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Jun 30, 2024
PSEG Q2 2024 Earnings Report
PSEG's Q2 2024 financial results were announced, showing a net income of $0.87 per share and non-GAAP operating earnings of $0.63 per share. The company reaffirmed its full-year 2024 non-GAAP operating earnings guidance.
Key Takeaways
PSEG reported a net income of $434 million, or $0.87 per share, for the second quarter of 2024. Non-GAAP operating earnings were $313 million, or $0.63 per share. The company reaffirmed its full-year 2024 non-GAAP operating earnings guidance range of $3.60 to $3.70 per share.
PSEG's second quarter financial results are in line with full-year expectations.
The company reaffirmed its full-year 2024 non-GAAP Operating Earnings guidance range of $3.60 to $3.70 per share.
PSE&G filed with the New Jersey BPU to implement another gas supply cost reduction in October.
PSEG Power completed the scheduled refueling outage at Hope Creek nuclear unit and is pursuing growth opportunities.
PSEG
PSEG
PSEG Revenue by Segment
Revenue by Segment
PSE&G Revenue
CapyFin.comPower & Other Revenue
CapyFin.com Forward Guidance
PSEG reaffirmed its full-year 2024 non-GAAP Operating Earnings guidance range of $3.60 to $3.70 per share and its five-year, non-GAAP Operating Earnings growth outlook of 5% to 7% through 2028.
Positive Outlook
- PSEG's financial results for the second quarter and first half are in line with expectations.
- PSE&G's distribution rate case remains pending, as well as the benefit of the new PTC which began in January 2024.
- PSEG is re-affirming its five-year, non-GAAP Operating Earnings growth outlook of 5% to 7% through 2028.
- PSEG's solid balance sheet supports the execution of PSEG’s five-year capital investment program of $19 billion to $22.5 billion.
- PSEG's capital investment program provides the opportunity for consistent and sustainable dividend growth.
Challenges Ahead
- PSE&G is experiencing growing regulatory lag prior to the conclusion of its rate case later this year.
- PSEG Power & Other results for the quarter primarily reflect higher costs related to the scheduled refueling outage.
- PSEG's distribution rate case remains pending.
- PSEG’s proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned.
- PSEG may face challenges in meeting commitments under forward sale obligations and Regional Transmission Organization rules.
Revenue & Expenses
Visualization of income flow from segment revenue to net income