Public Service Enterprise Group Inc. ( PEG Quick Quote 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.
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.
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.
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.
PSEG currently carries a Zacks Rank #3 (Hold). You can see
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