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Public Service Enterprise Group Inc. PEG, or PSEG, reported fourth-quarter 2020 adjusted operating earnings of 65 cents per share, which missed the Zacks Consensus Estimate of 66 cents by 1.5%. The bottom line, however, improved 1.6% on a year-over-year basis.
Including one-time adjustments, the company reported quarterly earnings of 85 cents per share compared with 86 cents in fourth-quarter 2019.
For 2020, the company reported adjusted operating earnings of $3.43 per share, which missed the Zacks Consensus Estimate of $3.44 by 0.3%. The full-year bottom line, however, improved 4.6% from a year ago.
Revenues of $2,402 million in the quarter missed the Zacks Consensus Estimate of $2,696 million by 10.9%. Moreover, the figure declined 3.1% from the year-ago quarter’s $2,478 million.
For 2020, the company recorded revenues of $9.6 billion, which missed the Zacks Consensus Estimate of $9.69 billion by 0.9%. Moreover, the full-year top line declined 4.8% from the year-ago quarter’s figure of $10.08 billion.
Highlights of the Release
During the fourth quarter of 2020, the company reported an operating income of $433 million, down from $507 million in the year-ago quarter. Total operating expenses were $1,969 million, down 0.21% from the year-ago quarter.
Interest expenses in the reported quarter were $147 million compared with $152 million in the prior year’s quarter.
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
PSE&G: Segment earnings were $291 million, up from $276 million in the prior-year quarter.
PSEG Power: Segment adjusted earnings were $55 million compared with $52 million in the prior-year quarter.
PSEG Enterprise/Other: Segment adjusted losses were $17 million against the adjusted earnings of $2 million in the prior-year quarter.
Cash, Cash Equivalents and Restricted Cash as of Dec 31, 2020, were $572 million compared with $176 million as of Dec 31, 2019.
Long-term debt was $16,180 million as of Dec 31, 2020, compared with $15,108 million at 2019-end.
At the end of 2020, cash from operating activities amounted to $3,102 million compared with $3,379 in the prior year.
The company issued its 2021 guidance. Adjusted earnings are projected to be $3.35-$3.55 per share. The Zacks Consensus Estimate for earnings is currently pegged at $3.38, lower than the midpoint of the company’s guided range.
PSE&G’s operating earnings are anticipated to be $1,700-$1,800 million. The company expects PSEG Power operating earnings to be $280-$370 million.
PSEG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Xcel Energy Inc. XEL posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. NEE reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
CMS Energy Corp. CMS reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
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