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Mar 31, 2022
PSEG Q1 2022 Earnings Report
PSEG reported a net loss, but non-GAAP operating earnings were up slightly year-over-year, driven by solid utility and nuclear operations and rate base growth.
Key Takeaways
PSEG reported a net loss of $2 million, or less than $0.01 per share, for the first quarter of 2022. However, non-GAAP operating earnings were $672 million, or $1.33 per share, compared to $650 million, or $1.28 per share in the first quarter of 2021. The net loss reflects $674 million of reconciling items, predominantly mark to market adjustments.
Net Loss of <$0.01 per share driven by mark to market adjustments
Non-GAAP Operating Earnings of $1.33 per share
CEO Leadership Succession to Begin September 1
Re-Affirms 2022 Non-GAAP Operating Earnings Guidance of $3.35—$3.55 per Share
PSEG
PSEG
Forward Guidance
PSEG re-affirming its 2022 non-GAAP Operating Earnings guidance of $3.35—$3.55 per share.
Positive Outlook
- Regulated investment programs are producing predictable utility growth
- The Conservation Incentive Program (CIP) is effectively minimizing variations on electric and gas revenues from the rollout of our energy efficiency programs and other impacts such as weather
- On track to execute PSE&G’s $2.9 billion, 2022 capital spending plan
- Part of PSEG’s five-year, $15 billion to $17 billion capital plan through 2025
- Over 90% directed toward PSE&G