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.
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.
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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.
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.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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