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Public Service Enterprise Group Incorporated (PEG - Free Report) ,or PSEG, reported first-quarter 2023 adjusted operating earnings of $1.39 per share, which beat the Zacks Consensus Estimate of $1.21 by 14.9%. Earnings also increased 4.5% from the prior-year reported figure.
The company reported quarterly GAAP earnings per share (EPS) of $1.58 in the first quarter of 2023 compared to a loss of a cent generated in the first quarter of 2022.
Total Revenues
Operating revenues came in at $3,755 million in the first quarter, which beat the Zacks Consensus Estimate of $2,557.7 million by 46.8%. The top line also increased by 62.3% from the year-ago quarter’s $2,313 million.
In the quarter, electric sales volumes were 9,492 million kilowatt-hours, while gas sales volumes were 1,180 million therms.
Under electric sales, residential sales volumes were 2,942 million kilowatt-hours, down 8% from the prior-year quarter figure. Its commercial and industrial sales volumes accounted for 6,452 million kilowatt-hours, registering a decline of 1% from the same period last year.
Other sales were 98 million kilowatt-hours, down 2% from the year-ago quarter figure.
Total gas sales volumes witnessed a decrease of 16% in firm sales volumes and a decrease of 11% 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 first quarter of 2023, the operating income came in at $1,648 million compared to the operating loss of $52 million in the year-ago quarter, reflecting massive growth from the prior-year period. Total operating expenses were $2,107 million, down 10.9% from the year-ago quarter.
Segment Performance
PSE&G: The net income was $492 million, down from $509 million in the prior-year quarter.
PSEG Power & Other: Adjusted operating earnings were $203 million compared with operating earnings of $163 million in the prior-year quarter.
Financial Update
The long-term debt (including the current portion of the long-term debt) as of Mar 31, 2023 was $20,215 million compared to $20,270 million as of Dec 31, 2022
PSEG generated $1,837 million in cash from operations during the three months ended Mar 31, 2023 compared with the $472 million generated in the prior-year period.
2023 Guidance
The company reaffirmed its 2023 guidance. PEG expects its adjusted operating earnings in the range of $1,700-$1,750 million and adjusted EPS in the range of $3.40-$3.50. The Zacks Consensus Estimate for earnings is currently pegged at $3.44 per share, slightly lower than the midpoint of the company’s guided range.
PSEG expects its PSE&G adjusted operating earnings in the range of $1,500-$1,525 million for 2023. It anticipates PSEG Power & Other adjusted operating earnings in the range of $200-$225 million.
CMS Energy Corporation (CMS - Free Report) reported a first-quarter 2023 adjusted EPS of 70 cents, which beat the Zacks Consensus Estimate of 66 cents per share by 6.1%. However, the reported figure declined 41.7% on a year-over-year basis.
For the quarter under review, CMS Energy’s operating revenues were $2,284 million, which lagged the Zacks Consensus Estimate of $2,307.4 million by 1%. The top line also decreased 3.8% on a year-over-year basis.
Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.
Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.
CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 48 cents by 4.2%. The bottom line also improved 6.4% from the year-ago quarter’s figure of 47 cents.
CNP generated revenues of $2,779 million, up 0.6% from the year-ago figure. However, the top line missed the Zacks Consensus Estimate of $2,792 million by 0.5%.
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PSEG (PEG) Q1 Earnings Beat Estimates, Revenues Rise Y/Y
Public Service Enterprise Group Incorporated (PEG - Free Report) ,or PSEG, reported first-quarter 2023 adjusted operating earnings of $1.39 per share, which beat the Zacks Consensus Estimate of $1.21 by 14.9%. Earnings also increased 4.5% from the prior-year reported figure.
The company reported quarterly GAAP earnings per share (EPS) of $1.58 in the first quarter of 2023 compared to a loss of a cent generated in the first quarter of 2022.
Total Revenues
Operating revenues came in at $3,755 million in the first quarter, which beat the Zacks Consensus Estimate of $2,557.7 million by 46.8%. The top line also increased by 62.3% from the year-ago quarter’s $2,313 million.
In the quarter, electric sales volumes were 9,492 million kilowatt-hours, while gas sales volumes were 1,180 million therms.
Under electric sales, residential sales volumes were 2,942 million kilowatt-hours, down 8% from the prior-year quarter figure. Its commercial and industrial sales volumes accounted for 6,452 million kilowatt-hours, registering a decline of 1% from the same period last year.
Other sales were 98 million kilowatt-hours, down 2% from the year-ago quarter figure.
Total gas sales volumes witnessed a decrease of 16% in firm sales volumes and a decrease of 11% 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 first quarter of 2023, the operating income came in at $1,648 million compared to the operating loss of $52 million in the year-ago quarter, reflecting massive growth from the prior-year period. Total operating expenses were $2,107 million, down 10.9% from the year-ago quarter.
Segment Performance
PSE&G: The net income was $492 million, down from $509 million in the prior-year quarter.
PSEG Power & Other: Adjusted operating earnings were $203 million compared with operating earnings of $163 million in the prior-year quarter.
Financial Update
The long-term debt (including the current portion of the long-term debt) as of Mar 31, 2023 was $20,215 million compared to $20,270 million as of Dec 31, 2022
PSEG generated $1,837 million in cash from operations during the three months ended Mar 31, 2023 compared with the $472 million generated in the prior-year period.
2023 Guidance
The company reaffirmed its 2023 guidance. PEG expects its adjusted operating earnings in the range of $1,700-$1,750 million and adjusted EPS in the range of $3.40-$3.50. The Zacks Consensus Estimate for earnings is currently pegged at $3.44 per share, slightly lower than the midpoint of the company’s guided range.
PSEG expects its PSE&G adjusted operating earnings in the range of $1,500-$1,525 million for 2023. It anticipates PSEG Power & Other adjusted operating earnings in the range of $200-$225 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
CMS Energy Corporation (CMS - Free Report) reported a first-quarter 2023 adjusted EPS of 70 cents, which beat the Zacks Consensus Estimate of 66 cents per share by 6.1%. However, the reported figure declined 41.7% on a year-over-year basis.
For the quarter under review, CMS Energy’s operating revenues were $2,284 million, which lagged the Zacks Consensus Estimate of $2,307.4 million by 1%. The top line also decreased 3.8% on a year-over-year basis.
Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.
Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.
CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 48 cents by 4.2%. The bottom line also improved 6.4% from the year-ago quarter’s figure of 47 cents.
CNP generated revenues of $2,779 million, up 0.6% from the year-ago figure. However, the top line missed the Zacks Consensus Estimate of $2,792 million by 0.5%.