Public Service Enterprise Group Inc. (NYSE:PEG) , or PSEG, reported fourth-quarter 2019 adjusted operating earnings of 64 cents per share, which surpassed the Zacks Consensus Estimate of 62 cents by 3.2%. The bottom line also improved 14.3% on a year-over-year basis.
Including one-time adjustments, the company reported quarterly earnings of 86 cents per share compared with 39 cents in fourth-quarter 2018.
For 2019, the company reported adjusted operating earnings of $3.28 per share, which surpassed the Zacks Consensus Estimate of $3.26 by 0.6%. The full-year bottom line also improved 5.1% from a year ago and exceeded the mid-point of the company’s projected range of $3.20-$3.30 per share.
The upside can be attributed to Public Service Enterprise’s continued focus on operating excellence and cost discipline.
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
Total Revenues
Revenues of $2,478 million in the quarter missed the Zacks Consensus Estimate of $2,854 million by 13.2%. However, the figure inched up 0.4% from the year-ago quarter’s $2,468 million.
Highlights of the Release
During the fourth quarter of 2019, the company reported operating income of $507 million, up from $501 million in the year-ago quarter. Total operating expenses were $1,971 million, up 0.2% from the year- ago quarter.
Interest expenses in the reported quarter were $152 million.
Segment Performance
PSE&G: Segment earnings were $276 million, up from $239 million in the prior-year quarter. PSE&G’s results in the quarter were driven by enhanced investments in transmission..
PSEG Power: Segment adjusted earnings were $52 million compared with $57 million in the prior-year quarter. The downside was due to scheduled decline in capacity prices in PJM and ISO-New England in the second half of 2019.
PSEG Enterprise/Other: Segment adjusted earnings were $2 million against loss of $12 million in the prior-year quarter. The year-over-year upside can be attributed to lower taxes.
2020 Guidance
The company issued its 2020 guidance. Adjusted earnings are projected to be $3.30-$3.50 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.36, lower than the mid-point of the company’s guided range.
PSE&G’s operating earnings are anticipated to be $1,310-$1,370 million. The company expects PSEG Power operating earnings to be $345-$435 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.
Recent Utility Releases
CMS Energy (NYSE:CMS) reported fourth-quarter 2019 adjusted earnings per share (EPS) of 68 cents, up 70% from the year-ago quarter’s reported figure of 40 cents. The bottom line, however, missed the Zacks Consensus Estimate of 69 cents.
NextEra Energy (NYSE:NEE) reported fourth-quarter 2019 adjusted earnings of $1.44 per share, lagging the Zacks Consensus Estimate of $1.54 by 6.5%.
Dominion Energy (NYSE:D) reported fourth-quarter 2019 operating earnings of $1.18 per share, beating the Zacks Consensus Estimate of $1.16 by 1.7%.
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CMS Energy Corporation (CMS): Free Stock Analysis Report
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Public Service Enterprise Group Incorporated (PEG): Free Stock Analysis Report
NextEra Energy, Inc. (NEE): Free Stock Analysis Report
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