Public Service Enterprise Group Inc. (PEG - Free Report) , or PSEG, reported second-quarter 2021 adjusted operating earnings of 70 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line also declined 11.4% on a year-over-year basis.
Excluding one-time adjustments, the company incurred quarterly losses of 35 cents per share against the quarterly earnings of 89 cents in second-quarter 2020.
Total Revenues
Revenues of $1,874 million in the quarter missed the Zacks Consensus Estimate of $2,336 million by 19.8%. The figure also declined 11.5% from the year-ago quarter’s $2,050 million.
In the quarter, electric sales volumes were 9,430 million kilowatt-hours, while gas sales volumes were 563 million therms.
Under Electric sales, Residential sales volumes were 3,209 million kilowatt-hours, whereas Commercial and Industrial sales volumes accounted for 6,149 million kilowatt-hours. Other sales accounted for 72 million kilowatt-hours.
Total gas sales volumes witnessed a 14% decline in firm sales volumes and 14% growth in non-firm sales volumes of gas.
Highlights of the Release
During the second quarter of 2021, the company incurred an operating loss of $294 million against the operating income of $407 million in the year-ago quarter.
Total operating expenses were $2,168 million, up 32% from the year-ago quarter.
Interest expenses in the reported quarter were $147 million compared with $151 million in the year-ago quarter.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
Segment Performance
PSE&G: Operating earnings were $309 million, up from $283 million in the prior-year quarter.
PSEG Power: Operating earnings were $50 million compared with $123 million in the prior-year quarter.
PSEG Enterprise/Other: Operating losses were $3 million compared with a loss of $2 million in the prior-year quarter.
Financial Update
Long-term debt as of Jun 30, 2021, was $15,695 million, up from the 2020-end level of $16,180 million.
PSEG generated $1,049 million in cash from operations at the end of first-half 2021 compared with $1,664 million generated in the first half of 2020.
2021 Guidance
The company updated its 2021 guidance. Its adjusted earnings are still projected to be in the range of $3.40-$3.55 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.51 per share, higher than the midpoint of the company’s guided range.
PSE&G’s operating earnings are anticipated to be $1,725-$1,800 million. The company also continues to expect PSEG Power operating earnings to be $295-$370 million.
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
American Electric Power (AEP - Free Report) reported second-quarter 2021 adjusted earnings per share of $1.18, which exceeded the Zacks Consensus Estimate of $1.14 by 3.5%.
NextEra Energy (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share (EPS) of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.
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Public Service Enterprise Group Inc. (PEG - Free Report) , or PSEG, reported second-quarter 2021 adjusted operating earnings of 70 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line also declined 11.4% on a year-over-year basis.
Excluding one-time adjustments, the company incurred quarterly losses of 35 cents per share against the quarterly earnings of 89 cents in second-quarter 2020.
Total Revenues
Revenues of $1,874 million in the quarter missed the Zacks Consensus Estimate of $2,336 million by 19.8%. The figure also declined 11.5% from the year-ago quarter’s $2,050 million.
In the quarter, electric sales volumes were 9,430 million kilowatt-hours, while gas sales volumes were 563 million therms.
Under Electric sales, Residential sales volumes were 3,209 million kilowatt-hours, whereas Commercial and Industrial sales volumes accounted for 6,149 million kilowatt-hours. Other sales accounted for 72 million kilowatt-hours.
Total gas sales volumes witnessed a 14% decline in firm sales volumes and 14% growth in non-firm sales volumes of gas.
Highlights of the Release
During the second quarter of 2021, the company incurred an operating loss of $294 million against the operating income of $407 million in the year-ago quarter.
Total operating expenses were $2,168 million, up 32% from the year-ago quarter.
Interest expenses in the reported quarter were $147 million compared with $151 million in the year-ago quarter.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
Segment Performance
PSE&G: Operating earnings were $309 million, up from $283 million in the prior-year quarter.
PSEG Power: Operating earnings were $50 million compared with $123 million in the prior-year quarter.
PSEG Enterprise/Other: Operating losses were $3 million compared with a loss of $2 million in the prior-year quarter.
Financial Update
Long-term debt as of Jun 30, 2021, was $15,695 million, up from the 2020-end level of $16,180 million.
PSEG generated $1,049 million in cash from operations at the end of first-half 2021 compared with $1,664 million generated in the first half of 2020.
2021 Guidance
The company updated its 2021 guidance. Its adjusted earnings are still projected to be in the range of $3.40-$3.55 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.51 per share, higher than the midpoint of the company’s guided range.
PSE&G’s operating earnings are anticipated to be $1,725-$1,800 million. The company also continues to expect PSEG Power operating earnings to be $295-$370 million.
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
American Electric Power (AEP - Free Report) reported second-quarter 2021 adjusted earnings per share of $1.18, which exceeded the Zacks Consensus Estimate of $1.14 by 3.5%.
NextEra Energy (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share (EPS) of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
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