Cash flow from operations is projected between $460 million and $500 million for fiscal 2025, supported by stable utility earnings and contributions from other segments.
Higher utility margins at New Jersey Natural Gas post rate case, a $0.30 per share benefit from the sale of the residential solar portfolio, improved Storage & Transportation performance, and strong Energy Services results contributed to the financial improvement.
NJR reported a third quarter NFEPS of $0.06 compared to a net financial loss of $0.09 per share last year, showing a significant turnaround.
The company maintains a strong balance sheet with an adjusted FFO to adjusted debt ratio projected at 19% to 21%, and $825 million in credit capacity.
Utility gross margin for the quarter was stronger than expected, driven by the new rate case benefits and operational expense improvements.
Year-to-date NFE was $313.4 million or $3.13 per share, representing a nearly 55% increase year-over-year.
Adjusted EBITDA was $87 million, down 7.6% sequentially, with margins compressing to 31.7% from 33.5%.
Cash balance increased to $405 million, up approximately $58 million sequentially, supported by positive inventory and accounts payable movements and lower CapEx.
GAAP income was $49 million in Q2 versus $54 million in Q1; adjusted net income was $53 million with EPS of $0.66.
Legal expenses and reserves related to litigation increased by approximately $2 million to $5.1 million in Q2.
Net CapEx was approximately $11.1 million in Q2, with a reduced full-year 2025 CapEx outlook of $40 million to $45 million.
Operating income declined $12 million or 22.1% sequentially, with margin compression due to tariffs, lower rental revenue, and legal expenses.
Pressure Control segment revenue declined 5.5% sequentially to $180 million, driven by lower rental business revenue and unfavorable product mix.
Q2 2025 revenue was $274 million, a sequential decline of 2.4%.
Spoolable Technologies segment revenue increased 3.9% sequentially to $96 million, with improved operating income and margins.
The Board approved an 8% increase in the quarterly dividend to $0.14 per share.
A $0.27 per share negative variance was driven by a planned outage at the Dearborn industrial facility and other factors including financing activities and lower sales volumes.
Adjusted net income was $518 million, benefiting from favorable weather and constructive regulatory outcomes.
CMS Energy reported adjusted earnings per share of $1.73 for the first half of 2025, ahead of budget and full-year guidance.
Full-year guidance remains at $3.54 to $3.60 per share, with confidence toward the high end.
Increased vegetation management caused a $0.04 per share negative variance, partially offset by a regulatory asset from storm deferral costs.
Moody's reaffirmed CMS Energy's credit ratings in May; S&P review is ongoing.
Rate relief net of investment-related expenses added $0.09 per share due to electric and gas rate case outcomes.
Strong appetite continues for tax credit transfers, with $700 million expected to be executed in the 5-year plan.
The company has completed most of its 2025 financing plan, including $350 million in equity contracts, derisking about 70% of planned equity needs.
Weather contributed a positive variance of $0.32 per share, mainly due to favorable conditions in Q2 and a normal winter in Q1.
AEP delivered the strongest ever second quarter operating earnings in its 100-year history with $1.43 per share or $766 million, a 14% increase year-over-year.
Corporate and Other segment was relatively flat, demonstrating focus on cost controls.
FERC affirmed the appropriate treatment of NOLCs within transmission formula rates, resulting in a $480 million or $0.90 per share increase to GAAP earnings, excluded from operating earnings.
Generation & Marketing produced $0.17 per share, up $0.05 from last year, with favorable energy margins partially offset by lower distributed generation margins.
Liquidity remains strong at above $5.6 billion, supported by $6 billion of credit facilities, and the balance sheet is healthy with a BBB+ credit rating and stable outlook from S&P.
Operating earnings for the first quarter totaled $1.43 per share compared to $1.25 per share in 2024, highlighting solid momentum heading into the second half of 2025.
Transmission & Distribution Utilities segment earned $0.42 per share, up $0.01 from last year, supported by rate changes and retail sales gains from large loads.
Transmission Holdco segment contributed $0.42 per share, up $0.03 from last year, driven by investments in transmission assets.
Vertically Integrated Utilities segment earnings were $0.56 per share, up $0.10 from a year earlier, driven by rate changes and increasing load from data centers.
Dafinchi