PSEG Q1 2021 Earnings Report
Key Takeaways
Public Service Enterprise Group (PSEG) reported a strong first quarter in 2021, with net income rising to $648 million, or $1.28 per share, compared to $448 million, or $0.88 per share, in the first quarter of 2020. Non-GAAP Operating Earnings also increased to $650 million, or $1.28 per share, from $520 million, or $1.03 per share, in the same period last year. The company is reaffirming its non-GAAP Operating Earnings guidance for the full year 2021, projecting $3.35 - $3.55 per share.
Net Income for Q1 2021 was reported at $648 million, or $1.28 per share.
Non-GAAP Operating Earnings for Q1 2021 reached $650 million, or $1.28 per share.
The sale of PSEG's 467 MWDC Solar Source portfolio to an affiliate of LS Power is expected to close in Q2 or Q3 2021.
PSEG reaffirms non-GAAP Operating Earnings guidance for full-year 2021 of $3.35 - $3.55 per share.
PSEG
PSEG
Forward Guidance
PSEG reaffirmed its non-GAAP Operating Earnings guidance for full-year 2021 of $3.35 - $3.55 per share.
Positive Outlook
- Normal weather and plant operations are assumed for the remainder of the year.
- Conservation Incentive Programs that begin in June for electric and in October for gas are incorporated.
- PSEG is on track to execute its five-year, $14 billion to $16 billion capital plan through 2025.
- The company has the financial strength to fund the capital plan without issuing new equity.
- Over 90% of the capital program is directed to PSE&G, which is expected to produce 6.5% to 8% compound annual growth in rate base over the 2021 – 2025 period.
Challenges Ahead
- Guidance assumes normal weather conditions.
- Guidance assumes normal plant operations for the remainder of the year.
- The COVID-19 pandemic and its economic dislocations continue to impact the New Jersey economy.
- There is potential for equipment failures, accidents, severe weather events, acts of war or terrorism or other incidents, including pandemics such as the ongoing coronavirus pandemic, that may impact our ability to provide safe and reliable service to our customers.
- The absence of a long-term legislative or other solution for our New Jersey nuclear plants that sufficiently values them for their carbon-free, fuel diversity and resilience attributes, or the impact of the current or subsequent payments for such attributes being materially adversely modified through legal proceedings