S&P 500 (NYSE:SPY) component Public Service Enterprise Group Inc. (NYSE:PEG) reported its results for the first 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 First Quarter
Results: Net income for Public Service Enterprise Group Inc. rose to $526 million ($1.04/share) vs. $491 million (97 cents/share) in the same quarter a year earlier. A rise of 7.1% from the year earlier quarter.
Actual vs. Wall St. Expectations: The mean estimate for PEG was 77 cents/share. Estimates ranged from 70 cents per share to 85 cents per share.
Quoting Management: “We are managing well in difficult market conditions,” said Ralph Izzo, chairman, president and chief executive officer of PSEG. He went on to say “our employees’ on-going commitment to reliability and safety has supported operations in the face of severe winter weather conditions. In addition, our teams worked round-the-clock to verify the effectiveness of all procedures and equipment in place to respond to natural disasters following the earthquake-and-tsunami related damage at the Fukushima nuclear plant in Japan (NYSE:EWJ).”
Net income has dropped 2.7% year over year on average across the last five quarters. Performance was hurt by a 28% decline in the second quarter of the last fiscal year 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)
Stock Performance: Shares of PEG are trading down 0.77% from the previous closing price of $32.34.