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Mar 31, 2020
PSEG Q1 2020 Earnings Report
PSEG's first quarter results were announced, revealing a net income of $0.88 per share and non-GAAP operating earnings of $1.03 per share.
Key Takeaways
PSEG reported a Net Income of $448 million, or $0.88 per share, for the first quarter of 2020, compared to $700 million, or $1.38 per share, in the first quarter of 2019. Non-GAAP Operating Earnings for the first quarter of 2020 were $520 million, or $1.03 per share, compared to $547 million, or $1.08 per share, in the first quarter of 2019.
Net Income for the first quarter of 2020 was $448 million, or $0.88 per share.
Non-GAAP Operating Earnings for the first quarter of 2020 were $520 million, or $1.03 per share.
PSEG is re-affirming non-GAAP Operating Earnings guidance for full-year 2020 of $3.30 - $3.50 per share.
PSE&G invested approximately $0.6 billion in the first quarter as part of its planned 2020 capital investment program of $2.7 billion.
Forward Guidance
PSEG re-affirms non-GAAP Operating Earnings guidance for full-year 2020 of $3.30 - $3.50 per share.
Positive Outlook
- Re-affirming non-GAAP Operating Earnings guidance for full-year 2020 of $3.30 - $3.50 per share.
- Normal weather and plant operations for the remainder of the year are assumed.
- Maintaining solid operations and strong cost control at both PSE&G and PSEG Power.
- Committed to executing five-year, $12 to $16 billion capital plan without the need to issue equity.
- Improved net liquidity position, ending March with approximately $4 billion of available liquidity.
Challenges Ahead
- Extremely mild weather in the quarter
- Weakness in market demand
- Impacts of COVID-19
- Maintaining solid operations and strong cost control at both PSE&G and PSEG Power, especially during the important third quarter cooling season.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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