Public Service Enterprise Group Inc (PEG) Reports Q3 2023 Earnings, Reaffirms Full-Year Guidance
Public Service Enterprise Group Inc (NYSE:PEG) reported Q3 2023 net income of $139 million, up from $114 million in Q3 2022.
Non-GAAP operating earnings for Q3 2023 were $425 million, slightly down from $429 million in the same period last year.
The company reaffirmed its full-year 2023 non-GAAP operating EPS guidance range of $3.40 - $3.50.
Capital spending for 2023 is expected to total $3.7 billion, slightly higher than the original plan of $3.5 billion.
Public Service Enterprise Group Inc (NYSE:PEG) announced its third quarter 2023 results on October 31, 2023. The company reported a net income of $139 million, or $0.27 per share, compared to a net income of $114 million, or $0.22 per share, for the third quarter of 2022. Non-GAAP operating earnings for the third quarter of 2023 were $425 million, or $0.85 per share, compared to non-GAAP operating earnings of $429 million, or $0.86 per share for the third quarter of 2022.
Financial Highlights
The company's consolidated results showed a net income of $139 million and non-GAAP operating earnings of $425 million. The reconciling items between net income and non-GAAP operating earnings amounted to $286 million.
Public Service Electric and Gas reported a net income of $401 million and non-GAAP operating earnings of $403 million. PSEG Power & Other reported a net loss of $262 million and non-GAAP operating earnings of $22 million.
Company Performance and Future Outlook
According to Ralph LaRossa, PSEGs chair, president, and CEO, the company posted solid operating and financial results for the third quarter and is on pace to achieve its guidance for full-year, 2023 non-GAAP Operating Earnings of $3.40 to $3.50 per share. The company invested approximately $1 billion in capital spending during the third quarter, bringing the year-to-date spend to $2.7 billion. For the full-year 2023, capital spend is expected to total $3.7 billion, slightly higher than the original plan of $3.5 billion.
LaRossa added, "These critical New Jersey energy investments support our rate base growth trajectory of 6% to 7.5% through 2027 and our long-term, non-GAAP Operating Earnings growth rate of 5% to 7% over the same period."
Key Financial Tables
The company's financial tables provide a detailed breakdown of its performance across different segments. The tables show comparative results for the third quarter of 2023 and 2022, including net income, non-GAAP operating earnings, and earnings per share for PSEG Consolidated, Public Service Electric and Gas, and PSEG Power & Other.
Public Service Enterprise Group Inc (NYSE:PEG) is a predominantly regulated infrastructure company focused on a clean energy future. The company's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power, and PSEG Long Island.
Explore the complete 8-K earnings release (here) from Public Service Enterprise Group Inc for further details.
This article first appeared on GuruFocus.
