We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Public Service Enterprise (PEG) Q1 Earnings Beat Estimates
Read MoreHide Full Article
Public Service Enterprise Group Inc. (PEG - Free Report) , or PSEG, reported first-quarter 2019 adjusted operating earnings of $1.08 per share, which surpassed the Zacks Consensus Estimate of 99 cents by 9.1%. Moreover, the bottom line increased 11.3% on a year-over-year basis.
Excluding one-time adjustments, the company reported quarterly earnings of $1.38 per share compared with $1.10 in first-quarter 2018.
Total Revenues
Revenues of $2,980 million in the quarter exceeded the Zacks Consensus Estimate of $2,780 million by 7.2%. Moreover, the figure improved 5.7% from the year-ago quarter’s figure of $2,818 million.
In the reported quarter, electric sales volumes were 9,908 million kilowatt-hours, while gas sales volumes rose 12% to 1,600 million therms.
Under Electric sales, Residential sales volumes were 3,012 million kilowatt-hours, whereas Commercial and Industrial sales volumes accounted for 6,719 million kilowatt-hours.
Total gas sales volumes witnessed a 58% surge in non-firm sales volumes of gas and 4% rise in firm sales volumes of gas.
Highlights of the Release
During the first quarter of 2019, the company reported operating income of $786 million, down from $832 million in the year-ago quarter. Total operating expenses were $2,194 million, up 10.5 % from the year-ago quarter.
Interest expenses in the reported quarter were $133 million compared with $103 million in the year-ago quarter.
Segment Performance
PSE&G: Segment earnings were $403 million, up from $319 million in the prior-year quarter. PSE&G’s results were driven by new transmission and distribution rates in effect, a reduction in operating and maintenance (O&M) expenses, and a reduction in the utility’s effective tax rate to reflect the flow back of tax reform benefits to customers.
PSEG Power: Segment income was $296 million compared $234 million a year ago. The upside can be attributed to increase in capacity revenues and increase in sales volumes.
PSEG Enterprise/Other: Segment income was $1 million compared with $5 million in the first quarter of 2018.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
FirstEnergy Corporation (FE - Free Report) , which carries a Zacks Rank #3, delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.
NextEra Energy, Inc. (NEE - Free Report) , which carries a Zacks Rank #2 (Buy), reported first-quarter 2019 adjusted earnings of $2.20 per share, beating the Zacks Consensus Estimate of $2.01 by 9.4%.
DTE Energy Company (DTE - Free Report) , which carries a Zacks Rank #2, reported first-quarter 2019 operating earnings per share (EPS) of $2.05, which exceeded the Zacks Consensus Estimate of $1.95 by 5.1%.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?
Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.
Image: Bigstock
Public Service Enterprise (PEG) Q1 Earnings Beat Estimates
Excluding one-time adjustments, the company reported quarterly earnings of $1.38 per share compared with $1.10 in first-quarter 2018.
Under Electric sales, Residential sales volumes were 3,012 million kilowatt-hours, whereas Commercial and Industrial sales volumes accounted for 6,719 million kilowatt-hours.
Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise | Public Service Enterprise Group Incorporated Quote
Financial Update
Long-term debt as of Mar 31, 2019, was $14,116 million, up from the 2018-end level of $14,462 million.
PSEG generated $1,218 million in cash from operations at the end of first-quarter 2019, down from the year-ago quarter’s $1,140 million.