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Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported third-quarter 2022 adjusted operating earnings of 86 cents per share, which beat the Zacks Consensus Estimate of 84 cents by 2.4%.
The company reported quarterly GAAP earnings per share (EPS) of 22 cents in the third quarter of 2022 against a loss of $3.10 generated in the third quarter of 2021.
Total Revenues
Operating revenues came in at $2,272 million in the third quarter, which beat the Zacks Consensus Estimate of $2,258.7 million by 0.6%. The top line also increased by 19.4% from the year-ago quarter’s $1,903 million.
In the quarter, electric sales volumes were 12,275 million kilowatt-hours, while gas sales volumes were 542 million therms.
Under electric sales, Residential sales volumes were 4,959 million kilowatt-hours, up 6% from the prior-year quarter figure. Its Commercial and Industrial sales volumes accounted for 7,244 and 4,959 million kilowatt-hours, respectively, registering growth of 1% and 6%, respectively, from the same period last year.
Other sales were 72 million kilowatt-hours, down 1% from the year-ago quarter figure.
Total gas sales volumes witnessed a decrease of 9% in firm sales volumes and 17% growth in the non-firm sales volumes of gas from the year-ago quarter figure.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
In the third quarter of 2022, the operating income came in at $173 million against the operating loss of $2,205 million in the year-ago quarter.
Total operating expenses were $2,099 million, down 48.9% from the year-ago quarter.
Segment Performance
PSE&G: Operating earnings were $399 million, up from $389 million in the prior-year quarter.
Carbon-Free Infrastructure/Other: The operating loss was $285 million compared with $1,953 million in the prior-year quarter.
Financial Update
The long-term debt (including the current portion of the long-term debt) as of Sep 30, 2022 was $17,675 million, up from the 2021-end level of $15,919 million.
PSEG generated $701 million in cash from operations during the nine months ended Sep 30, 2022 compared with the $1,178 million generated in the prior-year period.
2022 Guidance
PEG updated its 2022 guidance. It now expects adjusted operating earnings in the range of $1,705-$1,755 million and adjusted EPS in the range of $3.40-$3.50 compared with the prior range of operating earnings of $1,680-$1,780 million and EPS in the range of $3.35-$3.55. The Zacks Consensus Estimate for earnings is currently pegged at $3.46 per share, higher than the midpoint of the company’s guided range.
The company now expects its PSE&G adjusted operating earnings in the range of $1,545-$1,575 million compared with the prior range of $1,510-$1,560 million for 2022.
It now anticipates Carbon-Free, Infrastructure & Other adjusted operating earnings in the range of $160-$180 million compared with the earlier guidance in the band of $170-$220 million.
American Electric Power Company, Inc. (AEP - Free Report) reported third-quarter 2022 operating EPS of $1.62, which beat the Zacks Consensus Estimate of $1.57 by 3.2%. The bottom line also improved by 13.3% from $1.43 per share in the year-ago quarter.
American Electric’s third-quarter revenues of $5,486.9 million beat the Zacks Consensus Estimate of $4,985.2 million by 10.1%. The reported figure also improved by 21.3% from the year-ago quarter’s $4,522.6 million.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating EPS of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%. In the trailing twelve-month period, FirstEnergy’s electricity sales improved 1.3% from the prior-year period.
FirstEnergy generated operating revenues of $3,533 million in the third quarter, which surpassed the Zacks Consensus Estimate of $3,190 million by 10.8%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2022 operating EPS of $1.60, which surpassed the Zacks Consensus Estimate of $1.58 by 1.3%. However, the bottom line decreased 7% from the year-ago quarter’s $1.72 per share.
The operating net income of DTE in the reported quarter totaled $311 million compared with $334 million in the year-ago quarter.
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PSEG (PEG) Q3 Earnings Beat Estimates, Revenues Rise Y/Y
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported third-quarter 2022 adjusted operating earnings of 86 cents per share, which beat the Zacks Consensus Estimate of 84 cents by 2.4%.
The company reported quarterly GAAP earnings per share (EPS) of 22 cents in the third quarter of 2022 against a loss of $3.10 generated in the third quarter of 2021.
Total Revenues
Operating revenues came in at $2,272 million in the third quarter, which beat the Zacks Consensus Estimate of $2,258.7 million by 0.6%. The top line also increased by 19.4% from the year-ago quarter’s $1,903 million.
In the quarter, electric sales volumes were 12,275 million kilowatt-hours, while gas sales volumes were 542 million therms.
Under electric sales, Residential sales volumes were 4,959 million kilowatt-hours, up 6% from the prior-year quarter figure. Its Commercial and Industrial sales volumes accounted for 7,244 and 4,959 million kilowatt-hours, respectively, registering growth of 1% and 6%, respectively, from the same period last year.
Other sales were 72 million kilowatt-hours, down 1% from the year-ago quarter figure.
Total gas sales volumes witnessed a decrease of 9% in firm sales volumes and 17% growth in the non-firm sales volumes of gas from the year-ago quarter figure.
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
In the third quarter of 2022, the operating income came in at $173 million against the operating loss of $2,205 million in the year-ago quarter.
Total operating expenses were $2,099 million, down 48.9% from the year-ago quarter.
Segment Performance
PSE&G: Operating earnings were $399 million, up from $389 million in the prior-year quarter.
Carbon-Free Infrastructure/Other: The operating loss was $285 million compared with $1,953 million in the prior-year quarter.
Financial Update
The long-term debt (including the current portion of the long-term debt) as of Sep 30, 2022 was $17,675 million, up from the 2021-end level of $15,919 million.
PSEG generated $701 million in cash from operations during the nine months ended Sep 30, 2022 compared with the $1,178 million generated in the prior-year period.
2022 Guidance
PEG updated its 2022 guidance. It now expects adjusted operating earnings in the range of $1,705-$1,755 million and adjusted EPS in the range of $3.40-$3.50 compared with the prior range of operating earnings of $1,680-$1,780 million and EPS in the range of $3.35-$3.55. The Zacks Consensus Estimate for earnings is currently pegged at $3.46 per share, higher than the midpoint of the company’s guided range.
The company now expects its PSE&G adjusted operating earnings in the range of $1,545-$1,575 million compared with the prior range of $1,510-$1,560 million for 2022.
It now anticipates Carbon-Free, Infrastructure & Other adjusted operating earnings in the range of $160-$180 million compared with the earlier guidance in the band of $170-$220 million.
Zacks Rank
PSEG currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Utility Releases
American Electric Power Company, Inc. (AEP - Free Report) reported third-quarter 2022 operating EPS of $1.62, which beat the Zacks Consensus Estimate of $1.57 by 3.2%. The bottom line also improved by 13.3% from $1.43 per share in the year-ago quarter.
American Electric’s third-quarter revenues of $5,486.9 million beat the Zacks Consensus Estimate of $4,985.2 million by 10.1%. The reported figure also improved by 21.3% from the year-ago quarter’s $4,522.6 million.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating EPS of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%. In the trailing twelve-month period, FirstEnergy’s electricity sales improved 1.3% from the prior-year period.
FirstEnergy generated operating revenues of $3,533 million in the third quarter, which surpassed the Zacks Consensus Estimate of $3,190 million by 10.8%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2022 operating EPS of $1.60, which surpassed the Zacks Consensus Estimate of $1.58 by 1.3%. However, the bottom line decreased 7% from the year-ago quarter’s $1.72 per share.
The operating net income of DTE in the reported quarter totaled $311 million compared with $334 million in the year-ago quarter.