Public Service Enterprise Group Inc. (PEG - Free Report) or PSEG reported second-quarter 2018 adjusted operating earnings of 64 cents per share, which exceeded the Zacks Consensus Estimate of 62 cents by 3.2%. Earnings
also improved 3.2% on a year-over-year basis.
Excluding one-time adjustments, the company reported GAAP earnings of 53 cents per share compared with 22 cents in second-quarter 2017.
Revenues of $2,016 million in the quarter missed the Zacks Consensus Estimate of $2,370 million by 14.9%. Moreover, revenues decreased 5.9% from the year-ago figure of $2,142 million.
During the reported quarter, electric sales volume increased 2.1% to 9,783 million kilowatt-hours but gas sales volume marginally declined 0.2% to 690 million therms.
For electric sales, results reflected a 2% rise in the commercial and industrial sector, 2.2% rise in residential sector and a 4% improvement in street lighting. However, sales dropped 1.8% in interdepartmental sector.
Total gas sales volume in the reported quarter declined 23.7% in non-firm sales volume of gas and rose 24.8% in firm sales volume of gas.
Highlights of the Release
During the second quarter, the company has an operating income of $411 million compared to that of $195 million in the year-ago quarter. Total operating expenses were $1,605 million, down 17.6% from the year-ago quarter figure.
Interest expenses in the reported quarter were $111 million, up from $91 million posted in the year-ago quarter.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise