PSEG Surpasses Q3 Earnings and Revenue Forecasts Driven by High Energy Margins

NEWARK, N.J. - Public Service Enterprise Group (NYSE:PEG) reported third-quarter earnings that exceeded analyst expectations by capitalizing on increased distribution margins and nuclear production tax credits. PSEG announced an adjusted earnings per share of $0.90, surpassing the consensus estimate of $0.87. Revenue rose to $2.64 billion, exceeding analysts' projections of $2.43 billion.

The company narrowed its adjusted earnings guidance for the full year 2024 to a range of $3.64 to $3.68 per share, compared to the previous range of $3.60 to $3.70. PSEG Chairman, President, and CEO Ralph LaRossa stated, "PSEG reported solid operational and financial results for the third quarter and the year-to-date. This allowed us to narrow our original 2024 full-year GAAP Operating Earnings guidance."

Earnings for the company's regulated utility, PSE&G, showed a slight decline from $0.80 per share last year to $0.76. The increase in distribution margins was offset by rising depreciation and interest expenses ahead of a recently approved rate case.

The PSEG Power & Other segment, which includes the company's commercial generation operations, rose from $0.05 per share last year to $0.14 this year. The results were positively impacted by improving energy margins and the federal nuclear production tax credit that took effect in January.

The company highlighted recent regulatory approvals, including a $505 million annual revenue increase for PSE&G and a $1.9 billion energy efficiency investment authorization by 2027. PSEG invested $1 billion in infrastructure during the quarter and expects to moderately exceed its original capital plan of $3.5 billion for 2024.