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Dec 31, 2019
PSEG Q4 2019 Earnings Report
PSEG's Q4 2019 net income was reported with an increase compared to Q4 2018, alongside non-GAAP operating earnings.
Key Takeaways
PSEG reported a Q4 2019 Net Income of $437 million, or $0.86 per share, compared to a Net Income of $199 million, or $0.39 per share in Q4 2018. Non-GAAP Operating Earnings for Q4 2019 were $330 million, or $0.64 per share, compared to $284 million, or $0.56 per share for Q4 2018.
PSEG's Q4 2019 net income increased compared to Q4 2018.
Non-GAAP operating earnings for Q4 2019 also increased year-over-year.
PSEG Power secured three years of support from Zero Emission Certificates (ZECs) awarded to its New Jersey nuclear units.
PSEG is aligning its long-term business strategy with New Jersey’s progressive clean energy policies.
PSEG
PSEG
Forward Guidance
For 2020, PSEG expects to grow non-GAAP Operating Earnings by approximately 4% at the mid-point of its guidance of $3.30 - $3.50 per share.
Positive Outlook
- Expected growth in non-GAAP Operating Earnings by approximately 4%.
- PSE&G's earnings contribution is expected to approach 80% of PSEG's 2020 non-GAAP Operating Earnings.
- Over 90% of the planned capital investment program over the 2020 – 2024 period will grow regulated operations.
- Capital program is expected to be funded without the need to issue new equity.
- PSE&G’s capital investment is projected to produce 6.5% to 8% compound annual growth in rate base over this period.