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Public Service Enterprise (PEG) Posts In-Line Q1 Earnings
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Public Service Enterprise Group Inc. (PEG - Free Report) , or PSEG, reported first-quarter 2020 adjusted operating earnings of $1.03 per share, which came in line with the Zacks Consensus Estimate. However, the bottom line declined 4.6% on a year-over-year basis.
Including one-time adjustments, the company reported quarterly earnings of 88 cents per share compared with $1.38 in first-quarter 2019.
Total Revenues
Revenues of $2,781 million missed the Zacks Consensus Estimate of $3,237 million by 14.1%. The top-line figure also declined 6.7% from the year-ago quarter’s $2,980 million.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
For the first quarter of 2020, the company reported operating income of $797 million, higher than $786 million in the year-ago quarter. Total operating expenses were $1,984 million, down 9.6% from the year-ago quarter.
Interest expenses in the reported quarter were $153 million, compared with $133 million in the first quarter of 2019.
Segment Performance
PSE&G: Segment earnings were $440 million, up from $403 million in the prior-year quarter. PSE&G’s results in the quarter were driven by revenue growth from ongoing capital investment programs as well as growth in transmission rate base.
PSEG Power: Segment adjusted earnings were $85 million compared with $143 million in the prior-year quarter. The downside was due to extremely mild winter weather conditions that caused lower generation output.
PSEG Enterprise/Other: Segment losswas $5 million against earnings of $1 million in the prior-year quarter. The year-over-year downside can be attributed to higher interest and tax expenses.
2020 Guidance
The company reiterated its 2020 guidance. Adjusted earnings are still projected to be $3.30-$3.50 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.31, lower than the mid-point of the company’s guided range.
PSE&G’s operating earnings are still anticipated to be $1,310-$1,370 million. The company expects PSEG Power operating earnings to be in the range of $345-$435 million.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
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Public Service Enterprise (PEG) Posts In-Line Q1 Earnings
Public Service Enterprise Group Inc. (PEG - Free Report) , or PSEG, reported first-quarter 2020 adjusted operating earnings of $1.03 per share, which came in line with the Zacks Consensus Estimate. However, the bottom line declined 4.6% on a year-over-year basis.
Including one-time adjustments, the company reported quarterly earnings of 88 cents per share compared with $1.38 in first-quarter 2019.
Total Revenues
Revenues of $2,781 million missed the Zacks Consensus Estimate of $3,237 million by 14.1%. The top-line figure also declined 6.7% from the year-ago quarter’s $2,980 million.
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
For the first quarter of 2020, the company reported operating income of $797 million, higher than $786 million in the year-ago quarter. Total operating expenses were $1,984 million, down 9.6% from the year-ago quarter.
Interest expenses in the reported quarter were $153 million, compared with $133 million in the first quarter of 2019.
Segment Performance
PSE&G: Segment earnings were $440 million, up from $403 million in the prior-year quarter. PSE&G’s results in the quarter were driven by revenue growth from ongoing capital investment programs as well as growth in transmission rate base.
PSEG Power: Segment adjusted earnings were $85 million compared with $143 million in the prior-year quarter. The downside was due to extremely mild winter weather conditions that caused lower generation output.
PSEG Enterprise/Other: Segment losswas $5 million against earnings of $1 million in the prior-year quarter. The year-over-year downside can be attributed to higher interest and tax expenses.
2020 Guidance
The company reiterated its 2020 guidance. Adjusted earnings are still projected to be $3.30-$3.50 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.31, lower than the mid-point of the company’s guided range.
PSE&G’s operating earnings are still anticipated to be $1,310-$1,370 million. The company expects PSEG Power operating earnings to be in the range of $345-$435 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
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>