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Public Service Enterprise Group Incorporated PEG, or PSEG, reported fourth-quarter 2024 adjusted earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 1.2%. The earnings also improved 55.6% from the prior-year reported figure of 54 cents per share.
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The company reported GAAP earnings per share (EPS) of 57 cents compared with $1.10 in the corresponding period of 2023.
PEG reported 2024 adjusted earnings of $3.68 per share, which were higher than the year-ago figure of $3.48. The full-year bottom line also beat the Zacks Consensus Estimate of $3.67 per share.
PEG’s Total Revenues
Operating revenues in the fourth quarter totaled $2.47 billion, which beat the Zacks Consensus Estimate of $2.31 billion by 6.6%. However, the top line decreased 5.4% from the year-ago figure of $2.61 billion.
The company reported revenues of $10.29 billion in 2024, which were lower than $11.24 billion in 2023. The full-year top line, however, beat the consensus estimate of $10.15 billion.
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 of PEG
Electric sales volumes totaled 9,174 million kilowatt-hours, which improved 1% year over year. On the other hand, gas sales volumes declined 5% to 898 million therms.
Under electric sales, residential sales volumes totaled 2,814 million kilowatt-hours, in line with the prior-year figure. Its commercial and industrial sales volumes accounted for 6,265 million kilowatt-hours, registering a year-over-year improvement of 1%.
Other sales amounted to 95 million kilowatt-hours, down 1% from the year-ago recorded number.
Total gas sales witnessed a year-over-year increase of 1% in firm sales volumes. Non-firm gas sales volumes dropped 25%.
Highlights of PEG’s Release
The operating income totaled $445 million in the fourth quarter compared with $692 million in the year-ago period. This indicated a year-over-year decline of 35.7%.
Total operating expenses were $2.02 billion, up 5.6% from the year-ago actual.
Interest expenses amounted to $232 million, which increased 17.2% year over year.
Segmental Performance of PEG
PSE&G: This segment’s net income totaled $378 million, up from $291 million recorded in the fourth quarter of 2023.
PSEG Power & Other: Adjusted operating income for this unit amounted to $43 million against an operating loss of $25 million in the prior-year quarter.