PSEG Q1 2023 Earnings Report
Key Takeaways
PSEG's first quarter 2023 results showed a strong improvement in net income, reaching $1,287 million, and solid non-GAAP operating earnings of $695 million. The company reaffirmed its full-year non-GAAP operating EPS guidance, driven by regulated operations growth and cost reduction efforts.
PSEG reported Q1 2023 Net Income of $1,287 million, or $2.58 per share.
Non-GAAP Operating Earnings for Q1 2023 were $695 million, or $1.39 per share.
PSEG reaffirmed its full-year 2023 non-GAAP Operating Earnings guidance of $3.40 to $3.50 per share.
Utility capital spending budget of $3.5 billion will be directed to modernizing T&D infrastructure and clean energy programs.
PSEG
PSEG
Forward Guidance
PSEG reaffirmed its full-year, 2023 non-GAAP Operating Earnings guidance of $3.40 to $3.50 per share.
Positive Outlook
- Growth in regulated operations.
- Higher average hedged price for 2023, the majority of which was realized in the first quarter.
- Cost reduction efforts throughout the organization.
Challenges Ahead
- Actual pension impact of 2022 investment results on 2023 earnings.
- Higher interest expense expectations.