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PSEG (PEG) Q1 Earnings Miss Estimates, Revenues Down Y/Y
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Public Service Enterprise Group Incorporated (PEG - Free Report) or PSEG reported first-quarter 2024 adjusted earnings of $1.31 per share, which missed the Zacks Consensus Estimate of $1.32 by 0.8%. Earnings also declined 5.8% from the prior-year reported figure.
The company reported quarterly GAAP earnings per share (EPS) of $1.06 compared with $2.58 in the corresponding period of 2023.
The year-over-year deterioration can be attributed to higher investment-related expenses.
Total Revenues
Operating revenues in the first quarter totaled $2.76 billion, which beat the Zacks Consensus Estimate of $2.65 billion by 4.1%. The top line, however, declined 26.5% from the year-ago quarter’s figure of $3.76 billion.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
Electric sales volumes totaled 9,731 million kilowatt-hours, which improved 3% year over year. On the other hand, gas sales volumes improved 8% to 1,277 million therms.
Under electric sales, residential sales volumes totaled 3,089 million kilowatt-hours, up 5% from the prior-year quarter’s figure. Its commercial and industrial sales volumes accounted for 6,542 million kilowatt-hours, registering a year-over-year improvement of 1%.
Other sales amounted to 100 million kilowatt-hours, up 2% from the year-ago quarter’s level.
Total gas sales volumes witnessed a year-over-year increase of 6% and 23% in firm sales volumes and non-firm sales volumes of gas, respectively.
Highlights of the Release
The operating income totaled $685 million in the first quarter compared with $1,648 million in the year-ago period. This indicated a year-over-year decline of 58.4%. Total operating expenses were $2.08 billion, down 1.5% from the year-ago quarter’s reported actuals.
Segmental Performance
PSE&G: This segment’s net income totaled $488 million, up from $487 million recorded in the first quarter of 2023.
PSEG Power & Other: Adjusted operating income for this unit amounted to $169 million compared with $203 million in the prior-year quarter.
Financial Update
The long-term debt (including the current portion of the long-term debt) as of Mar 31, 2024, was $21.26 billion compared with $19.28 billion as of Dec 31, 2023.
PSEG generated $0.66 billion worth of cash from operations during the first quarter compared with $1.86 billion in the prior-year period.
2024 Guidance
The company reaffirmed its full-year guidance. PEG continues to expect adjusted earnings in the range of $3.60-$3.70 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.66 per share, just above the midpoint of the company’s guided range.
DTE Energy Company (DTE - Free Report) reported first-quarter 2024 operating EPS of $1.67, which missed the Zacks Consensus Estimate of $1.71 by 2.3%. However, the bottom line improved 25.6% from the year-ago quarter’s reported figure of $1.33.
DTE Energy reiterated its 2024 operating EPS projection. The company still expects operating EPS in the range of $6.54-$6.83.
Entergy Corporation (ETR - Free Report) reported first-quarter 2024 adjusted earnings of $1.08 per share, which missed the Zacks Consensus Estimate of $1.44 by 25%. The bottom line was also down 5.3% from the prior-year quarter’s level of $1.14.
ETR’s operating revenues totaled $2.79 billion, which lagged the Zacks Consensus Estimate of $3.18 billion by 12%. The top line also declined 6.3% from $2.98 billion reported in the year-ago quarter.
NextEra Energy (NEE - Free Report) reported first-quarter 2024 operating earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. Also, the bottom line improved 8.3% from the year-ago quarter’s figure of 84 cents.
Revenues of $5.73 billion missed the Zacks Consensus Estimate of $6.46 billion by 11.4%. The top line also declined 14.7% from the year-ago quarter’s figure.
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PSEG (PEG) Q1 Earnings Miss Estimates, Revenues Down Y/Y
Public Service Enterprise Group Incorporated (PEG - Free Report) or PSEG reported first-quarter 2024 adjusted earnings of $1.31 per share, which missed the Zacks Consensus Estimate of $1.32 by 0.8%. Earnings also declined 5.8% from the prior-year reported figure.
The company reported quarterly GAAP earnings per share (EPS) of $1.06 compared with $2.58 in the corresponding period of 2023.
The year-over-year deterioration can be attributed to higher investment-related expenses.
Total Revenues
Operating revenues in the first quarter totaled $2.76 billion, which beat the Zacks Consensus Estimate of $2.65 billion by 4.1%. The top line, however, declined 26.5% from the year-ago quarter’s figure of $3.76 billion.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
Public Service Enterprise Group Incorporated price-consensus-eps-surprise-chart | Public Service Enterprise Group Incorporated Quote
Sales Volume
Electric sales volumes totaled 9,731 million kilowatt-hours, which improved 3% year over year. On the other hand, gas sales volumes improved 8% to 1,277 million therms.
Under electric sales, residential sales volumes totaled 3,089 million kilowatt-hours, up 5% from the prior-year quarter’s figure. Its commercial and industrial sales volumes accounted for 6,542 million kilowatt-hours, registering a year-over-year improvement of 1%.
Other sales amounted to 100 million kilowatt-hours, up 2% from the year-ago quarter’s level.
Total gas sales volumes witnessed a year-over-year increase of 6% and 23% in firm sales volumes and non-firm sales volumes of gas, respectively.
Highlights of the Release
The operating income totaled $685 million in the first quarter compared with $1,648 million in the year-ago period. This indicated a year-over-year decline of 58.4%. Total operating expenses were $2.08 billion, down 1.5% from the year-ago quarter’s reported actuals.
Segmental Performance
PSE&G: This segment’s net income totaled $488 million, up from $487 million recorded in the first quarter of 2023.
PSEG Power & Other: Adjusted operating income for this unit amounted to $169 million compared with $203 million in the prior-year quarter.
Financial Update
The long-term debt (including the current portion of the long-term debt) as of Mar 31, 2024, was $21.26 billion compared with $19.28 billion as of Dec 31, 2023.
PSEG generated $0.66 billion worth of cash from operations during the first quarter compared with $1.86 billion in the prior-year period.
2024 Guidance
The company reaffirmed its full-year guidance. PEG continues to expect adjusted earnings in the range of $3.60-$3.70 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.66 per share, just above the midpoint of the company’s guided range.
Zacks Rank
PSEG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
DTE Energy Company (DTE - Free Report) reported first-quarter 2024 operating EPS of $1.67, which missed the Zacks Consensus Estimate of $1.71 by 2.3%. However, the bottom line improved 25.6% from the year-ago quarter’s reported figure of $1.33.
DTE Energy reiterated its 2024 operating EPS projection. The company still expects operating EPS in the range of $6.54-$6.83.
Entergy Corporation (ETR - Free Report) reported first-quarter 2024 adjusted earnings of $1.08 per share, which missed the Zacks Consensus Estimate of $1.44 by 25%. The bottom line was also down 5.3% from the prior-year quarter’s level of $1.14.
ETR’s operating revenues totaled $2.79 billion, which lagged the Zacks Consensus Estimate of $3.18 billion by 12%. The top line also declined 6.3% from $2.98 billion reported in the year-ago quarter.
NextEra Energy (NEE - Free Report) reported first-quarter 2024 operating earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. Also, the bottom line improved 8.3% from the year-ago quarter’s figure of 84 cents.
Revenues of $5.73 billion missed the Zacks Consensus Estimate of $6.46 billion by 11.4%. The top line also declined 14.7% from the year-ago quarter’s figure.