Public Service Enterprise Group Inc. ( PEG Quick Quote PEG - Free Report) , or PSEG, reported fourth-quarter 2020 adjusted operating earnings of 65 cents per share, which missed the Zacks Consensus Estimate of 66 cents by 1.5%. The bottom line, however, improved 1.6% on a year-over-year basis. Including one-time adjustments, the company reported quarterly earnings of 85 cents per share compared with 86 cents in fourth-quarter 2019. For 2020, the company reported adjusted operating earnings of $3.43 per share, which missed the Zacks Consensus Estimate of $3.44 by 0.3%. The full-year bottom line, however, improved 4.6% from a year ago. Total Revenues
Revenues of $2,402 million in the quarter missed the Zacks Consensus Estimate of $2,696 million by 10.9%. Moreover, the figure declined 3.1% from the year-ago quarter’s $2,478 million.
For 2020, the company recorded revenues of $9.6 billion, which missed the Zacks Consensus Estimate of $9.69 billion by 0.9%. Moreover, the full-year top line declined 4.8% from the year-ago quarter’s figure of $10.08 billion. Highlights of the Release
During the fourth quarter of 2020, the company reported an operating income of $433 million, down from $507 million in the year-ago quarter. Total operating expenses were $1,969 million, down 0.21% from the year-ago quarter.
Interest expenses in the reported quarter were $147 million compared with $152 million in the prior year’s quarter. Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise Segment Performance PSE&G: Segment earnings were $291 million, up from $276 million in the prior-year quarter. PSEG Power: Segment adjusted earnings were $55 million compared with $52 million in the prior-year quarter. PSEG Enterprise/Other: Segment adjusted losses were $17 million against the adjusted earnings of $2 million in the prior-year quarter. Financials
Cash, Cash Equivalents and Restricted Cash as of Dec 31, 2020, were $572 million compared with $176 million as of Dec 31, 2019.
Long-term debt was $16,180 million as of Dec 31, 2020, compared with $15,108 million at 2019-end. At the end of 2020, cash from operating activities amounted to $3,102 million compared with $3,379 in the prior year. 2021 Guidance
The company issued its 2021 guidance. Adjusted earnings are projected to be $3.35-$3.55 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.38, lower than the midpoint of the company’s guided range.
PSE&G’s operating earnings are anticipated to be $1,700-$1,800 million. The company expects PSEG Power operating earnings to be $280-$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 Xcel Energy Inc. ( XEL Quick Quote XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate. NextEra Energy, Inc. ( NEE Quick Quote NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%. CMS Energy Corp. ( CMS Quick Quote CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%. Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.
These 7 were selected because of their superior potential for immediate breakout. See these time-sensitive tickers now >>