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Sep 30, 2023
PSEG Q3 2023 Earnings Report
PSEG reported solid operating and financial results.
Key Takeaways
PSEG announced third quarter 2023 results, with a Net Income of $0.27 per share and Non-GAAP Operating Earnings of $0.85 per share. The company re-affirmed its full-year 2023 Non-GAAP Operating EPS guidance range of $3.40 - $3.50.
PSEG posted solid operating and financial results for the third quarter.
The company is on pace to achieve its guidance for full-year 2023 non-GAAP Operating Earnings of $3.40 to $3.50 per share.
PSE&G invested approximately $1 billion in capital spending during the third quarter, bringing the year-to-date spend to $2.7 billion.
The New Jersey Board of Public Utilities (BPU) approved a settlement to extend PSE&G’s Gas System Modernization Program II (GSMP) through 2025 for approximately $900 million.
Forward Guidance
PSEG re-affirms full-year 2023 non-GAAP Operating EPS guidance range of $3.40 - $3.50. PSE&G’s forecast of non-GAAP Operating Earnings for 2023 is unchanged at $1,500 million - $1,525 million. The full-year 2023 forecast for PSEG Power & Other non-GAAP Operating Earnings is unchanged at $200 million - $225 million.
Positive Outlook
- The company is on pace to achieve its guidance for full-year 2023 non-GAAP Operating Earnings.
- PSE&G benefited from growth in Transmission and Distribution margins resulting from continued investment in infrastructure replacement and clean energy programs.
- PSE&G benefited from lower operating and maintenance expense.
- The Conservation Incentive Program (CIP) continues to effectively offset the impact of volumetric changes in electric and gas sales.
- PSEG Power & Other results for the quarter reflect a continued improvement in energy margin from lower cost-to-serve hedges.
Challenges Ahead
- PSE&G experienced lower pension income and other postretirement benefit (OPEB) credits.
- PSE&G experienced incremental depreciation and interest expense related to higher investment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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