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Jun 30, 2022
PSEG Q2 2022 Earnings Report
PSEG's second quarter results were announced, with net income of $0.26 per share and non-GAAP operating earnings of $0.64 per share.
Key Takeaways
Public Service Enterprise Group (PSEG) reported a net income of $131 million, or $0.26 per share, for Q2 2022, compared to a net loss of $177 million, or $0.35 per share, in Q2 2021. Non-GAAP operating earnings for Q2 2022 were $320 million, or $0.64 per share, compared to $356 million, or $0.70 per share, in Q2 2021. The company re-affirmed its 2022 non-GAAP operating earnings guidance of $3.35—$3.55 per share.
Net income was $0.26 per share.
Non-GAAP operating earnings were $0.64 per share.
PSE&G is set to invest $511 million through the Infrastructure Advancement Program.
2022 non-GAAP operating earnings guidance of $3.35—$3.55 per share was re-affirmed.
PSEG
PSEG
Forward Guidance
PSEG re-affirming its 2022 non-GAAP Operating Earnings guidance of $3.35—$3.55 per share.
Positive Outlook
- The Conservation Incentive Program (CIP) continues to reduce variances in sales revenue due to energy efficiency savings, weather and economic impacts, resulting in more stable utility margins.
- Regulated investment programs continue to add predictable rate base growth while improving reliability and resiliency, and helping the State reach its clean energy goals.
- Multi-year earnings per share CAGR of 5% to 7% from the mid-point of 2022 guidance to 2025 is reiterated.
- Growth is largely driven by continued growth in the utility’s investment programs.
- Return of and on capital investments will be recovered specifically through the next base rate case to be filed by year-end 2023.