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Public Service Enterprise (PEG) Q2 Earnings Match Estimates
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Public Service Enterprise Group Inc. (PEG - Free Report) , or PSEG, reported second-quarter 2021 adjusted operating earnings of 70 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line also declined 11.4% on a year-over-year basis.
Excluding one-time adjustments, the company incurred quarterly losses of 35 cents per share against the quarterly earnings of 89 cents in second-quarter 2020.
Total Revenues
Revenues of $1,874 million in the quarter missed the Zacks Consensus Estimate of $2,336 million by 19.8%. The figure also declined 11.5% from the year-ago quarter’s $2,050 million.
In the quarter, electric sales volumes were 9,430 million kilowatt-hours, while gas sales volumes were 563 million therms.
Under Electric sales, Residential sales volumes were 3,209 million kilowatt-hours, whereas Commercial and Industrial sales volumes accounted for 6,149 million kilowatt-hours. Other sales accounted for 72 million kilowatt-hours.
Total gas sales volumes witnessed a 14% decline in firm sales volumes and 14% growth in non-firm sales volumes of gas.
Highlights of the Release
During the second quarter of 2021, the company incurred an operating loss of $294 million against the operating income of $407 million in the year-ago quarter.
Total operating expenses were $2,168 million, up 32% from the year-ago quarter.
Interest expenses in the reported quarter were $147 million compared with $151 million in the year-ago quarter.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
PSE&G: Operating earnings were $309 million, up from $283 million in the prior-year quarter.
PSEG Power: Operating earnings were $50 million compared with $123 million in the prior-year quarter.
PSEG Enterprise/Other: Operating losses were $3 million compared with a loss of $2 million in the prior-year quarter.
Financial Update
Long-term debt as of Jun 30, 2021, was $15,695 million, up from the 2020-end level of $16,180 million.
PSEG generated $1,049 million in cash from operations at the end of first-half 2021 compared with $1,664 million generated in the first half of 2020.
2021 Guidance
The company updated its 2021 guidance. Its adjusted earnings are still projected to be in the range of $3.40-$3.55 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.51 per share, higher than the midpoint of the company’s guided range.
PSE&G’s operating earnings are anticipated to be $1,725-$1,800 million. The company also continues to expect PSEG Power operating earnings to be $295-$370 million.
American Electric Power (AEP - Free Report) reported second-quarter 2021 adjusted earnings per share of $1.18, which exceeded the Zacks Consensus Estimate of $1.14 by 3.5%.
NextEra Energy (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share (EPS) of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.
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Public Service Enterprise (PEG) Q2 Earnings Match Estimates
Public Service Enterprise Group Inc. (PEG - Free Report) , or PSEG, reported second-quarter 2021 adjusted operating earnings of 70 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line also declined 11.4% on a year-over-year basis.
Excluding one-time adjustments, the company incurred quarterly losses of 35 cents per share against the quarterly earnings of 89 cents in second-quarter 2020.
Total Revenues
Revenues of $1,874 million in the quarter missed the Zacks Consensus Estimate of $2,336 million by 19.8%. The figure also declined 11.5% from the year-ago quarter’s $2,050 million.
In the quarter, electric sales volumes were 9,430 million kilowatt-hours, while gas sales volumes were 563 million therms.
Under Electric sales, Residential sales volumes were 3,209 million kilowatt-hours, whereas Commercial and Industrial sales volumes accounted for 6,149 million kilowatt-hours. Other sales accounted for 72 million kilowatt-hours.
Total gas sales volumes witnessed a 14% decline in firm sales volumes and 14% growth in non-firm sales volumes of gas.
Highlights of the Release
During the second quarter of 2021, the company incurred an operating loss of $294 million against the operating income of $407 million in the year-ago quarter.
Total operating expenses were $2,168 million, up 32% from the year-ago quarter.
Interest expenses in the reported quarter were $147 million compared with $151 million in the year-ago quarter.
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
Segment Performance
PSE&G: Operating earnings were $309 million, up from $283 million in the prior-year quarter.
PSEG Power: Operating earnings were $50 million compared with $123 million in the prior-year quarter.
PSEG Enterprise/Other: Operating losses were $3 million compared with a loss of $2 million in the prior-year quarter.
Financial Update
Long-term debt as of Jun 30, 2021, was $15,695 million, up from the 2020-end level of $16,180 million.
PSEG generated $1,049 million in cash from operations at the end of first-half 2021 compared with $1,664 million generated in the first half of 2020.
2021 Guidance
The company updated its 2021 guidance. Its adjusted earnings are still projected to be in the range of $3.40-$3.55 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.51 per share, higher than the midpoint of the company’s guided range.
PSE&G’s operating earnings are anticipated to be $1,725-$1,800 million. The company also continues to expect PSEG Power operating earnings to be $295-$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
American Electric Power (AEP - Free Report) reported second-quarter 2021 adjusted earnings per share of $1.18, which exceeded the Zacks Consensus Estimate of $1.14 by 3.5%.
NextEra Energy (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share (EPS) of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.