UPDATE: PSEG Posts Upbeat Q4 Earnings

Public Service Enterprise Group

reported an 11% drop in its fourth-quarter earnings. For 2014, PSEG expects earnings of $2.55 to $2.75 per share, versus analysts' estimates of $2.46 per share. PSEG's quarterly profit fell to $200 million, or $0.39 per share, from a year-ago profit of $224 million, or $0.44 per share. Excluding special items, its adjusted earnings came in at $0.49 per share. Its revenue fell 11% to $2.32 billion. However, analysts were estimating a profit of $0.45 per share on revenue of $2.61 billion. PSEG shares closed at $34.97 yesterday.