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PSEG (PEG) Q2 Earnings Miss Estimates, Revenues Rise Y/Y

·4-min read

Public Service Enterprise Group Incorporated PEGor PSEG reported second-quarter 2022 adjusted operating earnings of 64 cents per share, which missed the Zacks Consensus Estimate of 65 cents per share by 1.5%.

The company reported quarterly GAAP earnings per share (EPS) of 26 cents in the second quarter of 2022 against the loss of 35 cents generated in the second quarter of 2021.

Total Revenues

Operating revenues came in at $2,076 millionin the second quarter, which beat the Zacks Consensus Estimate of $1,942.7 million by 6.9%. The top line also increased by 10.8% from the year-ago quarter’s $1,874 million.

In the quarter, electric sales volumes were 9,483 million kilowatt-hours, while gas sales volumes were 616 million therms.

Under electric sales, Residential sales volumes were 3,156 million kilowatt-hours, down 2% from the prior-year quarter figure. ItsCommercial and Industrial sales volumes accounted for 6,255 million kilowatt-hours, up 2% from the same period last year. Other sales were 72 million kilowatt-hours, flat with the year-ago quarter figure.

Total gas sales volumes witnessed an increaseof5% in firm sales volumes and 17% growth 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 second quarter of 2022, the operating income came in at $296 million against the operating loss of $294 million in the year-ago quarter.

Total operating expenses were $1,780 million, down 17.9% from the year-ago quarter, mainly due to the lower operation and maintenance cost and higher depreciation expenses.

Segment Performance

PSE&G:Operating earnings were $377 million, down from $381 million in the prior-year quarter.

Carbon-Free Infrastructure/Other: Theoperating loss was $81 million compared with $676 million in the prior-year quarter.

Financial Update

The long-term debt (includes the current portion of the long-term debt) as of Jun 30, 2022 was $17,671 million, up from the 2021-end level of $15,919 million.

PSEG generated $356 million in cash from operations during the six months ended Jun 30, 2022 compared with the $1,049 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 EPS in the range of $3.35-$3.55. The Zacks Consensus Estimate for earnings is currently pegged at $3.47 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

American Electric Power Company, Inc. AEP reported second-quarter 2022 operating EPS of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%. The bottom line also improved 1.7% from $1.18 per share in the year-ago quarter.

American Electric reiterated the 2022 operating earnings expectation in the range of $4.87-$5.07 per share. AEP’s second-quarter revenues of $4,593.8 million beat the Zacks Consensus Estimate of $4,191.2 million by 9.6%.

DTE Energy Company DTE reported second-quarter 2022 operating EPS of 88 cents, which missed the Zacks Consensus Estimate of $1.00 by 12%. The bottom line also decreased 27.9% from the year-ago quarter’s $1.22 per share.

DTE Energy increased its 2022 operating EPS guidance range from $5.80-$6.00 to $5.90-$6.10.

CMS Energy Corporation CMS reported second-quarter 2022 adjusted EPS of 53 cents, which beat the Zacks Consensus Estimate of 44 cents by 20.5%. However, the reported figure declined 3.6% on a year-over-year basis.

CMS Energy had cash and cash equivalents of $77 million as of Jun 30, 2022, down from $452 million at the end of 2021. CMS expects its 2022 adjusted earnings guidance in the range of $2.85-$2.89 per share.


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