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Public Service Enterprise (PEG) Q1 Earnings Lag Estimates
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Public Service Enterprise Group Inc. (PEG - Free Report) or PSEG delivered first-quarter 2018 adjusted operating earnings of 97 cents per share, which missed the Zacks Consensus Estimate by a penny. The bottom line, however, improved 5.4% from the year-ago quarter’s figure of 92 cents.
Excluding one-time adjustments, the company reported quarterly earnings of $1.10 per share, reflecting an improvement from 22 cents in first-quarter 2017.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
Revenues of $2,818 million in the quarter surpassed the Zacks Consensus Estimate of $2,740 million by 2.8%. The reported figure also rose 8.8% from the year-ago figure of $2,591 million.
During the reported quarter, electric sales volume inched up a mere 0.1% to 9,904 million kilowatt-hours, while gas sales volume dropped 0.9% to 1,430 million therms.
For electric sales, results reflected a 1.2% decline in the commercial and industrial sector, a 3.2% rise in residential sector, a 2.4% rise in street lighting and a 4.4% improvement in interdepartmental sector.
Total gas sales volume declined on 35% decrease in non-firm sales volume of gas, while firm sales volume of gas improved 9.2%.
Highlights of the Release
During the first quarter, the company reported operating income of $832 million compared with $178 million in the year-ago quarter. Total operating expenses were $1,986 million, down 17.7% from the prior-year quarter figure.
Interest expenses were $103 million compared with $98 million in the year-ago quarter.
Segment Performance
PSE&G: Segment earnings were $319 million, up from $299 million in the prior-year quarter.
PSEG Power: The segment earnings were $168 million, up from $150 million a year ago.
PSEG Enterprise/Other: The segment earnings increased $5 million compared with $17 million in the first quarter of 2017.
Financial Update
Long-term debt as of Mar 31, 2018 was $13,072 million, up from the 2017-end level of $13,068 million.
Public Service Enterprise generated $1,140 million in cash from operations in first-quarter 2018, down from the year-ago figure of $1,197 million.
2018 Guidance
The company reiterated its 2018 guidance. Adjusted earnings are still projected in the range of $3.00-$3.20.
PSE&G’s operating earnings are still anticipated in the range of $1,000-$1,030 million. The company continues to expect PSEG Power operating earnings guidance in $485-$560 million band.
Additionally, PSEG Enterprise/Other’s operating earnings expectations are still projected at $35 million.
American Electric Power (AEP - Free Report) reported first-quarter 2018 adjusted earnings per share (EPS) of 96 cents, missing the Zacks Consensus Estimate of $1.00 per share by 4%.The bottom line was on par with the previous year’s reported figure.
DTE Energy (DTE - Free Report) reported first-quarter 2018 operating earnings per share of $1.91, which outpaced the Zacks Consensus Estimate of $1.89 by 1.06%. Operating earnings improved 6.7% from the year-ago quarter’s figure of $1.79.
Entergy Corporation (ETR - Free Report) reported first-quarter 2018 adjusted earnings of $1.16 per share, missing the Zacks Consensus Estimate of $1.31 by 11.5%. The reported figure also improved 17.2% from 99 cents in the year-ago quarter.
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Public Service Enterprise (PEG) Q1 Earnings Lag Estimates
Public Service Enterprise Group Inc. (PEG - Free Report) or PSEG delivered first-quarter 2018 adjusted operating earnings of 97 cents per share, which missed the Zacks Consensus Estimate by a penny. The bottom line, however, improved 5.4% from the year-ago quarter’s figure of 92 cents.
Excluding one-time adjustments, the company reported quarterly earnings of $1.10 per share, reflecting an improvement from 22 cents in first-quarter 2017.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise | Public Service Enterprise Group Incorporated Quote
Total Revenues
Revenues of $2,818 million in the quarter surpassed the Zacks Consensus Estimate of $2,740 million by 2.8%. The reported figure also rose 8.8% from the year-ago figure of $2,591 million.
During the reported quarter, electric sales volume inched up a mere 0.1% to 9,904 million kilowatt-hours, while gas sales volume dropped 0.9% to 1,430 million therms.
For electric sales, results reflected a 1.2% decline in the commercial and industrial sector, a 3.2% rise in residential sector, a 2.4% rise in street lighting and a 4.4% improvement in interdepartmental sector.
Total gas sales volume declined on 35% decrease in non-firm sales volume of gas, while firm sales volume of gas improved 9.2%.
Highlights of the Release
During the first quarter, the company reported operating income of $832 million compared with $178 million in the year-ago quarter. Total operating expenses were $1,986 million, down 17.7% from the prior-year quarter figure.
Interest expenses were $103 million compared with $98 million in the year-ago quarter.
Segment Performance
PSE&G: Segment earnings were $319 million, up from $299 million in the prior-year quarter.
PSEG Power: The segment earnings were $168 million, up from $150 million a year ago.
PSEG Enterprise/Other: The segment earnings increased $5 million compared with $17 million in the first quarter of 2017.
Financial Update
Long-term debt as of Mar 31, 2018 was $13,072 million, up from the 2017-end level of $13,068 million.
Public Service Enterprise generated $1,140 million in cash from operations in first-quarter 2018, down from the year-ago figure of $1,197 million.
2018 Guidance
The company reiterated its 2018 guidance. Adjusted earnings are still projected in the range of $3.00-$3.20.
PSE&G’s operating earnings are still anticipated in the range of $1,000-$1,030 million. The company continues to expect PSEG Power operating earnings guidance in $485-$560 million band.
Additionally, PSEG Enterprise/Other’s operating earnings expectations are still projected at $35 million.
Zacks Rank
Public Service Enterprise carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
American Electric Power (AEP - Free Report) reported first-quarter 2018 adjusted earnings per share (EPS) of 96 cents, missing the Zacks Consensus Estimate of $1.00 per share by 4%.The bottom line was on par with the previous year’s reported figure.
DTE Energy (DTE - Free Report) reported first-quarter 2018 operating earnings per share of $1.91, which outpaced the Zacks Consensus Estimate of $1.89 by 1.06%. Operating earnings improved 6.7% from the year-ago quarter’s figure of $1.79.
Entergy Corporation (ETR - Free Report) reported first-quarter 2018 adjusted earnings of $1.16 per share, missing the Zacks Consensus Estimate of $1.31 by 11.5%. The reported figure also improved 17.2% from 99 cents in the year-ago quarter.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>