Public Service Enterprise Group Earnings Cheat Sheet: Second Straight Quarter of Increasing Profit
S&P 500 (NYSE:SPY) component Public Service Enterprise Group Inc. (NYSE:PEG) reported net income above Wall Street’s expectations for the second quarter. Public Service Enterprise Group Inc. primarily operates as a wholesale energy supply company with nuclear, coal, gas, and oil-fired generation facilities.
Public Service Enterprise Group Earnings Cheat Sheet for the Second Quarter
Results: Net income for the diversified utilities company rose to $323 million (63 cents per share) vs. $224 million (44 cents per share) in the same quarter a year earlier. This marks a rise of 44.2% from the year earlier quarter.
Actual vs. Wall St. Expectations: PEG beat the mean analyst estimate of 55 cents per share.
Quoting Management: “We have achieved significant operational and regulatory success during the past quarter. Our investment program, a strong balance sheet and the operational focus of a dedicated workforce position PSEG to be a reliable supplier of low-cost, clean energy for the long-term,” said Ralph Izzo, chairman, president and chief executive officer of PSEG.
The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of 85 cents versus a mean estimate of net income of 76 cents per share.
Net income has increased 4.1% year over year on average across the last five quarters. The biggest gain came in the most recent quarter, when income climbed 44.2% from the year earlier quarter.
Competitors to Watch: FirstEnergy Corp. (NYSE:FE), Exelon Corporation (NYSE:EXC), Pepco Holdings, Inc. (NYSE:POM), Consolidated Edison, Inc. (NYSE:ED), The Southern Company (NYSE:SO), Xcel Energy Inc. (NYSE:XEL), Genon Energy Inc (NYSE:GEN), Constellation Energy Group, Inc. (NYSE:CEG), CH Energy Group, Inc. (NYSE:CHG), and PPL Corporation (NYSE:PPL).
(Source: Xignite Financials)