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Public Service Enterprise (PEG) Posts In-Line Q1 Earnings

Zacks Equity Research
·3 min read

Public Service Enterprise Group Inc. PEG, 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 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

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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 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 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 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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