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Public Service Enterprise (PEG) Q1 Earnings Top, Revenues Rise
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Public Service Enterprise Group Inc. (PEG - Free Report) , or PSEG, reported first-quarter 2021 adjusted operating earnings of $1.28 per share, which beat the Zacks Consensus Estimate of $1.13 by 13.3%. The bottom line also improved 24.3% on a year-over-year basis.
Including one-time adjustments, the company reported GAAP earnings of $1.28 per share compared with 88 cents in first-quarter 2020.
Total Revenues
Revenues of $2,889 million in the quarter missed the Zacks Consensus Estimate of $3,058 million by 5.5%. However, the figure rose 3.9% from the year-ago quarter’s $2,781 million.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
During the first quarter of 2021, the company reported an operating income of $741 million, down from $797 million in the year-ago quarter. Total operating expenses were $2,148 million, up 8.3% from the year-ago quarter.
Interest expenses in the reported quarter were $146 million compared with $153 million in the prior-year quarter.
Segment Performance
PSE&G: Segment earnings were $2,073 million, up from $1,883 million in the prior-year quarter.
PSEG Power: Segment earnings were $1,167 million compared with $1,220 million in the prior-year quarter.
PSEG Enterprise/Other: Segment losses were $351 million compared with loss of $322 million in the prior-year quarter.
Financials
Cash, cash equivalents and restricted cash as of Mar 31, 2021, were $841 million compared with $572 million as of Dec 31, 2020.
Long-term debt was $16,775 million as of Mar 31, 2021, compared with $16,180 million at 2020-end.
During the first quarter, PSEG generated cash from operating activities worth $1,027 million compared with $1,153 in the prior-year period.
2021 Guidance
The company reaffirmed its 2021 guidance. Its adjusted earnings are still projected to be in the range of $3.35-$3.55 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.44, slightly 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 also continues to expect PSEG Power operating earnings to be $280-$370 million.
DTE Energy Company (DTE - Free Report) reported first-quarter 2021 operating earnings per share (EPS) of $2.44, which surpassed the Zacks Consensus Estimate of $2.16 by 13%.
American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.
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Public Service Enterprise (PEG) Q1 Earnings Top, Revenues Rise
Public Service Enterprise Group Inc. (PEG - Free Report) , or PSEG, reported first-quarter 2021 adjusted operating earnings of $1.28 per share, which beat the Zacks Consensus Estimate of $1.13 by 13.3%. The bottom line also improved 24.3% on a year-over-year basis.
Including one-time adjustments, the company reported GAAP earnings of $1.28 per share compared with 88 cents in first-quarter 2020.
Total Revenues
Revenues of $2,889 million in the quarter missed the Zacks Consensus Estimate of $3,058 million by 5.5%. However, the figure rose 3.9% from the year-ago quarter’s $2,781 million.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
Public Service Enterprise Group Incorporated price-consensus-eps-surprise-chart | Public Service Enterprise Group Incorporated Quote
Highlights of the Release
During the first quarter of 2021, the company reported an operating income of $741 million, down from $797 million in the year-ago quarter. Total operating expenses were $2,148 million, up 8.3% from the year-ago quarter.
Interest expenses in the reported quarter were $146 million compared with $153 million in the prior-year quarter.
Segment Performance
PSE&G: Segment earnings were $2,073 million, up from $1,883 million in the prior-year quarter.
PSEG Power: Segment earnings were $1,167 million compared with $1,220 million in the prior-year quarter.
PSEG Enterprise/Other: Segment losses were $351 million compared with loss of $322 million in the prior-year quarter.
Financials
Cash, cash equivalents and restricted cash as of Mar 31, 2021, were $841 million compared with $572 million as of Dec 31, 2020.
Long-term debt was $16,775 million as of Mar 31, 2021, compared with $16,180 million at 2020-end.
During the first quarter, PSEG generated cash from operating activities worth $1,027 million compared with $1,153 in the prior-year period.
2021 Guidance
The company reaffirmed its 2021 guidance. Its adjusted earnings are still projected to be in the range of $3.35-$3.55 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.44, slightly 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 also continues to expect 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
DTE Energy Company (DTE - Free Report) reported first-quarter 2021 operating earnings per share (EPS) of $2.44, which surpassed the Zacks Consensus Estimate of $2.16 by 13%.
American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How to Profit from Trillions on Spending for Infrastructure >>