NEWARK, N.J. (AP) _ Public Service Enterprise Group Inc. (PEG) on Thursday reported first-quarter profit of $700 million.
On a per-share basis, the Newark, New Jersey-based company said it had net income of $1.38. Earnings, adjusted for non-recurring gains, came to $1.08 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share.
The parent company of PSEG Power and Public Service Electric & Gas Co. posted revenue of $2.98 billion in the period.
PSEG expects full-year earnings in the range of $3.15 to $3.35 per share.
PSEG shares have climbed 13% since the beginning of the year, while the Standard & Poor's 500 index has increased 17%. The stock has climbed 13% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PEG at https://www.zacks.com/ap/PEG