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PSEG (PEG) Q4 Earnings Beat Estimates, Revenues Down Y/Y
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Public Service Enterprise Group Incorporated (PEG - Free Report) or PSEG reported fourth-quarter 2023 adjusted earnings of 54 cents per share, which beat the Zacks Consensus Estimate of 53 cents by 1.9%. However, earnings declined 15.6% from the prior-year reported figure.
The company reported quarterly GAAP earnings per share (EPS) of $1.10 in the fourth quarter of 2023 compared with $1.58 in the corresponding period of 2022.
For 2023, the company reported adjusted EPS of $3.48 compared with $3.47 in 2022. The full-year bottom line also beat the consensus estimate by a penny.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
Operating revenues in the fourth quarter totaled $2,605 million, which beat the Zacks Consensus Estimate of $2,005 million by 29.9%. The top line, however, declined 17% from the year-ago quarter’s $3,139 million.
For 2023, the company generated operating revenues worth $11.24 billion, up from $9.8 billion in 2022. The full-year top line also beat the consensus estimate of $10.64 billion.
Sales Volume
In the reported quarter, electric sales volumes totaled 9,082 million kilowatt-hours, while gas sales volumes came in at 946 million therms.
Under electric sales, residential sales volumes were 2,805 million kilowatt-hours, up 5% from the prior-year quarter’s figure. Its commercial and industrial sales volumes accounted for 6,181 million kilowatt-hours, registering a year-over-year decline of 5%.
Other sales amounted to 96 million kilowatt-hours, down 1% from the year-ago quarter’s level.
Total gas sales volumes witnessed a decrease of 9% in firm sales volumes and an increase of 13% in the non-firm sales volumes of gas from the year-ago quarter’s reported figure.
Highlights of the Release
The operating income came in at $692 million in the fourth quarter of 2023 compared with $964 million in the year-ago quarter, indicating a year-over-year decline of 28.2%. Total operating expenses were $1,913 million, down 12% from the year-ago quarter’s reported actuals.
Segmental Performance
PSE&G: This segment’s adjusted income totaled $296 million.
PSEG Power & Other: Adjusted operating loss amounted to $25 million compared with $34 million in the prior-year quarter.
Financial Update
The long-term debt (including the current portion of the long-term debt) as of Dec 31, 2023, was $20,233 million compared with $20,270 million as of Dec 31, 2022.
PSEG generated $3,806 million in cash from operations during 2023 compared with $1,503 million in the prior-year period.
2024 Guidance
The company reaffirmed its 2024 guidance. PEG continues to expect its adjusted earnings in the range of $3.60-$3.70 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.67 per share, above the midpoint of the company’s guided range.
DTE Energy Company (DTE - Free Report) reported fourth-quarter 2023 operating EPS of $1.97, which came in line with the Zacks Consensus Estimate. The bottom line, however, improved 50.4% from the year-ago quarter’s reported figure of $1.31.
DTE Energy initiated its 2024 operating EPS projection. The company expects operating EPS in the range of $6.54-$6.83.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s figure of 69 cents.
The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s level of $4,053 million.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2023 adjusted EPS of $1.05, which beat the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the prior-year quarter.
Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.
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PSEG (PEG) Q4 Earnings Beat Estimates, Revenues Down Y/Y
Public Service Enterprise Group Incorporated (PEG - Free Report) or PSEG reported fourth-quarter 2023 adjusted earnings of 54 cents per share, which beat the Zacks Consensus Estimate of 53 cents by 1.9%. However, earnings declined 15.6% from the prior-year reported figure.
The company reported quarterly GAAP earnings per share (EPS) of $1.10 in the fourth quarter of 2023 compared with $1.58 in the corresponding period of 2022.
For 2023, the company reported adjusted EPS of $3.48 compared with $3.47 in 2022. The full-year bottom line also beat the consensus estimate by a penny.
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
Total Revenues
Operating revenues in the fourth quarter totaled $2,605 million, which beat the Zacks Consensus Estimate of $2,005 million by 29.9%. The top line, however, declined 17% from the year-ago quarter’s $3,139 million.
For 2023, the company generated operating revenues worth $11.24 billion, up from $9.8 billion in 2022. The full-year top line also beat the consensus estimate of $10.64 billion.
Sales Volume
In the reported quarter, electric sales volumes totaled 9,082 million kilowatt-hours, while gas sales volumes came in at 946 million therms.
Under electric sales, residential sales volumes were 2,805 million kilowatt-hours, up 5% from the prior-year quarter’s figure. Its commercial and industrial sales volumes accounted for 6,181 million kilowatt-hours, registering a year-over-year decline of 5%.
Other sales amounted to 96 million kilowatt-hours, down 1% from the year-ago quarter’s level.
Total gas sales volumes witnessed a decrease of 9% in firm sales volumes and an increase of 13% in the non-firm sales volumes of gas from the year-ago quarter’s reported figure.
Highlights of the Release
The operating income came in at $692 million in the fourth quarter of 2023 compared with $964 million in the year-ago quarter, indicating a year-over-year decline of 28.2%. Total operating expenses were $1,913 million, down 12% from the year-ago quarter’s reported actuals.
Segmental Performance
PSE&G: This segment’s adjusted income totaled $296 million.
PSEG Power & Other: Adjusted operating loss amounted to $25 million compared with $34 million in the prior-year quarter.
Financial Update
The long-term debt (including the current portion of the long-term debt) as of Dec 31, 2023, was $20,233 million compared with $20,270 million as of Dec 31, 2022.
PSEG generated $3,806 million in cash from operations during 2023 compared with $1,503 million in the prior-year period.
2024 Guidance
The company reaffirmed its 2024 guidance. PEG continues to expect its adjusted earnings in the range of $3.60-$3.70 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.67 per share, above the midpoint of the company’s guided range.
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 fourth-quarter 2023 operating EPS of $1.97, which came in line with the Zacks Consensus Estimate. The bottom line, however, improved 50.4% from the year-ago quarter’s reported figure of $1.31.
DTE Energy initiated its 2024 operating EPS projection. The company expects operating EPS in the range of $6.54-$6.83.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s figure of 69 cents.
The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s level of $4,053 million.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2023 adjusted EPS of $1.05, which beat the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the prior-year quarter.
Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.