Public Service Enterprise beats Q3 profit estimates boosted by power and gas unit
Oct 31 (Reuters) - Energy company Public Service Enterprise Group on Tuesday beat third-quarter profit estimates, boosted by a robust performance at its power and gas distribution unit.
The company said its core subsidiary, Public Service Electric and Gas, posted adjusted operating earnings of $403 million compared with $399 million last year.
The unit, which serves more than 4 million electric and gas customers, benefited from growth in transmission and distribution margins and lower operating and maintenance expenses, PSEG said.
The Newark, New Jersey-based company's revenue rose 8% to $2.46 billion from a year earlier, beating analysts' average estimate of $2.14 billion, according to LSEG.
PSEG reaffirmed its full-year operating earnings forecast range of $3.40 - $3.50 per share, but expects capital spending to be slightly higher-than-previously expected at $3.7 billion.
The company reported operating earnings of 85 cents per share, beating analysts' estimates of 75 cents per share, according to LSEG.
(Reporting by Roshia Sabu; Editing by Tasim Zahid)
