Public Service Enterprise (PEG) Tops Q1 Earnings, Keeps View
Zacks Investment Research | Apr 28, 2017 02:12AM ET
Public Service Enterprise Group Inc. (NYSE:PEG) or PSEG reported first-quarter 2017 adjusted operating earnings of 92 cents per share, which exceeded the Zacks Consensus Estimate of 84 cents by 9.5%. Earnings also improved 1.1% on a year-over-year basis.
Excluding one–time adjustments, the company reported quarterly earnings of 22 cents per share, compared with 93 cents in the first-quarter 2016.
Total Revenue
Revenues of $2,592 million in the reported quarter surpassed the Zacks Consensus Estimate of $2,564 million by 1.1%. However, the figure fell 0.9% from the year-ago figure of $2,616 million.
During the reported quarter, electric sales volume increased 1.6% to 9,889 million kilowatt-hours. But gas sales volume declined 3.5% to 1,444 million therms.
For electric sales, results reflected a 2.4% rise in the commercial and industrial sector and 4.6% growth in street lighting. However, sales volume of residential sector and interdepartmental sector dropped 0.1% and 1%, respectively.
Total gas sales volume in the reported quarter declined on 20.1% drop in non-firm sales volume of gas, despite a 2.9% improvement in firm sales volume of gas.
Highlights of the Release
During the first quarter, the company incurred operating loss of $178 million down from $827 million in the year-ago quarter. Total operating expenses were $2,414 million, up 34.9% from the year-ago quarter figure.
Interest expenses in the reported quarter were $98 million, up 6.5% from the year-ago level.
Segment Performance
PSE&G: Segment earnings were $299 million, up from $262 million in the prior-year quarter. Quarterly results reflect the continuing successful execution of its growth initiatives and control of operating expenses.
PSEG Power: The segment suffered a loss of $170 million against earnings of $192 million a year ago. The downside was due to the impact of incremental depreciation and other expenses of $564 million pre-tax associated with the decision to retire the Hudson and Mercer coal/gas-fired generating stations announced on Jun 1, 2017.
PSEG Enterprise/Other: The segment generated net loss of $15 million as against operating earnings of $17 million in the first quarter of 2016.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
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