Public Service Enterprise Group Inc. (PEG - Free Report) or PSEG delivered fourth-quarter 2017 adjusted operating earnings of 57 cents per share, which surpassed the Zacks Consensus Estimate by a penny. The bottom line also improved 5.6% on a year-over-year basis.
Excluding one-time adjustments, the company reported quarterly earnings of $1.88 per share against a loss of 19 cents in fourth-quarter 2016.
In 2017, the company reported adjusted operating earnings of $2.93 per share, which surpassed the Zacks Consensus Estimate of $2.91 by 0.7%. The bottom line also rose 1% on a year-over-year basis.
Total Revenues
Revenues of $2,096 million in the quarter missed the Zacks Consensus Estimate of $2,357 million by 11.1%. However, the figure rose 0.3% from the year-ago figure of $2,090 million.
During the reported quarter, electric sales volume improved 1.5% to 9,542 million kilowatt-hours, while gas sales volume decreased 9.2% to 950 million therms.
For electric sales, results reflected a 1.1% rise in the commercial and industrial sector, 2.5% rise in residential sector, 2.7% fall in street lighting and 2% drop in interdepartmental sector.
Total gas sales volume in the reported quarter declined on 40.8% drop in non-firm sales volume of gas, while firm sales volume of gas improved 4.8%.
In 2017, the company reported revenues of $9.08 billion that missed the Zacks Consensus Estimate of $9.33 billion. However, the figure rose 0.3% from the year-ago figure of $9.06 billion.
Highlights of the Release
During the fourth quarter, the company reported operating income of $362 million compared with operating loss of $175 million in the year-ago quarter. Total operating expenses were $1,734 million, down 23.4% from the year-ago quarter figure.
Interest expenses in the reported quarter were $102 million compared with $97 million in the year-ago quarter.
Segment Performance
PSE&G: Segment earnings were $220 million, up from $193 million in the prior-year quarter.
PSEG Power: The segment earnings were $610 million against a loss of $302 million a year ago.
PSEG Enterprise/Other: The segment earnings were $126 million compared with $11 million in the third quarter of 2016.
Financial Update
As of Dec 31, 2017 cash and cash equivalents were $313 million compared with $423 million as of Dec 31, 2016.
Long-term debt as of Dec 31, 2017 was $13,068 million, up from the 2016-end level of $11,395 million.
Public Service Enterprise Group generated $3,261 million in cash from operations in 2017, down from the year-ago figure of $3,311.
2018 Guidance
The company issued 2018 guidance. Adjusted earnings are projected in the range of $3.00-$3.20.
PSE&G’s operating earnings are anticipated in the band of $1,000-$1,030 million. The company expects PSEG Power operating earnings guidance in $485-$560 million range.
Additionally, PSEG Enterprise/Other’s operating earnings expectations are projected at $35 million.
Zacks Rank
Public Service Enterprise Group carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Peer Releases
Duke Energy (DUK - Free Report) reported fourth-quarter 2017 adjusted earnings of 94 cents per share, beating the Zacks Consensus Estimate of 91 cents by 3.3%.
PG&E Corporation’s (PCG - Free Report) adjusted operating earnings per share of 63 cents in fourth-quarter 2017 missed the Zacks Consensus Estimate of 69 cents by 8.7%.
CenterPoint Energy (CNP - Free Report) reported fourth-quarter 2017 adjusted earnings of 33 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 10%.
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Public Service Enterprise Group Inc. (PEG - Free Report) or PSEG delivered fourth-quarter 2017 adjusted operating earnings of 57 cents per share, which surpassed the Zacks Consensus Estimate by a penny. The bottom line also improved 5.6% on a year-over-year basis.
Excluding one-time adjustments, the company reported quarterly earnings of $1.88 per share against a loss of 19 cents in fourth-quarter 2016.
In 2017, the company reported adjusted operating earnings of $2.93 per share, which surpassed the Zacks Consensus Estimate of $2.91 by 0.7%. The bottom line also rose 1% on a year-over-year basis.
Total Revenues
Revenues of $2,096 million in the quarter missed the Zacks Consensus Estimate of $2,357 million by 11.1%. However, the figure rose 0.3% from the year-ago figure of $2,090 million.
During the reported quarter, electric sales volume improved 1.5% to 9,542 million kilowatt-hours, while gas sales volume decreased 9.2% to 950 million therms.
For electric sales, results reflected a 1.1% rise in the commercial and industrial sector, 2.5% rise in residential sector, 2.7% fall in street lighting and 2% drop in interdepartmental sector.
Total gas sales volume in the reported quarter declined on 40.8% drop in non-firm sales volume of gas, while firm sales volume of gas improved 4.8%.
In 2017, the company reported revenues of $9.08 billion that missed the Zacks Consensus Estimate of $9.33 billion. However, the figure rose 0.3% from the year-ago figure of $9.06 billion.
Highlights of the Release
During the fourth quarter, the company reported operating income of $362 million compared with operating loss of $175 million in the year-ago quarter. Total operating expenses were $1,734 million, down 23.4% from the year-ago quarter figure.
Interest expenses in the reported quarter were $102 million compared with $97 million in the year-ago quarter.
Segment Performance
PSE&G: Segment earnings were $220 million, up from $193 million in the prior-year quarter.
PSEG Power: The segment earnings were $610 million against a loss of $302 million a year ago.
PSEG Enterprise/Other: The segment earnings were $126 million compared with $11 million in the third quarter of 2016.
Financial Update
As of Dec 31, 2017 cash and cash equivalents were $313 million compared with $423 million as of Dec 31, 2016.
Long-term debt as of Dec 31, 2017 was $13,068 million, up from the 2016-end level of $11,395 million.
Public Service Enterprise Group generated $3,261 million in cash from operations in 2017, down from the year-ago figure of $3,311.
2018 Guidance
The company issued 2018 guidance. Adjusted earnings are projected in the range of $3.00-$3.20.
PSE&G’s operating earnings are anticipated in the band of $1,000-$1,030 million. The company expects PSEG Power operating earnings guidance in $485-$560 million range.
Additionally, PSEG Enterprise/Other’s operating earnings expectations are projected at $35 million.
Zacks Rank
Public Service Enterprise Group carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Peer Releases
Duke Energy (DUK - Free Report) reported fourth-quarter 2017 adjusted earnings of 94 cents per share, beating the Zacks Consensus Estimate of 91 cents by 3.3%.
PG&E Corporation’s (PCG - Free Report) adjusted operating earnings per share of 63 cents in fourth-quarter 2017 missed the Zacks Consensus Estimate of 69 cents by 8.7%.
CenterPoint Energy (CNP - Free Report) reported fourth-quarter 2017 adjusted earnings of 33 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 10%.
Zacks Top 10 Stocks for 2018
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2018?
Last year's 2017 Zacks Top 10 Stocks portfolio produced double-digit winners, including FMC Corp. and VMware which racked up stellar gains of +67.9% and +61%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2018 today >>
Zacks 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.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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