PSEG Q1 2024 Earnings Report

PSEG's first quarter results were announced, demonstrating a solid start to 2024 with earnings consistent with expectations.

Key Takeaways

PSEG reported a net income of $532 million, or $1.06 per share, for the first quarter of 2024. Non-GAAP operating earnings were $657 million, or $1.31 per share. The company reaffirms its 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share.

PSEG's first-quarter results are consistent with expectations to deliver full-year 2024 non-GAAP Operating Earnings guidance of $3.60 to $3.70 per share.

Rate base growth from infrastructure investments is being offset by higher investment-related expenses.

The nuclear production tax credit went into effect on January 1, 2024, providing downside price protection for the nuclear fleet through 2032.

PSE&G invested approximately $0.8 billion during the first quarter and is on track with its planned 2024 regulated capital investment program of approximately $3.4 billion.

Total Revenue

$2.76B

Previous year: $3.76B

Nuclear Energy Output

8.2B

Dividend per Share

$0.6