Public Service Enterprise Group Inc. (
PEG - Free Report) , or PSEG, reported first-quarter 2019 adjusted operating earnings of $1.08 per share, which surpassed the Zacks Consensus Estimate of 99 cents by 9.1%. Moreover, the bottom line increased 11.3% on a year-over-year basis.
Excluding one-time adjustments, the company reported quarterly earnings of $1.38 per share compared with $1.10 in first-quarter 2018.
Total Revenues
Revenues of $2,980 million in the quarter exceeded the Zacks Consensus Estimate of $2,780 million by 7.2%. Moreover, the figure improved 5.7% from the year-ago quarter’s figure of $2,818 million.
In the reported quarter, electric sales volumes were 9,908 million kilowatt-hours, while gas sales volumes rose 12% to 1,600 million therms.
Under Electric sales, Residential sales volumes were 3,012 million kilowatt-hours, whereas Commercial and Industrial sales volumes accounted for 6,719 million kilowatt-hours.
Total gas sales volumes witnessed a 58% surge in non-firm sales volumes of gas and 4% rise in firm sales volumes of gas.
Highlights of the Release
During the first quarter of 2019, the company reported operating income of $786 million, down from $832 million in the year-ago quarter. Total operating expenses were $2,194 million, up 10.5 % from the year-ago quarter.
Interest expenses in the reported quarter were $133 million compared with $103 million in the year-ago quarter.
Segment Performance
PSE&G: Segment earnings were $403 million, up from $319 million in the prior-year quarter. PSE&G’s results were driven by new transmission and distribution rates in effect, a reduction in operating and maintenance (O&M) expenses, and a reduction in the utility’s effective tax rate to reflect the flow back of tax reform benefits to customers.
PSEG Power: Segment income was $296 million compared $234 million a year ago. The upside can be attributed to increase in capacity revenues and increase in sales volumes.
PSEG Enterprise/Other: Segment income was $1 million compared with $5 million in the first quarter of 2018.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
2019 Guidance
The company has reaffirmed its 2019 guidance. Adjusted earnings are projected to be $3.15-$3.35 per share.
PSE&G’s operating earnings are anticipated to be $1.200-$1.230 million. The company expects PSEG Power operating earnings to be $395-$460 million.
Zacks Rank
Recent Utility Releases
FirstEnergy Corporation (
FE - Free Report) , which carries a Zacks Rank #3, delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.
NextEra Energy, Inc. (
NEE - Free Report) , which carries a Zacks Rank #2 (Buy), reported first-quarter 2019 adjusted earnings of $2.20 per share, beating the Zacks Consensus Estimate of $2.01 by 9.4%.
DTE Energy Company (
DTE - Free Report) , which carries a Zacks Rank #2, reported first-quarter 2019 operating earnings per share (EPS) of $2.05, which exceeded the Zacks Consensus Estimate of $1.95 by 5.1%.
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Excluding one-time adjustments, the company reported quarterly earnings of $1.38 per share compared with $1.10 in first-quarter 2018.
Under Electric sales, Residential sales volumes were 3,012 million kilowatt-hours, whereas Commercial and Industrial sales volumes accounted for 6,719 million kilowatt-hours.
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.
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