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PSEG (PEG) Q2 Earnings Miss Estimates, Revenues Rise Y/Y
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Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported second-quarter 2024 adjusted earnings of 63 cents per share, which missed the Zacks Consensus Estimate of 64 cents by 1.6%. Earnings also declined 10% from the prior-year quarter’s reported figure.
The company reported GAAP earnings per share (EPS) of 87 cents per share compared with $1.18 in the corresponding period of 2023.
The year-over-year deterioration in the bottom line can be attributed to higher operation and maintenance costs, as well as higher depreciation and interest expenses.
Total Revenues
Operating revenues in the second quarter totaled $2.42 billion, which beat the Zacks Consensus Estimate of $2.4 billion by 18.7%. The top line also increased 0.1% from the year-ago quarter’s figure.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
Electric sales volumes totaled 9,817 million kilowatt-hours, which improved 12% year over year. On the other hand, gas sales volumes improved 4% to 550 million therms.
Under electric sales, residential sales volumes totaled 3,369 million kilowatt-hours, up 20% from the prior-year quarter’s figure. Its commercial and industrial sales volumes accounted for 6,377 million kilowatt-hours, registering a year-over-year improvement of 8%.
Other sales amounted to 71 million kilowatt-hours, which came in flat compared to the year-ago quarter’s comparable level.
Total gas sales witnessed a year-over-year increase of 7% in firm sales volumes, while non-firm gas sales volumes dropped 1%.
Highlights of the Release
The operating income totaled $582 million in the second quarter compared with $794 million in the year-ago period. This indicated a year-over-year decline of 26.7%.
Total operating expenses were $1.84 billion, up 13.2% from the year-ago quarter’s reported actuals.
Interest expenses amounted to $218 million in the second quarter of 2024, which increased 17.8% year over year.
Segmental Performance
PSE&G: This segment’s net income totaled $302 million, down from $336 million recorded in the second quarter of 2023.
PSEG Power & Other: Adjusted operating income for this unit amounted to $11 million compared with $10 million in the prior-year quarter.
Financial Update
The long-term debt (including the current portion of the long-term debt) as of Jun 30, 2024 was $20.52 billion compared with $19.28 billion as of Dec 31, 2023.
PSEG generated $1.14 billion worth of cash from operations during the first six months of 2024 compared with $2.41 billion in the prior-year period.
2024 Guidance
PSEG reaffirmed its full-year guidance. PEG continues to expect adjusted earnings in the range of $3.60-$3.70 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.68 per share, higher than the midpoint of the company’s guided range.
Edison International (EIX - Free Report) reported second-quarter 2024 adjusted earnings of $1.23 per share, which increased 21.8% from $1.01 in the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.05.
Edison International's second-quarter operating revenues totaled $4.34 billion, which beat the Zacks Consensus Estimate of $4.03 billion by 7.5%. The top line also increased 9.4% from the year-ago quarter’s figure of $3.96 billion.
PG&E Corporation (PCG - Free Report) reported a second-quarter 2024 adjusted EPS of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
PCG reported total second-quarter revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year.
In the second quarter, NextEra Energy’s operating revenues were $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line plunged 17.4% year over year.
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PSEG (PEG) Q2 Earnings Miss Estimates, Revenues Rise Y/Y
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported second-quarter 2024 adjusted earnings of 63 cents per share, which missed the Zacks Consensus Estimate of 64 cents by 1.6%. Earnings also declined 10% from the prior-year quarter’s reported figure.
The company reported GAAP earnings per share (EPS) of 87 cents per share compared with $1.18 in the corresponding period of 2023.
The year-over-year deterioration in the bottom line can be attributed to higher operation and maintenance costs, as well as higher depreciation and interest expenses.
Total Revenues
Operating revenues in the second quarter totaled $2.42 billion, which beat the Zacks Consensus Estimate of $2.4 billion by 18.7%. The top line also increased 0.1% from the year-ago quarter’s figure.
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
Sales Volume
Electric sales volumes totaled 9,817 million kilowatt-hours, which improved 12% year over year. On the other hand, gas sales volumes improved 4% to 550 million therms.
Under electric sales, residential sales volumes totaled 3,369 million kilowatt-hours, up 20% from the prior-year quarter’s figure. Its commercial and industrial sales volumes accounted for 6,377 million kilowatt-hours, registering a year-over-year improvement of 8%.
Other sales amounted to 71 million kilowatt-hours, which came in flat compared to the year-ago quarter’s comparable level.
Total gas sales witnessed a year-over-year increase of 7% in firm sales volumes, while non-firm gas sales volumes dropped 1%.
Highlights of the Release
The operating income totaled $582 million in the second quarter compared with $794 million in the year-ago period. This indicated a year-over-year decline of 26.7%.
Total operating expenses were $1.84 billion, up 13.2% from the year-ago quarter’s reported actuals.
Interest expenses amounted to $218 million in the second quarter of 2024, which increased 17.8% year over year.
Segmental Performance
PSE&G: This segment’s net income totaled $302 million, down from $336 million recorded in the second quarter of 2023.
PSEG Power & Other: Adjusted operating income for this unit amounted to $11 million compared with $10 million in the prior-year quarter.
Financial Update
The long-term debt (including the current portion of the long-term debt) as of Jun 30, 2024 was $20.52 billion compared with $19.28 billion as of Dec 31, 2023.
PSEG generated $1.14 billion worth of cash from operations during the first six months of 2024 compared with $2.41 billion in the prior-year period.
2024 Guidance
PSEG reaffirmed its full-year guidance. PEG continues to expect adjusted earnings in the range of $3.60-$3.70 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.68 per share, higher than the midpoint of the company’s guided range.
Zacks Rank
PSEG currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Edison International (EIX - Free Report) reported second-quarter 2024 adjusted earnings of $1.23 per share, which increased 21.8% from $1.01 in the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.05.
Edison International's second-quarter operating revenues totaled $4.34 billion, which beat the Zacks Consensus Estimate of $4.03 billion by 7.5%. The top line also increased 9.4% from the year-ago quarter’s figure of $3.96 billion.
PG&E Corporation (PCG - Free Report) reported a second-quarter 2024 adjusted EPS of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
PCG reported total second-quarter revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year.
In the second quarter, NextEra Energy’s operating revenues were $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line plunged 17.4% year over year.