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PSEG (PEG) Q4 Earnings Beat Estimates, Revenues Rise Y/Y

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Public Service Enterprise Group Incorporated PEG or PSEG reported fourth-quarter 2021 adjusted operating earnings of 69 cents per share, which surpassed the Zacks Consensus Estimate of 68 cents by 1.5%. The bottom line also improved 6.2% on a year-over-year basis.

The company reported quarterly GAAP earnings of 88 cents per share compared with 85 cents reported in the fourth quarter of 2020.

PSEG reported adjusted operating earnings per share (EPS) of $3.65 for full-year 2021, which increased 6.4% from $3.43 reported in 2020. Reported earnings came in line with the Zacks Consensus Estimate.

Total Revenues

Operating revenues came in at $3,056 million in the fourth quarter, which surpassed the Zacks Consensus Estimate of $2,497.2 million by 22.4%. The top line also increased 27.2% from the year-ago quarter’s $2,402 million.

In 2021, PSEG generated sales worth $9.72 billion, up 1.2% from the year-ago figure. Sales beat the Zacks Consensus Estimate of $9.16 billion by 6.1%.

In the quarter, electric sales volumes were 9,166 million kilowatt-hours, while gas sales volumes were 890 million therms.

Under electric sales, Residential sales volumes were 2,799 million kilowatt-hours, while Commercial and Industrial sales volumes accounted for 6,268 million kilowatt-hours. Other sales were 99 million kilowatt-hours.

Total gas sales volumes witnessed a decline of 8% in firm sales volumes and a 2% decline in non-firm sales volumes of gas.

Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise

Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise
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

Highlights of the Release

During the fourth quarter of 2021, the operating income surged a solid 108.3% to $902 million from $433 million in the year-ago quarter.

Total operating expenses were $2,154 million, up 9.4% from the year-ago quarter, mainly due to the higher energy cost.

Segment Performance

PSE&G: Operating earnings were $271 million, down from $291 million in the prior-year quarter.

PSEG Power: Adjusted operating earnings increased by a solid 92.7% to $106 million from adjusted operating earnings of $55 million in the prior-year quarter.

PSEG Enterprise/Other: Adjusted operating losses were $25 million compared with an operating loss of $17 million in the prior-year quarter.

Financial Update

Long-term debt as of Dec 31, 2021 was $15,919 million, down from the 2020-end level of $16,180 million.

PSEG generated $1,736 million in cash from operations in 2021 compared with $3,102 million generated in the prior year.

2022 Guidance

The company initiated its 2022 guidance. PEG’s adjusted operating earnings are anticipated in the range of $1,680-$1,780 million and adjusted EPS is projected in the range of $3.35-$3.55. The Zacks Consensus Estimate for earnings is currently pegged at $3.48 per share, which is higher than the midpoint of the company’s guided range.

The company also expects its PSE&G operating earnings in the range of $1,510-$1,560 million for 2022.

Zacks Rank

PSEG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Utility Releases

CenterPoint Energy, Inc. CNP reported fourth-quarter 2021 adjusted earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 31 cents by 13.9%. The bottom line also improved 24.1% from the year-ago quarter’s figure.

The Zacks Consensus Estimate for CenterPoint Energy’s 2022 earnings is pegged at $1.41 per share, which implies a year-over-year decline of 14%. CNP boasts a long-term earnings growth rate of 4.7%.

DTE Energy CompanyDTE reported fourth-quarter 2021 operating EPS of $1.05, which surpassed the Zacks Consensus Estimate of 94 cents by 11.7%. The bottom line also increased 1.9% from the year-ago quarter’s $1.03 per share.

The Zacks Consensus Estimate for DTE Energy’s 2022 earnings is pegged at $5.94 per share, which implies a year-over-year slip of 0.8%. DTE boasts a long-term earnings growth rate of 6%.

PG&E Corporation PCG reported adjusted operating EPS of 28 cents for the fourth quarter of 2021, which matched the Zacks Consensus Estimate. The bottom line increased 33.3% from the year-ago quarter’s reported figure.

The Zacks Consensus Estimate for PG&E Corporation’s 2022 earnings is pegged at $1.09 per share, which implies year-over-year growth of 0.9%. PCG boasts a long-term earnings growth rate of 2.5%.


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Pacific Gas & Electric Co. (PCG) : Free Stock Analysis Report

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