Public Service Enterprise (PEG) Q3 Earnings Miss, View Intact
Zacks Investment Research | Oct 30, 2017 10:42PM ET
Public Service Enterprise Group Inc. (NYSE:PEG) or PSEG reported third-quarter 2017 adjusted operating earnings of 82 cents per share, which missed the Zacks Consensus Estimate of 84 cents by 2.4%. The bottom line also declined 6.8% on a year-over-year basis.
Excluding one–time adjustments, the company reported quarterly earnings of 78 cents per share compared with 64 cents in the third-quarter 2016.
Total Revenue
Revenues of $2,263 million in the quarter missed the Zacks Consensus Estimate of $2,545 million by 11.1%. Also, the figure declined 7.6% from the year-ago figure of $2,450 million.
During the reported quarter, electric sales volume declined 8.3% to 11,735 million kilowatt-hours, while gas sales volume decreased 44.2% to 481 million therms.
For electric sales, results reflected a 4.7% drop in the commercial and industrial sector, 13.9% decline in residential sector, 4.8% fall in street lighting and 9.5% drop in interdepartmental sector.
Total gas sales volume in the reported quarter declined on 57.1% drop in non-firm sales volume of gas and 4.2% decline in firm sales volume of gas.
Highlights of the Release
During the third quarter, the company reported operating income of $693 million up from $577 million in the year-ago quarter. Total operating expenses were $1,570 million, down 16.2% from the year-ago quarter figure.
Interest expenses in the reported quarter were $100 million compared with $99 million in the year-ago quarter.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
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