PSEG 3Q profit and revenue rise

PSE&G parent Public Service Enterprise Group reports increase in 3Q profit from utility, power

Associated Press

NEWS: Public Service Enterprise Group Inc. said Wednesday that third-quarter income rose 12 percent on higher revenue and better results from power generation and utilities, and it raised its full-year earnings forecast.

DETAILS: Chairman and CEO Ralph Izzo said the company is on track to meet its near and long-term targets for capital investment after working to recover from damage due to 2012's Superstorm Sandy.

NUMBERS: Newark, N.J.-based PSEG, which owns PSEG Power and Public Service Electric & Gas Co., said that third-quarter net income was $390 million, or 77 cents per share. That was up from $347 million, or 68 cents per share, a year ago. Excluding nuclear-decommissioning costs and other items, the company said that operating earnings were 76 cents per share.

Revenue was $2.55 billion, up from $2.40 billion a year earlier.

Analysts, on average, expected earnings of 75 cents per share on revenue of $2.47 billion, according to FactSet.

FUTURE: The utility said that it expects operating earnings to range between $2.40 and $2.55 per share, up from a previous forecast of $2.25 to $2.50 per share. Analysts were expecting $2.48 per share.

STOCK: The shares rose 3 cents to $33.86 in morning trading. They began the day up 10 percent for the year.

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