PSEG Q2 2021 Earnings Report
Key Takeaways
PSEG reported a Net Loss of $177 million, or $0.35 per share, for the second quarter of 2021. However, Non-GAAP Operating Earnings for the second quarter of 2021 were $356 million, or $0.70 per share. The company also raised the bottom end of its full-year 2021 non-GAAP operating earnings guidance range to $3.40 – $3.55 per share.
Net Loss for the second quarter of 2021 was $177 million, or $0.35 per share.
Non-GAAP Operating Earnings for the second quarter of 2021 were $356 million, or $0.70 per share.
PSEG Power recorded a pre-tax impairment of approximately $519 million at its New England asset group.
The bottom end of PSEG’s non-GAAP Operating Earnings guidance for full-year 2021 was raised to a range of $3.40 to $3.55 per share.
PSEG
PSEG
Forward Guidance
PSEG is raising by $0.05 per share the bottom end of PSEG’s non-GAAP Operating Earnings guidance for full-year 2021 to a range of $3.40 to $3.55 per share based on favorable results at PSE&G and Power through the first half of the year.
Positive Outlook
- Favorable results at PSE&G
- Favorable results at Power through the first half of the year
- August 1 effective date to implement the Transmission rate settlement
- Expectation that the fossil assets will contribute to consolidated results through the end of the year
- PSE&G’s planned capital spending of $2.7 billion is on schedule and on budget