NEWARK – Public Service Enterprise Group (NYSE: NYSE:PEG) reported second-quarter earnings per share (EPS) of $0.63, falling slightly short of analyst expectations by $0.02.
However, the company's revenue for the quarter exceeded forecasts, coming in at $2.42 billion against a consensus estimate of $2.06 billion.
The company's second-quarter results showcased a decrease in net income to $434 million or $0.87 per share from $591 million or $1.18 per share in the same period last year. When adjusting for non-GAAP operating earnings, the EPS stood at $0.63, down from $0.70 year-over-year (YoY). Despite the decline in earnings, PSEG's revenue increased from last year's figure, indicating a positive trajectory in sales.
Ralph LaRossa, PSEG's chair, president, and CEO, commented on the company's performance amidst challenging conditions, including an early summer heat wave and a significant earthquake in New Jersey, stating, "PSEG's financial results for the second quarter and first half are in line with our expectations for the full year, enabling us to reaffirm our full-year 2024 non-GAAP Operating Earnings guidance range of $3.60 to $3.70 per share."
He also highlighted the company's ongoing investments and initiatives in energy efficiency and clean energy projects.
The company's reaffirmed guidance for the full year 2024 remains within the previously stated range, aiming to achieve non-GAAP operating earnings between $3.60 and $3.70 per share. This guidance aligns with the company's expectations and reflects confidence in its strategic investments and operational performance.
PSEG's capital investment program, is projected to be between $19 billion and $22.5 billion over the next five years. The company's strategy is focused on powering a clean energy future without the need for new equity issuance or asset sales, supporting consistent and sustainable dividend growth.
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