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PSEG (PEG) Q1 Earnings Beat Estimates, Revenues Fall Y/Y

Zacks Equity Research
·4 min read

Public Service Enterprise Group Incorporated PEG or PSEG reported first-quarter 2022 adjusted operating earnings of $1.33 per share, which surpassed the Zacks Consensus Estimate of $1.11 by 19.8%.

The company reported a quarterly GAAP loss of nearly a penny per share in the first quarter of 2022, against the earnings of $1.28 generated in the first quarter of 2021.

Total Revenues

Operating revenues came in at $2,313 millionin the first quarter, which missed the Zacks Consensus Estimate of $2,539.3 million by 8.9%. The top line also decreased by 19.9% from the year-ago quarter’s $2,889 million.

In the quarter, electric sales volumes were 9,812 million kilowatt-hours, while gas sales volumes were 1,394 million therms.

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Under electric sales, Residential sales volumes were 3,201 million kilowatt-hours, down 2% from the prior-year quarter figure. ItsCommercial and Industrial sales volumes accounted for 6,511 million kilowatt-hours, up 4% from the same period last year. Other sales were 100 million kilowatt-hours, up 1% from the year-ago quarter figure.

Total gas sales volumes witnessed an increaseof2% in firm sales volumes and a 43% decline in the non-firm sales volumes of gas from the year-ago quarter figure.

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 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

In the first quarter of 2022, the operating loss came in at $52 million against the operating income of $741 million in the year-ago quarter.

Total operating expenses were $2,365 million, up 10.1% from the year-ago quarter, mainly due to the higher energy cost and higher depreciation expenses.

Segment Performance

PSE&G:Operating earnings were $509 million, up from $477 million in the prior-year quarter.

Carbon-Free Infrastructure/Other: Operating earnings were $163 million compared with $173 million in the prior-year quarter.

Financial Update

The long-term debt (includes the current portion of the long-term debt) as of Mar 31, 2022 was $17,668 million, up from the 2021-end level of $15,919 million.

PSEG generated $472 million in cash from operations in the first quarter of 2022 compared with the $1,027 million generated in the prior-year period.

2022 Guidance

The company reaffirmed its 2022 guidance. PEG continues to expect its adjusted operating earnings in the range of $1,680-$1,780 million and adjusted earnings per share (EPS) in the range of $3.35-$3.55. The Zacks Consensus Estimate for earnings is currently pegged at $3.51 per share, higher than the midpoint of the company’s guided range.

The company also expects its PSE&G adjusted operating earnings in the range of $1,510-$1,560 million for 2022. It anticipates Carbon-Free, Infrastructure & Other adjusted operating earnings in the range of $170-$220 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.

Utility Releases

Entergy Corporation ETR reported first-quarter 2022 adjusted earnings of $1.32 per share, which missed the Zacks Consensus Estimate of $1.38 by 4.3%. The reported figure also declined by 10.2% from $1.47 per share in the year-ago quarter.

Entergy’s first-quarter revenues of $2.88 billion exceeded the Zacks Consensus Estimate of $2.75 billion by 4.8%. Further, ETR’s revenues increased 1.2% from $2.84 billion in the year-ago quarter.

DTE Energy Company DTE reported first-quarter 2022 operating EPS of $2.31, which surpassed the Zacks Consensus Estimate of $2.06 by 12.1%. The bottom line also increased 15.5% from the year-ago quarter’s $2 per share.

DTE Energy reaffirmed its 2022 operating EPS guidance in the range of $5.80-$6.00. The Zacks Consensus Estimate for DTE’s 2022 earnings, pegged at $5.96, lies near the higher end of the guided range.

PG&E Corporation PCG reported adjusted EPS of 30 cents in the first quarter of 2022, which beat the Zacks Consensus Estimate of 25 cents by 20%. The bottom line also increased 30.4% from the year-ago quarter’s reported figure.

PG&E Corp’s total revenues of $5,798 million rose 22.9% from the year-ago quarter’s $4,716 million. PCG’s revenues also exceeded the Zacks Consensus Estimate of $4,974.7 million by 16.5%.


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