented volatility. Leaf River, NJR’s natural gas storage facility located in Mississippi, also performed well, providing uninterrupted service to its customers under challenging circumstances. The updated NFE guidance range of $1.85 - $1.95 per share is net of estimated reserves for bad debt exposure.

The chart below represents the NFE contributions NJR currently expects from its businesses in fiscal 2021:

“Surrounding our core utility with a diversified group of complementary businesses has benefited NJR over the years and this guidance increase is no exception. This result is a credit to the deep experience and hard work of the Energy Services team,” said Steve Westhoven, president and CEO of New Jersey Resources.

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