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.
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.
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.
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.
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.
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.
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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